The Economy and Your Job Search

No matter how secure you are in your current job, or how many job interviews you’re getting, everyone is concerned about how the current or pending recession will affect them. This week I attended an event where an economist from the Connecticut state government brought up some interesting points about how the changes in the economy could affect a job hunt.

First, consider the industry that you’re looking to work in. If there is a recession, think about things that people will spend less money on. So as an example, people will always need to eat, and the government—at least in the short term—will continue to spend on defense. However, people may delay purchasing new cars, homes, or make upgrades on their homes. So when you’re trying to identify your target companies, focus on those who are logically more likely to either maintain or grow based on the products they produce. Should you not apply to an iffy company? Absolutely not—it costs you nothing to send in your resume and cover letter. But in the interview you should definitely ask them how sales have been and their opinion of the economy. You may not get a completely honest answer, but definitely watch their body language to see how genuinely confident they are about the company’s prospects.

Second, look at where you live. Considering that different companies will have different prospects during a recession, it’s natural that the major employers in your area are going to have an effect on all other companies in an area. You may not want to hear it, but if you’re looking for a particular opportunity, you may need to move to another part of the country where that industry is booming because it’s surrounded by other profitable companies.

So what should you do?

1. Research the companies where you’re applying. You need to do due diligence about their financial situation. Keep in mind that budgets overall are tighter, so you may not have as much leverage when it comes to salary negotiation.
2. Research other companies in your area to find other companies you may not have heard about. I had no idea that Connecticut is the home of a world-class ball bearing manufacturer and a company that makes titanium turbines for airplanes. Spend some time with your local librarian and have them direct you to the many databases that they have access to that details the many products that are being produced in your area.
3. Revamp your skillset. If it’s becoming challenging to find positions in your current field then maybe it’s time to think outside the box to look for jobs where your talents are appreciated. You will succeed when you do what you love and what you do well.

So does the economy make it more difficult to find a job? For some people in some industries, yes, it will definitely be a challenge. But each of you is up to it. Think outside the box, put some thought into your next position and get out of the house to meet people who could help you get an inside scoop on a great opportunity.