“RECESSION”.THE MOST HEARD WORD BY EVERY PERSON IN IT INDUSTRY.WHAT EXACTLY IS RECESSION?

WHAT IS RECESSION?

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Falling stock market

A recession can sometimes cause the stock market to fall. As investors become more uncertain about current economic conditions, they are more likely to grow anxious about their stock portfolios. To preserve their portfolios before a decline, they pull out their investments, which can prompt other investors to do the same.

Private sector spending decline

The private sector refers to aspects of the national economy that the government doesn’t directly control, such as private businesses. During a recession, the private sector is much less likely to spend money on infrastructure and other business properties. This often prompts the government to put money into the economy instead to boost consumer confidence.

Consumer spending decline

With consumers having less confidence in the economic system, they are more likely to lower their spending habits. People may save their money in anticipation of an emergency. If consumers are spending less, this can reduce business profits.

High unemployment rates

High unemployment rates can sometimes indicate that there is a recession. Because consumers spend less during an economic downturn, some companies go out of business or lay off employees because they are not bringing in enough revenue. This means that there are more people seeking jobs during a recession, even though there are usually fewer job openings available during these times.

Increased number of bankruptcies

With higher unemployment rates and less consumer spending, businesses and individuals may not be able to support their normal functions. Some people may go bankrupt and have to foreclose on their homes. Businesses that go bankrupt may have to close down permanently or receive federal assistance.

WHAT IS RECESSION IN SOFTWARE?

For software companies, this means that they have experienced a drop in demand for their products and services. The recession also causes unemployment rates to rise as companies are not hiring new employees while others are laid off.

WHAT ARE THE REASONS FOR RECESSION?

Recessions are caused by a multitude of factors, with higher interest rates usually cited as the primary cause of a recession. At the moment, the market is also concerned with nonroutine events, such as the Russia-Ukraine war and its impact on energy and commodity prices, which have fed into higher inflation.

HOW DOES RECESSION EFFECT AN AVERAGE PERSON?

Fewer jobs and higher unemployment abound

One unfortunate truth of recessions is that millions of people often lose their jobs. As spending slows and the economy shrinks, business profits go down, too. To keep their profit margins afloat, they often slow hiring and start firing to trim the budget.

WILL RECESSION HIT INDIA?

It is predicted that in the year 2023, the recession will come again. The International Monetary Fund predicted that growth in the Indian economy will slow down to 6.1% in 2023–2024 from 6.8% in the current financial year. Going back to the chart, after 2021, the GDP fell to ~6.7%.

How to find a job during a recession?

1. Prioritize lucrative and growing industries

The first step to finding a job during an economic downturn is to look towards industries that are least affected by a recession. There are some industries that may not see any substantial changes during a recession and may actually see growth because of the services or products they provide. You can think of these fields as growth industries or recession-proof industries. Some growth or recession-proof industries may include the following:

• Education
• Business
• Research and development
• Information technology
• Legal
• Energy
• Government
• Healthcare
• Food manufacturing

2. Identify companies to apply to

During an economic downturn, it’s important to focus more on companies and job-specific skills rather than a job title. This is because the duties you’re able to fulfill may not align with the professional title you are accustomed to holding. By considering other job titles, you might find a greater number of jobs to which you can apply.

To do this, research companies that are offering jobs with the unique skills that you possess. Read job descriptions thoroughly, even if the job title doesn’t seem like an ideal fit for you, so that you understand the specific daily functions and responsibilities of the role.

3. Look to other fields

If your career or industry does not thrive during a recession, consider looking for work outside of your field. If you understand your transferrable skills and knowledge, you can more easily identify positions you’re qualified to fulfill in a new industry. While a complete career shift can be challenging, knowing what you have to offer other jobs can help you apply more strategically and confidently.

4. Create an action plan

With an action plan, you can clarify your career objectives and organize your search and application efforts. For example, you might identify the values you want your next employer to embody, or you might create a schedule for how many job applications you plan to complete each week. Consider every aspect of your plan and make sure to describe each step in detail so you know what you need to accomplish.

5. Contact your professional and personal network

It’s often helpful to contact people within your professional or personal network when there is an ongoing recession, as these individuals may know about job opportunities that are not advertised online. You can use both personal and professional social media to signal that you’re open to new work opportunities. Using this time to expand your network is also beneficial, as you may eventually have the opportunity to assist another person who is looking for work.

6. Write a strong cover letter and resume

When job opportunities are limited because of a recession, it’s important that you craft a strong cover letter and resume to help differentiate yourself from other applicants who may have have similar qualifications. A cover letter is a supporting document that you include with your resume to help emphasize your enthusiasm for a position and state why you are qualified.

Your resume should demonstrate your work history, skills and relevant achievements. You can also include technical skills on your resume, such as computer programs and additional languages that you’re comfortable using in the workplace.

7. Consider temporary work opportunities

Temporary jobs only last for a specific amount of time and may only include limited job responsibilities. You can apply for temporary jobs at career facilities called temporary staffing agencies, which assess applicants’ skills and qualifications before connecting them with an employer that is seeking temporary personnel.

The length of time that a temporary job lasts is likely to vary depending on the company and the work they need you to complete, but performing well at a temporary job can help you expand your professional network, which may assist you in eventually finding full-time work.

8. Pursue freelance work

Freelance work can be profitable, but it may require some prior preparation. The primary goal of freelance work is to provide a unique product or service that consumers value enough to become repeat customers. Whether you start making jewelry from your home or transcribing audio files, it’s important to determine that your financial returns exceed the upfront cost of starting your new freelancing business, as this allows you to start generating profits as soon as possible.

9. Relocate to an area with more job opportunities

Depending on the job opportunities in your geographic area, it can sometimes be suitable to move to a place where there are more diverse career options for you to pursue. This is especially true if the type of job that you want is challenging to access or is unavailable in your region.

For example, if you want to work as an information technology consultant, you may find that there are more jobs for that type of work in big cities rather than in small rural towns. You might use resources like the U.S. Bureau of Labor Statistics to determine which states or areas employ more individuals in your field.

10. Expand your skill set

You may have access to a wider range of jobs when you learn new skills. There are many ways in which you can develop your current skill set without taking on debts. You might seek out free resources online, check out books from the library or listen to podcasts that discuss the skills in which you’re interested.

CONCLUSION: At the end , recession is a period where each and every individual faces trouble financially and we were one of them.If you are an employee you have to worry about your job. If you are a student you have to commit yourself to get a good job for your future. Start learning new things just don’t limit yourself to learn skills that are needed for your job. Start learning new skills that may not be useful for your job at present but trust me “NO KNOWLWDGE GOES WASTE” it may not be useful at present but it will definitely helps you in future..