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Tips on Navigating the Job Market During an Economic Downturn

Project Spaces

2020 hasn't turned out as planned for any of us. The arrival of the coronavirus pandemic has completely upended our way of life and caused an economic recession unlike any other we’ve seen before. The job market isn’t looking very promising, and recent grads, interns, and entry-level workers have been dealt an especially difficult hand.

With that said, many people have entered the job market during recessions and managed to find their way despite less than ideal circumstances. If they can do it, so can you! Read on for tips you can use to navigate the job market during an economic downturn.  

Be Flexible About Your Career Plans

No matter what field you’re looking to get into, it’s important to be flexible when it comes to your career path. This pandemic is having a significant impact on several industries, and career options are shifting as a result. Certain jobs are disappearing for good, and new ones are emerging.

While this uncertainty can be alarming, it’s important to remember these changes aren’t exactly a new phenomenon, though they are happening a lot faster than they have in the past. For example, you probably don’t know of anyone that works as a switchboard operator or telegraphist. The job market is ever-evolving, and this “new normal” we’ve found ourselves in calls for flexibility.

Embrace Gig Work

During the Great Recession, companies either went on hiring freezes or significantly reduced the number of full-time hires they were taking on. This caused a lot of short-term contract and freelance work to be created, a trend that has continues to this day.  

Gig work is a great way to get a wide range of work experience at the start of your career. Even though it may not be an ideal long-term solution for those who are craving stability, it will help you figure out what type of work you like doing and provide a plethora of networking opportunities!

Don’t Stop Searching

It can be tempting to give up on a job search that seems to have no end in sight, but it’s important to keep at it. If you’re not actively searching for a job or doing other activities that are moving you toward your career goals, there’s no way you’ll find a position!

By continuing your search, you’ll become a pro at resumes, CVs, and interviews, which will come in handy when the right job comes along. And remember, you’re not going to be stuck in this period of limbo forever so what you do with your time matters!

This isn’t the first time a generation has had to enter the job market during an economic downturn, and it certainly won’t be the last. Millennials had to grapple with a dismal job market during the Great Recession, but the vast majority of them have managed to secure stable jobs in a career of their choosing. Some of them even went on to create opportunities for themselves and became entrepreneurs in the process.

At Project Spaces, we’ve built a community of badass business owners and created a unique environment where innovation and creativity thrives at our coworking spaces in downtown Toronto. Book a tour of our spaces today and take the next step in your entrepreneurial journey!

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What is Project Spaces?

Founder-friendly coworking in downtown Toronto for entrepreneurs and digital nomads. EST 2011. We create awesome spaces, fill them with passionate people, and watch the magic happen. Learn more

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