It would be wrong to “overturn the bowl of rice” in the midst of an approaching recession
The big layoff, the term that emerged during the peak of the Covid-19 pandemic when workers simultaneously refused to work, is still happening in full swing even after the pandemic has passed. However, as the signs of a recession are increasingly evident, there are reasons that you need to consider carefully before deciding to quit your job.
In the US alone, 4 million workers lost their jobs in April alone, only slightly less than the record 4.5 million people quit in March. However, many people are still hatching plans to retire. in the coming months to find higher wages, more flexible working hours, and better opportunities they think are better.
According to a recent survey by Deloitte, 2 out of 5 of Generation Z and 1 in 4 of Millennials say they will quit their job next year.
However, the job market is undergoing rapid changes. When inflation was high, central banks had to take measures to adjust interest rates, thereby cooling down the economy. That, in turn, increases the likelihood of an economic downturn with far-reaching effects on workers.
“In most cases, people should think a little bit before deciding to quit their jobs. It’s a big decision and it’s often not easy to gauge the damage. The risk of a recession makes calculations all the more difficult. more,” Anthony Klotz, a professor at Texas A&M University who coined the phrase “The Great Resignation,” told CNBC.
For months now, economists have warned of the prospect of a recession by the end of 2022. While that hasn’t or is unlikely to happen, employment experts advise people to move cautiously. work in the current situation. One of the possible risks is the risk of unemployment.
“Some recruiters will try to follow the ‘first in, last out’ rule. It means that the last people to be hired will also be the first to be fired if necessary,” said Amanda Augustine, expert. profession of TopResume, say.
Layoffs and job cuts are typical during an economic downturn. The changes forced companies to downsize and reduce costs. For example, one estimate shows that 22 million jobs globally were lost during the 2008-2009 financial crisis.
In such a case, the employer could use a so-called last-in, first-out policy to give preference to workers who have worked longer, are more knowledgeable about the business’s operations. Karma.
“This move not only helps businesses improve employee loyalty, but also reduces the time needed to train new employees, helping production and business activities not be maintained or interrupted.” , said Adam Sa samples, leader of the employment company Atrium.
However, those with special skills, which are not widely available in the market, will also be less affected when businesses adopt this approach.
Because of these reasons, employees should carefully weigh the risks and benefits when making the decision to quit in this sensitive time. They also need to make sure they can prove their worth in a new role.
For some people, the benefits of changing jobs outweigh the risks, or they simply can’t accept their current job anymore. In this case, experts recommend staying in your current job and strategizing for your next role. For example, if you want to change industries, do your own research on which industries will be hardest hit by a recession based on historical data. With that, it is also necessary to find out which industry boomed the most during this very period.
For example, hotels, retail, real estate, travel and tourism tend to suffer during recessions as users cut back on unnecessary spending. Meanwhile, essential sectors such as healthcare, utilities, food and transportation are generally more resilient to economic shocks.
Also, if you are negotiating with a potential employer, you should focus more on benefits than salary. That doesn’t mean underestimating your role or contribution, it means diversifying your salary, rewarding you through other perks, such as paid time off, flexible work. activities or training programs. It also does not make you fall into the spotlight when you first come in, but the salary is high.
“Instead of aiming for the highest possible salary, focus on negotiating other benefits that can help with your overall work-life balance. This way, you still get the added value.” without causing yourself to lose your job, which sometimes also makes your recruiters feel bad.
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