Switching Jobs in an Economic Downturn – What Every Candidate Needs to Know

Making the decision to move jobs can come with a lot of anxiety and trepidation, but if you are ready for something new or want career progression then switching paths makes sense. However, lots of candidates are worried about the impact of the global downturn and ongoing financial crisis in the US, leaving them concerned that now may not be a good time to move. If you are in this situation, then this post will tell you what you need to know about moving jobs during a financial downturn and how to make it work in your favour.

Understand the Reality of the Hiring Market

Once you’ve decided that you want to move jobs, take a moment to consider the reality of the present hiring market. Even with a downturn in the economy, it is still a jobseeker’s market right now with companies looking to hire talent in areas that are understaffed, such as life sciences. In fact, the Bureau of Labor Statistics state that job ads have increased by more than 60% since the COVID crisis and our own proprietary reports focused on the life sciences showcased 2 straight years of rising numbers until Q3 of 2022.  This means that experienced professionals are likely to find several opportunities worth considering!

Ask the Right Questions

When you are actively interviewing for new jobs, you should take the time to ask the right questions to assess whether this new role is a desirable choice for you or not. Find out about average tenures, consider job stability, and inquire about how the company is mitigating against financial challenges. Their answers should serve to give you the insight you need to decide whether they are an employer worth making a change for.

Be Careful About Quitting

Once you’ve found a new job that sparks your interest, take the time to apply and follow the process through until you have a job offer in hand. It can be tempting to quit once you’ve had a verbal offer, but you should avoid this at all costs as your future employer is not obligated to hire you until all the paperwork is signed. Ensure your new job is a done deal and then, you can resign with confidence.

Get Help to Find the Right Job for You

If you are ready to find a new role but need some expert help and guidance, then why not let GeneCoda® help? We offer several expert articles covering many aspects of job search and career guidance. Check out our library to learn more!