Your guide to jobs in the coronaconomy
It’s safe to say very little is going as planned. While everyone’s panicked or sitting on their hands, this is a chance to apply your resourcefulness and create differentiation. Let’s discuss how.
The main reason coronaverse has impacted the job market is, when companies face uncertainty (or already-certain decreased profits), they cut back on costs. People-costs are the biggest. When current employees are already furloughed or laid off, they certainly halt hiring new ones. No one wants to hire someone and then have to lay them off weeks later if the economy deteriorates more.
Instead of laying off an employee (which is permanent), furloughing is a “temporary leave”. The main difference is when you are furloughed you technically still have your job and, while a salary is no longer paid, other benefits like health care should continue.
Don’t forget about the flip side though: while some companies are no longer hiring, some continue with or have increased their hiring pace, because COVID-19 has proven a boon. Think: Amazon, Apple, Walmart, Facebook, Shipt, Zoom, Slack. Many companies take advantage of economic downturns to snap up talent who now have limited options.
When the going gets tough, the tough get creative. Here are a few ways to stand out from the crowd and maximize your chances to be noticed:
Focus on companies and industries you KNOW are hiring — We mentioned above some companies who are thriving in the time of COVID. There are more like them. It may not be your dream job but remember it's only one of many jobs over your career. Most of us did not have our “dream job” as our first job, but many of us extracted skills from it that are applicable anywhere.
Ask if companies allow you to intern for free - Not ideal and you may not be able to financially swing it, but interning for free is your “in” to land you the FT offer once the clouds lift. Plus it gives you the opportunity to test drive whether or not the role is what you’d imagined.
Home in on the sought-after skills - Analytical chops are every hiring manager’s dream; they confirm your ability to solve problems logically. Classes like Google analytics (offered by Google!), data analysis, or “performance” marketing (translate: email marketing, digital advertising) up your chances to prove you can add quick value. Specifics rec? Check out Coursera or Skillshare.
Join a professor’s research - While it’ll likely be unpaid, it's a great opportunity for an “in'' at companies that professors work with. Many professors consult for big firms.
85% of MoneyGirls women have experienced some type of change to their job situation, with 50% in a place of uncertainty. Taking one action a day, big or small, is the best way to remain in control, and here is what we’ve seen work:
👋 Network
Linkedin - Update it with specific experiences and impact you’ve had. Ask your college’s Career Office whether they’d be willing to help pay for the “Premium” tier so you can access more outreach and networking tools.
The alumni database from your alma mater is a goldmine. If you reach out to alums and ask if they’re open to a conversation during this crazy time, it takes a cold person to ignore.
🗣 Informational Interviews
The benefit to being a student or new grad is everyone’s willing to help. Lean into this embedded “low-risk” factor where you’re not pushing for a job to request information chats with people whose careers you find interesting. Come with smart questions about their roles or the company - this can be helpful to deciding if a career is for you and puts you at the top of their minds when...yes, clouds lift.
📝 Add something interesting to your resume
Start a business - any kind, any size, profit or non-profit. For fun, challenge yourself and a friend to brainstorm a new idea a week on a potential business. Many founders are in their 20’s when they launch something. Why NOT you?
This is your time to turn it on and do what others don’t. Stay tuned for next week; if your hustle translates into opportunities, we discuss how to negotiate during financially-tricky times.