Finding a Job During a Recession
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Oct. 12, 2022, 9 a.m.
Finding a Job During a Recession
Searching for a job is never easy, let alone during recessionary times. The process entails detail heavy work including updating your resume, writing personalized cover letters, scheduling and preparing for interviews… The list can go on. The actions required during a job search can be even more stressful during hard times.
The good news in 2022 is that job vacancies are higher than they have been in years – there has been close to a 30% growth in open positions just over Q2 2021. Records indicate a 5.6% vacancy rate, which is picking up the upward trend from over six years ago in 2016. Experts say they don’t see Canada’s labour shortage improving notably any time soon.
Nonetheless, there’s never a better time to prepare oneself for the downturn. A recession can be defined by a falling stock market, private and consumer spending decline, and increased bankruptcies. Here are the steps you can take to find a job during economic hardship:
- Position yourself in growing industries
One of the best places to start your job search might be obvious – starting with growing industries and finding opportunities therein. Some growth or recession-proof industries may include the following:
- Education
- Government
- Healthcare
- Food
- Consumer Staples
- Consider freelance work to build your portfolio
Using your existing skills and interests can minimize upfront costs to freelancing and can also provide a built-in audience by using your existing network as potential clients. For example, if you recently worked as a professional graphic designer for a large firm, consider starting up an avenue for freelance to generate income and build your portfolio in between positions.
- Expand your skill set
Extra free time during the job search process can also be put to good use by expanding your interests and learning or refining new skills. You can seriously broaden your options by learning something new, and it can be done quite economically; look for free online resources, educational podcasts, and books at your local library.
- Look for networking events
Simply put, networking means building connections with other professionals, which can also lead to learning about unadvertised professional opportunities. Networking can be used to expedite your job search by increasing your own visibility, strengthening your professional support and promotes your credibility as a candidate.
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