Securing employment in a down market seems like an oxymoron to so many. In truth, there are many job opportunities no matter which direction the market is going. How you locate them an obtain them makes all the difference.
Recession has hit the BC market over the last 20 years on several occasions including the .com bust of 2001, to financial crisis of 2008, and a six month market decline in 2014, not to mention the one we are in right now due to the Covid-19 pandemic.
In October 2020, the ADP Canada National Employment Report shows employment in Canada decreased by 79,500 jobs from September to October this year.
https://www.adp.ca/en/resources/adp-canada-ner.aspx
So how should a student trying to advance their education and career look at their employment prospects during uncertain times? Well, for starters, keeping a correct perspective is important during these times.
There can be some positive outcomes to recessions. They can encourage firms to focus on productivity and the quality of their product to better compete. They can also encourage firms to look for new markets to keep their companies profitable. Recessions can encourage the creation of small entrepreneurial firms that can compete with lower costs and innovations. They can force larger companies to examine the scale of their operations and how they are managed. Some defensive companies, which remain stable during shifts in the business cycle perform better than others during a recession. The Canadian Encyclopedia
So identifying what is really going on in the labour market with solid labour market information (LMI) research and proactively pursuing opportunities is the best way to succeed. Candidates who do this will be the ones who land work while others are still sitting back wondering what is going on and waiting for the market to improve.
“The future belongs to those who think unthinkable thoughts, see where no one is looking and act before it’s obvious.” John Mason – Author – Know Your Limits Then Ignore Them.
With 2020 soon ending, Christmas season upon us and the current pandemic some will slip their job search into neutral until 2021 or the market recovers. However, when it comes to job searching there is no time like the present and for many waiting is not an option. Here’s what you can do in a down market:
1. Believe – Don’t interpret the numbers to mean there is no work out there for you. See the labour market as a place where there are always opportunities for those who do the right things.
2. Stay active – We always see recovery after the stats have been gathered. Remain involved so that you will be present when the market is growing and before the stats are gathered. Plan your schedule to include time you have set aside to keep the momentum of your job search no matter the season or what the market conditions are.
3. 2021 is coming – Often companies are looking to grow their business and team in an approaching New Year. Hiring plans and budgets are being formulated now for early 2021. Get on their radar now before they advertise their next opening. If they meet you, they may not need to advertise.
4. Network – Never let the labour market determine the level of your networking. Network for reasons of a much grander scale, even though it may start with a job search first. Create, build and maintain relationships for professional growth, market knowledge, becoming aware of opportunities and giving back to the market wherever you can to increase your overall quality of life.. These efforts will pay off in many ways including landing your next job..
5. Research – Find out who is growing right now, determine your preferred companies and target them. Make a list of your top 20 and reach out to key people beyond the HR team. Reach out to the decision-makers you could eventually work for.
6. Giddy-up! – What are you waiting for! Put down the peppermint latte and get moving.
If you do the right things now, you will see yourself informed, fulfilled and gainfully employed when this year is in the rear view mirror and “hindsight is 2020!”
Good luck,
Russell
Russell Garrett is the Owner of Protocol Business Solutions, a Certified Career Consultant and your DAP Career Coach. Russell will be delivering the Career Workshop Series throughout the year to prepare DAP students for their overall job search preparation and to help those planning on Public Practice Recruiting in 2021. Russell also collaborates with the Business Career Center to support joint DAP and BCom career initiatives including Public Practice Recruiting preparation workshops during Spring and Fall recruiting periods. Russell is also available to DAP students for scheduled online coaching appointments registered for through COOL or random online career coaching appointments set up through email.
Contact Russell at dapcareersupport@sauder.ubc.ca.