Definition of Recession
A recession is defined as a sustained period of negative economic growth.
Okay, so what does that mean exactly? Well, there are several “rules of thumb” for identifying a recession, depending on who you talk to.
Two Down Quarters of the GDP: This is largely considered the standard definition of a recession. Putting it simply, if two fiscal quarters go by with the GDP losing value, that’s a recession. This standard was put forth by financial statistician Julius Shiskin in an article he published in the New York Times, and is the one most often practiced by economists.
1.5% Unemployment Rise: While the two down quarters rule is the one most commonly practiced, the 1.5% rule is probably a little more relevant to anyone looking to find a job during a recession. With this standard, a recession is defined as a period wherein the unemployment rate rises by one point five percent or more.
Cause of Recession
The standard theory practiced by most economists is that the basic cause of a recession always comes down to aggregate demand. Aggregate demand is defined as something of a complex formula, but it essentially comes down to supply and demand being too far out of balance.
So, as an example, imagine a situation where Company Y has been producing product X for some years, and demand has always been high. Now all of a sudden, demand drops off. Meanwhile, Company Y has been invested the majority of their funds into producing overstock of product X. The end result is that Company Y now has a ton of product they can’t move, and they’re losing money fast. They have to downsize and lay off several employees in order to survive.
Effects of a Recession
During a recession, effects will most obviously be felt in the job market (as is the subject of this text), but essentially, the entire economy takes a direct hit.
What it boils down to is that there’s less money for people to spend. When people aren’t spending as much, the entire market stagnates. This means that dilapidated parts of town don’t get properly repaired, industry slows and weakens thanks to less support, neighborhoods drop in property value as more and more homes are foreclosed on, and on and on.
Essentially, surviving in a recession will demand no small amount of dedication. There are fewer jobs available, meaning that employers can afford to be all the more demanding, setting the standard unusually high for new hires.
Luckily, that shouldn’t be a problem for you.
Understanding the job market during hard times
The cold hard truth is that the working force is comprised entirely of people who get hit harder than anyone else during a recession. As you no doubt have experienced firsthand, the employment rate is perhaps the first major casualty of economic downturn.
Unemployment
As mentioned in the previous section, there’s simply less money going around during a recession. This means that companies cannot afford to staff as many workers as they otherwise could. As a result, people are laid off, and there are fewer new openings.
Not only does this mean that there are fewer positions, it means that there are more and more qualified individuals out there, without work, looking to fill those positions. In other words, it’s a very, very competitive job market.
Going the Extra Mile
What you should understand, first and foremost, is that your qualifications, your degree, your past experience, they don’t guarantee you the job anymore. All of that only guarantees you an opportunity to get your foot in the door. That’s it.
In other words, you can’t coast on your credentials alone. You may be an MIT graduate, an expert with ten years experience in the field or a Pulitzer Prize winner. Unless you’re also the only son of the company’s CEO, there’s no award, title, position, degree or golden ticket that’s going to guarantee you any job you want.
What you need to be able to do is offer something more than the next candidate can. With so many people attempting to fill so few positions, employers aren’t just looking for a qualified candidate. Qualified candidates are a dime a dozen. Employers are looking for someone who can be a boon to their company, and not simply just another employee.
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This is true at every level from managing an office to working as a janitor. Anyone can grasp the job and get it done, but not everyone can offer strong leadership, creative problem solving, or a strong work ethic. Whatever you can offer that the next candidate cannot, that’s exactly what you need to play up in your resume and during any job interview.
Versatility: The number one qualification
Quick question: What are you an expert at?
If your answer consisted of only one area of expertise, then you’re wrong. You almost certainly have more than a single qualification, don’t you?
From the fact that you are looking at this post by surfing the net, you’re obviously computer-literate, not to mention passionate about finding a rewarding job. Both of those details go pretty far in this economy.
As an example, if you were, say, a project director at an ad agency, and you become a victim of corporate layoffs and downsizing, your first instinct would probably be to search for another job within the advertising industry.
That’s certainly a good idea, but looking for a similar position within the same industry is only one small part of finding a job during a recession. What you should do is consider your qualifications in a broader sense.
So, what is a project director at an advertising agency really good at? Are his or her skills restricted solely to that one, very specific position in one single industry? Of course not.
Someone who makes a good living in such a position obviously has a knack for salesmanship, they obviously know how to communicate clearly, they know how to manage a team, they have an eye for the arts thanks to all that time spent interviewing prospective graphic artists and commercial directors, they know a little something about managing a project budget, about dealing with the public, about researching and developing products, and on and on.
Now, what makes this so important is that there aren’t as many jobs to go around during a recession. The market becomes more competitive, and where you used to walk into a job interview and see maybe three or four other candidates in the waiting room, now you’re more likely to see at least a dozen. That can be incredibly disheartening if you were really hoping for this job. The odds are in favor of there being at least one other person in that waiting room who is at least as passionate and as qualified as you are.
Now, on the other hand, if that job interview is only one of thirty you had scheduled this week, the odds are in your favor.
Sticking with the original example, there might be only, say, three or four positions open for a project manager at an ad agency within your city, but the list of positions open for someone with all of the qualifications that project manager might have would, again, be too long to contain in this post.
Don’t paint yourself in a corner and don’t place labels on yourself. There are hundreds of jobs out there, and by acknowledging just how qualified you are, your options are limitless.
The Truth about Job Hunting
Always ask for two copies of an application form if the company is providing hard copies.
This is sort of a secret when it comes to hiring applicants. If two equally qualified people come in and ask for an application, the one who asked for two forms has shown that they’re smart enough to think ahead; if they make a mistake filling out the form, they’d like to have a backup plan. The one who turns in an application covered in scribbles and liquid paper, well…you know what will happen.
Of course, it certainly doesn’t guarantee you the job, but it might be that tiny little boost you need. Like much of the advice in this chapter, these are rules that always apply to finding a job, but which become even more important when the job market is more competitive.
There are a lot of odd little details like this, and it’s different depending on where you’re applying or interviewing. For example, when Google interviews candidates, they leave a number of gadgets on the table in the waiting room. iPhones, Amazon Kindles, portable game systems, just whatever cool new items they might have gotten hold of recently. They watch the room on a surveillance camera, and they tend to heavily favor the candidates who pick the little electronic toys up and play with them. Google is looking for people with a curious, inquisitive nature, so they’re not likely to hire someone who can sit three inches from a cool new tech device and not give in to the temptation to fiddle around with it.
Another example, most companies will be more likely to call you in for an interview if you call them back before they call you. This is especially true if they’ve got dozens of applications and resumes to go through. It’s hard to stand out on paper, but you can easily stand out by simply being the one who was proactive enough to make the call yourself.
Now, there are plenty of tricks like these, things to keep in mind, but what it comes down to is going into an interview with a certain attitude. Your resume gets you in the door, your attitude is what gets you the job.
Conducting the Interview
In any event, in any context, don’t be nervous. Walk in with your head held high knowing full well that you’re more than qualified for the position. If you don’t believe that you’re the best candidate for the job, then the interviewer won’t, either. Wearing the right clothes is only ten percent of nailing a job interview, having the right attitude accounts for the other ninety.
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They’re going to be asking you for details; including names of people, dates, and measurable outcomes. They’ll ask you how certain events made you feel. They’re going to be testing you in lots of different ways.
Learn to discuss your work experience in a way that exactly matches the job description — and gets them nodding their heads thinking “yes” — this is the person we should hire.
Go in to your next interview with more hope, and better possibilities. You can learn how to be among the best. Discover word-for-word exactly what you need to say to get hired:
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Check this Ultimate Guide to Job Interviews.
Once you have gone through these questions and answers, you must feel confident that the next job you are interviewed for will give you a great chance to getting hired.
