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Recession Looming but Jobs are Booming

9th September 2022

Most of what we hear in the news is negativity, stirring concern and inciting worry into the heads and hearts of readers. The problem at the forefront of many candidates’ minds is likely to be the UK’s largest interest rate peak in 27 years, leaving a 75% chance of recession before 2024. Zenopa is here to tell you that contrary to some beliefs, the impending recession brings vast opportunities to progress your career and exploit new opportunities.

At any time, it takes courage and conviction to take the leap from your current employer to move into the next phase of your career; when you consider the impacts of rising inflation, reduced disposable income and an energy crisis, it can feel as if a molehill has become a mountain.
But I ask you, how much will you benefit from staying at a job you don’t love, with little sense of achievement and next to no job satisfaction? Sometimes the most complex decisions to make are the ones essential to reignite the spark you have lost over the years. Training budgets are often the first cuts to be made in recessions. If progression is critical to you, moving to a company where the culture is committed to training and developing its workforce will ensure your needs are met.

Advertising vacancies will likely be done with higher levels of caution; companies will consider their financial capabilities before seeking new employees; therefore, if they are hiring during a recession, it suggests they are financially capable and have a high enough workload to do so. If you are in any doubt regarding this, the business’s financial records will be on Companies House- or you can ask about role stability during the interview process.

The primary motivator for moving roles during a recession is likely financial. With energy prices expected to rise again, bills will peak at over 13% in October, an average of £300 per household. The concept of a pay rise is tantalisingly tempting, especially with Christmas right around the corner. Often, moving companies will stay at a similar level; however, golden candidates seize the chance to expand their skills and increase their potential, actively aiming for a promotion. If that is you, you could opt for a higher pay bracket than the average candidate who is too timid to take the plunge.

It is a common assumption that there is a correlation between recessions and higher candidate competition due to expected redundancies, but this is not necessarily true. The NHS is experiencing the worst staffing crisis in its history, with 62,000 doctors, nurses and midwives required in the UK. As a result, the Office of National Statistics revealed a 112.5% rise in job role vacancies in 2021. The main reasons for the job availability are attributed to Covid catch-up, structural change, and a need to hire local talent following the high-volume outflow of labour post Brexit. These factors mean that job opportunity is plentiful, and your door is wide open.

Don’t let fear control your future!

Please view our current vacancies here: https://www.zenopa.com/search

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