If there’s one thing that’s been certain in the past few years, it’s been uncertainty. We’ve had to contend with the COVID-19 pandemic; global shifts in social, economic, and political trends; and massive layoffs in the tech sector. But, it turns out that that was just the beginning.
2025 is off to a wild start with volatile markets, soaring interest rates, a plunging dollar, on-again-off-again tariffs, trade wars, and increasingly isolationist policies. Big business exemplifies America’s economic woes: According to Bloomberg, Apple, Alphabet, Amazon, Meta, and Tesla lost a combined $2.7 trillion in the first four months of the year.
America isn’t in a recession yet, but given the ongoing instability of the country’s economic policies, a recession remains a very real possibility. If a recession happens, the unemployment rate will likely spike. As the economy slows, purchasing drops, and businesses often need to cut back, leading to higher unemployment rates.
But whether a recession is officially called, the labor market is still cooling, as businesses struggle to assess the impact of economic turmoil. As pointed out in Forbes, this “creates significant challenges for job seekers, especially in technology and financial services, where competition has intensified.”
If you’ve been thinking about changing jobs – or if you’re currently out of work – you may be worried about your ability to secure a new role during these uncertain times. While it may be challenging and take a little longer than in the past, it’s still possible to find rewarding and meaningful work.
Fine-Tune Your Expectations
Because tech and engineering professionals have long been in high demand, candidates in these sectors have often been able to shift the balance of power in their favor. They may have had recruiters reach out to them with job offers or they may have been able to use an external job offer to negotiate a raise with their current employer.
However, as employers tighten their belts during times of economic uncertainty, finding a new job will take longer – for everyone. You likely won’t have competing job offers to choose between, and you may not be able to negotiate the compensation and benefits package you were hoping for.
Recognizing that these challenging times will affect your job search can help you adjust your expectations and keep you from getting discouraged early in the game.
Update Your Resume, LinkedIn Profile, And Portfolio
Be prepared for unexpected opportunities by updating your resume, LinkedIn profile, and portfolio. When well-crafted and error-free, these tools are essential to your job search.
Resume
In the tech and engineering fields, simple, traditional resumes are best. It’s not necessary to engage a resume service. You can create a stellar resume yourself by following these tips:
- Use a traditional template;
- Keep things concise by using bullet points;
- Tailor your resume to the job you’re applying for, using keywords from the job posting;
- Use active, quantitative language; and,
- Emphasize your soft skills.
LinkedIn Profile
Stand out to any recruiters looking for candidates in your sector by polishing your LinkedIn profile. In addition to the basics like making sure your profile shows that you’re open to work and all sections are filled out, add extra appeal by:
- Using a professional profile photo;
- Choosing a cover photo that catches attention;
- Optimizing your headline;
- Telling your story in your “About” section; and
- Creating a custom URL that incorporates your name, initials, or other information about you.
Engagement and networking are important to your success on the site. Click that like button, reply thoughtfully to posts, share relevant material, and engage with others in your sector.
Portfolio
A portfolio is meant to showcase the skills and knowledge that you’ve developed while completing projects. It can help you shine in a sea of candidates or be a game-changer if you decide to strike out as an independent contractor. Portfolios can be simple PDFs or slideshows hosted on Google Drive. However, a beautifully organized and presented portfolio could be the tool that helps you get hired during an economic downturn. Don’t underestimate its value.
Using AI Tools
Artificial Intelligence (AI) tools are becoming increasingly sophisticated. While they can be used to check the grammar and spelling in your documents, they can also help you tailor your resume to specific job postings, offer feedback on your LinkedIn profile, and help you organize your portfolio. Don’t shy away from using AI tools in your job search, but do heed a word of advice: these tools make mistakes and have been known to embellish. Make sure that you read through AI-generated work to ensure the details are correct before sharing with a potential employer.
Consider Contract Opportunities
There’s no question that contract work provides several perks for those who move to freelancing. Contractors can:
- Create their ideal flexible work arrangements;
- Focus on projects and specialties that most interest them;
- Have more control over their earning potential;
- Build up their professional networks; and,
- Craft their ideal work/life balance.
It may be surprising, then, that hiring contract workers can benefit employers too. Contractors allow companies to scale their workforce quickly, access skills needed to complete specialized projects and/or pivot the business, and more easily ride out economic downturns. Since most contractors work remotely or in hybrid arrangements, they can contribute to savings on overhead costs.
As the marketplace adapts to the current economic volatility, employers will likely shift increasingly to contract hires. If you’re willing to forgo the perceived stability of a full-time permanent position, it’s a terrific time to embrace this change.
Explore Opportunities In Recession-Proof Industries
Tech professionals, in particular, have a bit of an edge during economic slowdowns. Even with tech giants trimming their workforces, the ubiquity of tech means that there are job opportunities in virtually every sector. Some industries are more recession-resistant than others and can survive economic downturns without seeing a major decline in their profits.
Instead of focussing on tech companies, explore opportunities for tech professionals within other sectors – especially those known for their ability to withstand recessions. Usually, these industries provide essential services and/or require specific skills, including:
- Healthcare;
- Education;
- Financial services;
- Utility services;
- Oil and gas;
- Food and beverage; and
- Digital marketing.
Tap Into Your Network And Personal Advisory Board
When times are tough, lean into your network and your personal advisory board. The information, tips, support, and encouragement that these individuals offer can make your job search much easier.
Your Network
Networking – always one of your most valuable tools in any job search – becomes even more critical during times of economic downturn. As J.T. O’Donnell explains in a piece at LinkedIn, companies are less apt to share job postings publicly during a recession to avoid being flooded with applications. Instead, they’ll rely on their employees’ networks to locate suitable candidates.
Networking can be difficult for many people. If you’re building or extending your network, start by defining your job search goals. Knowing what you want can help you figure out who to approach and what to ask for. Other steps to build your network include:
- Developing your online presence;
- Attending industry events;
- Joining professional organizations; and,
- Staying engaged on LinkedIn.
To keep your network strong and supportive, it’s important to nurture it. Stay in touch with your connections – whether just checking in periodically, providing updates on your career progress, or offering reciprocal help. It takes deliberate and ongoing work to maintain your network connections.
Your Personal Advisory Board
In addition to your network, a personal advisory board can be invaluable. While your network may be able to point you towards specific job opportunities, your personal advisory board can offer general support and encouragement and career advice beyond the job search. For example, this group of people may be able to offer advice on:
- Honing your soft skills;
- Polishing your portfolio;
- The pros and cons of relocating for work;
- The legalities of shifting from full-time employment to contract work;
- Navigating career shifts; and,
- Managing your finances during a recession.
While your network connections are likely other professionals within your field, your personal advisory board should be composed of about five or six people, representing a diverse selection of gender, age, and industry backgrounds. It can even include friends and family members. Each person should be someone you respect, trust, and feel comfortable turning to for advice.
Partner With An Industry Recruiter
Recruiters often get a bad rap – but they are there to help, at no cost to you.
A recruitment agency that specializes in your sector can offer unparalleled support during a job search. They will have a deep understanding of the industry and the roles that they are working to fill. They have access to unposted jobs with their clients and insider knowledge about the companies they are partnered with. Further, they can expertly help you perfect your resume, prepare for interviews, and negotiate your job offer. If you haven’t worked with a recruiter before, reaching out to one during a recession may be the best career decision you ever made.
