The Current Economy - How it Affects Your Job Search
Quite often job seekers are unaware or just vaguely aware of how the current economy may affect their job search. It is critical to understand the state of the current economy, its impact on the hiring process, and how to formulate your search strategy based on this information.
When the Economy is Strong
- You may have many job offers.
- You may be more choosey about the companies and jobs you apply for.
- This is the best time to try to switch industries or move into a new career.
- Companies will pay higher salaries
- Companies will pay sign-on bonuses.
- Companies will give generous relocation packages.
- Companies will give many other perks.
- This is a good time to negotiate your salary and other compensation perks.
- Your job search may be very short.
- You will feel confident, competitive and good about your skill-set and experience.
- It is a job seekers market. You have more negotiating power.
- Be very careful what you select. Choose the company that will have the most positive impact on your career and prospective growth opportunities. You don’t need to jump at the first job offer.
When the Economy is Weak
- Your job search may occur over an extended period of time.
- You may have to take a cut in pay and title in order to get a job and put food on the table.
- This is a very bad time to switch industries or move into a new career.
- Companies will cut salaries and bonus plans.
- Companies may not pay sign-on bonuses.
- Companies may not pay for relocation.
- Other perks will not be offered.
- This is a bad time to play hard-ball with compensation negotiation. You certainly should expect to be paid a fair, competitive salary. However, don’t expect or try to negotiate other perks. You won’t get them, and you may lose out on an offer. At these times the company cannot afford to give them, and there are many other competitive candidates whom will be grateful just to have a job offer.
- Your job search may be very long. It may take much longer than you ever anticipated. Plan for this.
- You may start to doubt yourself, you abilities, skill-set and experience. Your self-esteem may be affected negatively and you may experience some feelings of depression.
- It is an employers market. You will have very little negotiating power.
If the economy is poor, plan for a long job search and implement the necessary tools to deal with this.
