Several years ago, many of my classmates graduated into a recession and had hard times finding jobs. It seems that this situation may repeat itself again in the next couple years. There have been studies that state graduating in a recession sticks with a person’s career for a long time. Those who start off their careers in a recession generally has lower pay because they started at a lower point. Here are some tips for my younger friends who may suffer the misfortune of getting a diploma in an economic downturn.
1. Don’t devalue your time - In a recession, I have seen people accept jobs at firms who paid very little or jobs completely outside of their field of study just because it is the only jobs they could find. I don’t think it is necessary to devalue yourself just because the general economy is in the ruts. Your time could be used to learn things or start your own ventures. If you are not desperate for money it is probably best to continue searching for a job that you want and a company that would value you for your services.
2. Consider graduate school or professional training – Recessions are popular times to get more schooling because jobs are scarce. However, a full graduate school program can be extremely costly and you need to consider carefully if it is worthwhile. It may be cheaper and quicker to get professional certificates. I know there are many different certifications in IT and finance that could enhance a young person’s career without costing an arm and a leg.
3. Be frugal - A lean economic period is probably the best time to learn to be frugal and use your money wisely. You may have to be a boomerang kid and move back home with the folks or eat 50 cent spaghetti, but you may be unemployed for a while and learning to survive on a shoestring is essential.
4. Keep your eye on the economy – Make sure you keep yourself informed about the general economy. The reason is that if you did accept a lower payrate during the recession you should know when your pay should be adjusted to the market rate. Otherwise, new grads who graduate after you may be paid more than you, and that may seem unfair, but you need to be aware when this happens and ask for a change. Otherwise, companies are happy to pay you less.
5. Do your own thing and forget about looking for a job – There are some people who started their own businesses and never needed to find a job. For example, Ben Chui of Ben’s Bargains was class 2002 or 2003 at my school, and he never needed to find a job amidst the recession because of the success of his website. If you want to start your own company you should go for it while you are young and have nothing to lose. It takes a lot of work to succeed and make a living, but it is definitely possible.
The bottom line is, don’t let what you can’t control discourage you and cut down your future. As long as you are flexible about what you want to do and have a drive to improve your life, you will beat any economic downturn and graduating in a recession would not matter at all.
Have any more advice for new graduates? Feel free to comment!
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7 comments ↓
That’s very interesting that people who graduate in recessions are hurt over the long term. I guess people better follow this advice!
By the time you graduate, its really too late to prepare for the down job market.
My advice is to use the career office on the university as the employers listed there have an interest in hiring recent college graduates.
Before you graduate, you should work in your field, via internship or summer job. Many times, you will be offered work.
My advice? Don’t watch the main stream media news. It’s depressing and often wrong. They have been claiming that we were in a recession for the last 3 – 5 years and now it’s a self fulfilling prophesy of sorts.
Not only that – a recession isn’t the end of the world. It can also offer lots of unique opportunities. And if you can do well in bad times you’re bound to do well in the good times too.
I think it has a lot to do with attitude and outlook. If I think everything sucks and I can’t get ahead … well guess what? That’s going to be my life. Stuck.
I’m not saying be Pollyanna and ignore reality but conversely it’s not necessary to be a Negative Nelly about everything either.
Good workers are always in demand. Hiring slows down during tough times but be persistent, leverage your network and go after what drives you.
i believe we can conquere it well!=)
i heard in the redio yesterday morning, H1 has been used up in yesterday. employers need more high quality workers.
What a great article. I agree…a little optimism can go a long way…now I need to follow my own advice!
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