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Unemployment During Economic Slowdown: How to Survive It?

Those who have faced it would definitely agree that to find a job with fair salary is a real challenge, even though this is an issue which admits of no delay.

To find a well-paid job with good prospects you would really like is a hard task even in the times of economic and financial security, not to speak of the period of economic recession like the one we have today. Even though the government is doing its best to assure population masses of economic and financial stability, the practice shows that the real situation is far from being called favorable or at least stable.

Economic Slowdown

As in the times of any other economic decline, one of today’s sharpest troubles is growing unemployment. Those who have faced it would definitely agree that to find a job with fair salary is a real challenge, even though this is an issue which admits of no delay. In view of this, to know how to speed up this process is of vital importance. So what factors should be taken into account while searching for a job during economic crisis? And after all, how to survive until the job is found?

The first thing that should be taken into consideration is that by far not all the companies suffer losses even during the heaviest economic crises.

The first thing that should be taken into consideration is that by far not all the companies suffer losses even during the heaviest economic crises. What it means is that you’d better search for the right company, but not particularly for the job. Even though this may reduce the amount of potential jobs you could apply for, it is not necessarily a disadvantage. After all, the second rule of job hunting in today’s slow economy is to avoid the so-called “shotgun” method – it is a bad idea to apply for dozens of jobs which seem to be at least remotely attractive. In other words, make the search process more conscious. This will definitely save your time, which is for sure a very precious resource. Finally, even before searching for the more or less “right” company, you’d better make a small market analysis and find out what industries are most of all likely to keep growing during crisis. After all, that’s exactly what may help you with the choice of companies and give you hope you would not lose a newly found job in a couple of months.

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In any case, the search for a good job may take some time – one month is a minimum, while the need to maintain family exists right now. For this reason, it is very important to have some source of secondary income which would allow you to keep your head above water. The period of crisis and uncertainty makes the task even harder as many industries are currently in decline and therefore are less profitable. In view of this, it would be appropriate to look for some kind of market neutral source of income – if it is currently impossible to earn on economic ramp-up, it does make sense to try to derive profit from its downfall. One of the ways to do this is different types of investments. Even though it may seem that an additional article of expenditure is by no means a good idea in the times of crisis, you should not forget one of the unspoken financial rules – money make more money. In other words, simply make your savings work for you.

When choosing the type of investments, it is better to choose the one corresponding to two following requirements – it should allow you to begin with a small amount of capital (it would be hard to make a large scale investment during the period of financial insecurity) and it should yield quick results, especially if the need for money is urgent. Taking this into account, long term investments are not an option, even though they are fairly regarded one of the most lucrative and safest forms of investments in general. In view of this, it would be much better to stop on Forex or HF trading – both of them are tradable on short-term time frames and do not require to risk a lot.

It should be taken into account that HF trading is far less risky than Forex. Charles Moore, the representative of prime brokerage company Glenmore Investment, perfectly explains why it is so: “The opportunity to manage risks is the essential feature of high frequency trading. Our traders are always aware of the amount of potential profits and losses not just before the trade expires, but even before they decide to make it”. At the same time, the risk of a trade on Forex is unknown. Of course, additional risk in the times of financial insecurity is definitely a bad idea – after all, taking control of all possible financial expenditures is of vital importance during such a challenging period.

In such a way, the latest in a series of economic recessions is here, even though it has not been proclaimed officially yet. What it means is that you really have a reason to worry, especially if you are looking for a job at the moment. Nevertheless, you still should not panic – even though job search process seems to take much time, it can be quickened if you take into account several simple tactics. Don’t forget about savings for a rainy day, don’t miss a chance to earn even if you don’t have a job, and finally, remember that all the recessions once end.

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