Why you should still search for a job in a slow market
Recruitment activity, for obvious reasons, has long been used as a key economic indicator. So, with the OECD forecasting global GDP to shrink somewhere between 6% and 7.6% this year what does this mean for the job market?
In short, the job market is likely to remain challenging for the next 6-12 months, perhaps longer depending on the uncertainties surrounding Covid-19. That said, the “job market” is very broad, so whilst it will be tough, it will be affected differently depending on factors such as sector, geography, profession, specialisms and skills.
From our own experience we saw a c.48% reduction of registered jobs in Q2 2020 vs 2019. Which whilst a significant drop, isn’t perhaps as bad as many would have expected, especially given this was at the height of the lockdown. Early indications suggest May saw the market bottom out with a healthy recovery in June; new job registrations up 100% month-on-month. Our own experience appears to be supported by the latest REC JobsOutlook survey (published 23rd June), which indicated a growing number of businesses saying they plan to expand their workforce over the next three months.
So, what should those in the accounting profession do? Stick it out in your current role and delay your search? Or brave the market and secure the move you’re after? Only you can really answer those questions. But whilst there are plenty of reasons not to move, here are some reasons why you perhaps should…
In a recessionary market bad news is free flowing, it makes for better headlines, especially if it involves well-known brands. Be contrarian, don’t assume a tough job market means there will be no opportunities. There will still be good opportunities, it may just take a little longer to find them.
Fortune favours the brave. While there will be fewer opportunities, often those that do come through are better opportunities. With limited scope to recruit, the jobs that come to the market can be broader, more enriched, potentially providing a better next step for your career.
If people do sit the market out, there could be significantly less competition for jobs than usual.
Good or bad the numbers still need to be produced and reported, as such accounting related roles are usually not as badly affected as some other professions and disciplines.
Judge each opportunity on its merits. Not every company has been adversely affected and some will have brighter prospects than others.
Don’t put the career on hold. We’d always recommend looking for good internal moves before looking elsewhere. But if those internal moves aren’t available to you, how long are you prepared to wait to find the right external move?
If you think something won’t happen, invariably it won’t. So back yourself to get the move you desire. You’re a great candidate, there are still great jobs out there, go out and get it!
Whether you decide to search actively, keep a passive interest or sit the market out, should you need any guidance, advice or have any questions please get in touch we’ll be happy to help.