Quitting your job during a recession
The UK is officially in a recession for the first time in 11 years, the COVID-19 era is setting a new standard for what an economic downturn looks like. According to The Institute for Social and Economic Research at the University of Essex, more than 6.2 million jobs are thought to be lost as a result of coronavirus. So now you’ve got to ask yourself “is now the right time to be quitting a stable job?” “Will companies still be hiring?” “What are recession-proof jobs in 2020?” And “how can you protect yourself during these unprecedented times?”
Firstly, contemplating quitting your job is your first sign. Whether it is a toxic work environment, you feel you are no longer suited to the role, you have lost interest and passion for the job or you don’t see a future in your current position. There is no playbook as to the right and wrong reasons for quitting a job and it is completely up to you. After all, you are the one going into work every day.
Are companies still hiring?
It’s no surprise that with the lack of work and revenue comes a decrease in job opportunities. As many companies will find themselves struggling and not getting as much business as before they will more than likely be reducing their workforce. However, this doesn’t mean that nowhere will be hiring. Many industries are recession-proof and will not only be surviving but thriving! Services such as healthcare, specialised care services, financial services, law enforcement, education and emergency services will all be continuing to hire and expand due to the extreme demand. If you are already in these industries you may be able to find another opportunity within your company or sector.
What skills do you need?
As previously mentioned, many industries will still be hiring and thriving. If you have the skills needed for these industries then quitting your current job and moving on may not be as difficult as first thought. These desirable skills will make it a lot easier for you to find another job you may even want to go it alone, starting a business and being your own boss. A common misconception is that it’s a bad idea to start a business during a recession but if coronavirus has taught us anything it is that it’s never a bad time to follow your passion and become freelance. A perfect example making the most out of the situation is Netflix, from March to August they gained 16 million new subscriptions. Amazon also achieved a 28% rise in revenue due to increased demand for online shopping. This demonstrates that if you’re selling something people want/need, you can make money despite a national recession.
So should you quit your job? The answer is only you can decide. There are several important factors to consider before making the decision, including but not limited to what we have discussed in this blog. If you are looking to quit and find a new job take a look at our job seekers page, giving you instant access to the resources, training and skills you will need to find your next job even in highly competitive times.