Is this your first recession?  Maybe you’ve been here before; but, this time it feels different.  Have you seen layoffs at work or know people who’ve lost their jobs due to Covid-19?  Even people who have jobs currently are anxious about losing them. 

Don’t listen to the doom and gloom!  

There is a shortage of qualified candidates here in Phoenix and there is high demand for candidates with your skills.  Every company and industry is different, but we are seeing a lot of hiring activity.

Don’t Let the Anxiety Get to You

The loss of income, medical insurance, and steady employment is enough to keep anyone up at night, but have no fear.  This is the third time the US has been through a recession since 2000 and it won’t be the last one of the century.  We have been through tough times before and we are here for you with a few tips on surviving this economic downturn and the next.

Understand your Situation

The first thing you should do is gain an understanding of your financial needs.  Tally up all of your debts, bills, and financial goals.  This means everything from electricity to health insurance to car payments.  

Build a financial plan for yourself.  Determine how much you need to survive each month and write down a budget for where that money will go.  Be sure to budget for investing, emergency cash, and retirement!  Don’t let a recession slow down your financial goals long term.

Build up your Skills

Whether working or not, it is important to keep a skillset that is useful to employers.  If you are at home, read our blog about Surviving a Layoff [link to blog post] for some more advice on dealing with these difficult times.  There are hundreds of resources out there for skill development and even in today’s socially distanced climate; online resources have been made available.  The employers we work with want: strong analytical skills, effective time management, self-motivation, and a demonstrated capability in your field.  They are also looking for advanced MS Excel.  Whether you want to work on soft skills or hard ones, take advantage of this unique opportunity to invest in yourself.

In a recession, there is a shrinking in the job openings, which means that demand outweighs supply.  Making yourself more valuable reduces the risk of losing a job and makes it easier to find another job.  Invest in yourself.  This also doesn’t mean that those jobs won’t come back.  Historically, jobs numbers fluctuate month to month.  Some months, jobs are created, other months, jobs are lost.  Just like the ebb and flow of the economy, the jobs market changes too.  Don’t be discouraged by the changes that you see.  Remember that this is a normal part of any economy.

Chin Up, We’re Going to do Great Things

Regardless of what you hear, you are going to be fine.  You are reading this, which means you are already hooked into a network of resources that will help you achieve your professional goals.  If you have been laid off, we will work together to get you back to work.  This recession is another normal phase in our economic life and it’s not all doom and gloom.