Tips for Employers and Employees During a Recession.
During a recession, both employers and employees should be vigilant about certain factors. Some job seekers get really excited when a new career opportunity comes their way, especially if they’re eager for a change, have been out of work for a while, or are aware of impending layoffs in their current industry. In their enthusiasm, they might overlook warning signs, make unrealistic promises, and accept significant pay cuts.
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Let’s face it; we all have bills to pay, and not having a job for even a month can feel like double the financial hit because expenses don’t magically disappear when the paychecks stop rolling in. So, not only do you lose your regular income, but you also find yourself in a financial crunch.
On the flip side, some employers may be in a rush to find a ‘cheaper’ candidate and forget a crucial aspect, especially in fields like technology – the cost of a bad hire can be much higher. My advice is not to rush into decisions during an employer’s market. Take your time and apply to as many places as you can. You might need to put in extra effort to find the perfect fit. Although a pay cut might be necessary in a recession or a pre-recession job market, make sure the work environment aligns with your goals, where you can envision future growth once the economy bounces back.
Remember, both employers and employees need to know their worth. Job seekers shouldn’t settle because the right opportunity might just be around the corner. Employers shouldn’t simply hire someone willing to accept a $30,000 pay cut from their previous job. Honesty is also key when dealing with recruiters. We sift through hundreds, sometimes thousands, of candidates to find the right fit for a position. Our job becomes significantly harder when employers withhold valuable information or when candidates make exaggerated claims.