Money Bite-Size Read:
- A recession can make it harder to find work.
- While the economy’s conditions might change, it’s possible to earn money.
- Here’s 11 steps to finding a job in a recession to earn money and find work despite an economy being in recession.
The Money Bites Take:
Despite economic situations changing, these steps will help you find a job in a recession.
Have you ever had to find work in a recession?
With Australia in its first recession for 29 years due to the impact of bushfires and COVID, many people are panicking about finding a job. That includes many young people impacted by COVID-19 and its impact on hospitality jobs paused under COVID lockdowns.
With the right skills, you can find work in any economy.
It may take longer, but even in a deep recession, firms still hire new workers. That builds the case for helping people move into in-demand industries during these cycles via reskilling.
A recession may seem scary, but it’s simply a market shift or change in economic conditions. People are still buying goods and services, so there are still jobs available.
Here’s 11 steps to finding a job in a recession:
1. Know that people are still hiring
We are still buying food and using services, like transport, to get around. This means that despite the economy slowing down, there are still jobs available on the market.
2. Find companies that are hiring
When we went into lockdown, this push to online communications increased the demand for online services. Target companies hiring in the current environment or check different job search websites.
3. Update your CV
Your CV is your calling card, which sets out your skills and experience to an employer. Increase your interview chance by taking the time to update your CV, so it makes an excellent first impression.
4. Customise your CV to the job
Most people send the same CV to each employer as a static document. Instead, customise your CV to the role and include key skills from the job advertisement to show your relevant experience.
5. Make your cover letter personal
If you want to ace your next interview, you need to be prepared to show you can do the role. Start by making your cover letter specific to the job to outline why you should be hired.
6. Practice interviewing
Interviewing is a skill, and if you haven’t interviewed in a while, the chances are that you’re rusty. If you’re looking for job interview tips, practise answering mock interview questions beforehand.
7. Apply for specific jobs
If you want a job, you might be tempted to scattergun your CV and send it out to everyone. Instead, focus your time on applying for specific roles and writing a quality application.
8. Work your network
As you move through your career, you’ll start to build up a network of people you know. Reach out to these people to discuss ideas and opportunities, and be prepared to do the same for them.
9. Be prepared for rejection
A recession often means that more people are applying for the same positions. Be prepared for some rejection and keep going because persistence pays off, and you will find the right role at the right time.
10. Adopt a flexible approach
With fewer jobs potentially available, it’s important to keep an open mind about the roles you’re prepared to take on. That includes taking a role to build the skills you need for your ideal job but in a different industry.
11. Consider retraining
Demand for skills changes over time as new industries emerge. You may want to consider retraining to take on additional skills, particularly for in-demand jobs.
Remember that Hugh Jackman was a P.E. teacher before he became an actor.
You may need to take on a different job now to earn money rather than getting your ideal role straight away. However, through keeping an open mind, taking time to hone your interview skills and bringing your CV and skills up to date, it is possible to find a job in a recession.