7 Top Tips to Landing a Job During a Bad Economy

So, how do you find a job in a bad economy?

You have to consider several factors. First, you must have some industry knowledge. Familiarise yourself with future-proof industries that will always need employees. Also, be persistent, confident, and patient. Finding the right job amid a recession may take time.

Most importantly, you have to be ready for any possibility.

Good planning can lessen the fear of tough economic times. The Singapore government has demonstrated this as it continues to survive regional and global recessions throughout history. Post-independence, Singapore has weathered at least three major financial crises: the 1997 Asian financial crisis, the 9/11 recession, and the 2008 global financial crisis. Currently, Singapore is recovering from upheavals caused by the COVID-19 pandemic and the Russia-Ukraine war.

Through all these financial crunches, Singapore’s unemployment rate went up to only 5.9 per cent in 2009, the highest it has ever been. At the height of the pandemic, the rate was just 4.1 per cent. These figures are relatively low, according to investment research firm Macrotrends.

How did the Singapore government keep the majority of its workforce employed during recessions? They focused on upgrading the skills of their workers, among other things.

Minister of Manpower Tan See Leng, in a speech at the 2022 Committee of Supply debates, described how the Ministry boosted employment during the pandemic: “We supported businesses in hiring and investing in the skills of a wider pool of jobseekers, and helped many jobseekers move into new opportunities.”

Apart from upskilling, the following steps can help you secure work during economic unrest.

Is it Hard to Find a Job During a Recession?

It may be. However, with the right attitude and relevant skills, you may be able to overcome job-hunting obstacles. The trick is not to be demoralised. Trust yourself, your network, and the government to pull you through.

1. Reinvent yourself.

In an unpredictable economy, you must be self-aware. Determine your limitations, skills-wise, and work to improve yourself. There are several skills you need to ace:

• Public speaking. When you can articulate your message in front of other people, it boosts your self-confidence. It also makes you memorable in the industry.
• Technology. At the beginning of the pandemic, the Ministry of Manpower said 75 per cent of Singapore professionals worked remotely online. With updated tech skills, you will be able to work anywhere.
• Problem-solving. If you can find solutions that can help a company stay afloat, you will be a valuable team member in any company.
• Time management and organisation. These two are essential transferable skills. They help you work smartly and effectively, saving the company money and resources.

2. Focus on growth industries.

A growth industry earns exponential profits driven by market demand and high investments. Think healthcare, information technology, e-commerce, and technology. These sectors are recession-proof because they deal with essential items and services.

Set your job alerts to notify you about openings in such industries. Pay attention to the news to see which sectors are currently doing well.

During the pandemic, several sectors in Singapore survived on high consumer demand. According to an article on Channel News Asia, unusually high semiconductor and biomedical production needs boosted the manufacturing industry. Similarly, because of digitisation, information and communications enjoyed consistent growth.

Two years later, the same industries, including technology and healthcare, are doing well.

3. Revive your professional network.

Industry connections have never been more valuable than during economic turbulence. Use them to get updates on job openings and industry news. The larger your circle, the more opportunities you get.

Be methodical in your networking. Go to open house events of companies you want to work for. Introduce yourself to the management. Remember, though, to not inquire about job openings. Instead, ask about the company and its culture. Let them take note of your interest in their organisation.

You could also reach out to any alumnae associations where you are a member. Members of university organisations have much to offer aside from friendship. You may have hung out with them in school. But some of them may be your key to finding work amid a recession.

4. Be fully prepared for your job search.

You are selling yourself, so come prepared. Update your resumé and make sure it has no typos. Keep a cover letter template on file, too. Customise it according to the position and company you are after.

Remember that open positions are scarce in a floundering economy. So bring your A-game to any job interview you attend. Collect enough proof of your successes to share with your interviewer. Practice answering tough common questions, such as those referring to your weaknesses and strengths. Learn to talk comfortably about your career aspirations.

5. Be open-minded.

Jobs are lean during a recession. It is vital to be flexible as you search for work. Cast a wide net with your alert filters on job market platforms. Consider types of positions and companies that you would have ignored in easier times. After all, your work in a local startup could serve as a stepping stone toward an ideal job.

It does not mean that you should take the first job offer available. There are non-negotiable factors you need to take into consideration. For instance, are the company’s principles aligned with your values? Will the workload put your health at risk?

Consider jobs beyond your usual circle, yes. But it is not wrong to pass over those that may put your health or beliefs on the line.

6. Keep bridges intact if you get laid off.

Lay-offs are common during recessions. If you lose your job, leave your company with as many personal and professional connections as possible. Your former colleagues may help open opportunities to job leads.

Before you leave, thank your boss, supervisors, and staff. Let them know if you would like them to be your references. Ask for their contact details to make it easier to reach them.

Likewise, remember to share your contact details when you leave. Most of the people you work with are used to reaching you through your work email.

7. Consider interim positions and freelance work.

While you look for a more permanent job, be open to short-term consulting work. In a tough economy, many companies may be unable to hire full-time employees. There may be more opportunities for temporary or freelance workers. It may not be what you envision yourself doing in five years. For now, though, look at this as a position bursting with potential.

For one, you will be earning an income even as you look for full-time work. Also, any job can help you advance your skills and experience. See to it that you keep improving yourself by refreshing your transferable skills in whatever you do.

Freelancing can also give you a chance to widen your professional network. Your new contacts can help you move on to a permanent position when it becomes available.

It may be daunting when you think about how to find a job in a bad economy. However, if you take it one step at a time, you will see that you can overcome this challenge. As early as now, work on refreshing your skillsets. Build up your professional network and avoid burning bridges. Keep an eye on freelance work opportunities beyond your comfort zone. Go into your job search fully equipped with an updated resumé and a can-do attitude.

Doing all these can help you#SEEKBetterjobs during economic turmoil. Even if Singapore has consistently come out of recessions unbowed, it always pays to be ready. Update your JobStreet profile today so you are fit for whatever may come. Make sure to download our app from the App Store or Google Play to stay informed on new professional prospects.