Should I Change Jobs During an Economic Downturn?

Should I change jobs during an economic downturn?

Yes! Don’t miss out on genuine opportunities to progress your career! Even during economic downturns there are many companies investing and growing. It can be a great time to accelerate you career, however proceed with caution. Here are 3 important points which you should consider carefully before making a move:-

1) How financially robust is the organisation that I’m joining?

Check out the organisation’s financial position by looking at its accounts online (Companies House, Endole, Company Check). Anything in the news about it having financial problems?

Is the organisation continuing to hire as opposed to making redundancies? Is it investing or cost-cutting? The answer to these questions will be a guide as to whether the organisation is financially robust and ready to ride out a recession.

At interview, be sure to ask your future employer how recent events have affected its financial position and future plans.

2) Will my role be viewed as business-critical, revenue-generating, or a “luxury” to the organisation?

Is your role critical to a core function of the business? If yes, then if you’re confident in its financial strength and strategy, then you should also be confident the organisation will have a continuing need for your skills and experience.

If you are joining in a revenue-generating capacity, are you confident that you can generate the expected revenue in the tough economic conditions of the next couple of years? If not, then think carefully. If you cannot meet performance expectations, you are less likely to get “goodwill” in an organisation you have recently joined – even if your performance is largely impacted by external factors.

If your role is not essential to the core function of the business and does not impact revenue, then think about how the organisation is likely to perform over the next few years. During a recession, non-business critical and non-revenue generating roles are the staff most likely to be made redundant if the organisation is cutting costs.

3) How does the new opportunity and organisation compare to my current role and organisation?

Assessing your current role should always be the first step before exploring new opportunities.

Ask yourself:-

• Am I happy in my current role?
• Is it well rewarded?
• Does my current organisation value me?
• Are there opportunities to progress within my current organisation?
• Will my current organisation respond positively to difficult economic conditions?

If the answer to these questions is yes, then it may not be the right time to move positions. But even during a recession, there are still significant opportunities to advance your career. Don’t miss out on these by being too risk averse. During a recession, what may appear to be the safest career option can sometimes turn out to be the riskiest.

In Summary - Should I change jobs during an economic downturn?

Yes! Consider these 3 points, but don’t miss out on genuine opportunities to advance your career. Retain a growth mindset, stay open to opportunities and ensure that you give yourself the best chance to progress.