Recruiter-Recommended Recession Safeguards
There’s no time like the present to implement strategies to help secure your current position—while keeping an eye on the future.
Posted by: Robyn Greenspan
Economic uncertainty has grown stronger, leaving many fearful about their jobs, career, future. As evidenced by ExecuNet’s January survey of 238 executive recruiters, fewer than half (47 percent) are confident in the executive employment market through the first half of the year, down from 59 percent at the close of 2007.
Economy-watchers have responded to the worries, and a recent article in the Wall Street Journal, How to Recession-Proof Your Career, points to preparation as the key to professional survival, advising workers to update their résumés and stay connected to their networks.
Executives who are on international assignment may face different challenges, and Winston says the impact will depend on the industry and region. “For instance, those in food, agribusiness, life sciences or professional services and in China, India or Eastern Europe, the only downside is a possible slight delay coming back to the U.S. since the U.S. growth is not as robust as those regions of the world.”
For global executives in the financial services sector, the subprime credit issue has more of a deleterious effect. “In this case, the length of the international rotation assignment could be significantly lengthened and the number of expat executives in the near future could be curtailed until the clarity around the scope of the credit issue has been evidenced,” says Winston.
Despite the outlook, there are still pockets of opportunities for job seeking executives, and Winston recommends looking for jobs in industries that are known to sustain momentum in a recession. “For example, the wealth management space, healthcare (but not necessarily pharmaceutical) and energy industries typically remain strong. So do the gaming, some entertainment and beverage industries.”
“The most important thing for job-hunters to do in any situation is to network. In a recession, this becomes even more important. People may be more sympathetic and willing to help,” notes Winston. “It is important that employees continue networking and talking to recruiters, so that they keep their options open in the worst case scenario.”
