As a soon-to-be graduating university student, like many of my peers, I’m feeling incredibly anxious about entering the job market with so much uncertainty. According to Resume Builder, it is projected that 70% of companies are likely to implement a hiring freeze in the first half of 2023. And as we have seen from the headlines recently, tech corporations like Amazon and Google have already laid off about 10% of their workforce without warning.
I want to prepare myself for the possibility of an unemployment period after graduation while I continue to send job applications. After thorough research, I have compiled some tips for myself and other university graduates to cope with this time.
- Invest in yourself and your skills
When hiring is limited, and there are so many things out of our control, the most we can do as young professionals is invest in our skills. If you spent most of your four years of university attending lectures and handing in assignments, you haven’t had the opportunity to really invest in employable skills. So take this time to build that portfolio, take that workshop, go to that networking event or communicate with a career mentor and improve on that resume and cover letter. Apart from professional skills, investing in yourself can also mean trying a new hobby, joining a book club, taking up a sport, or anything that occupies your time during possible unemployment.
- Secure any job available
If you put in the work and send multiple job applications daily, you will certainly hear back from at least one. Research shows it takes about 21 to 80 job applications before getting one job offer. It most likely won’t be your dream job, but securing something that will allow you to build skills, make connections and have an income will definitely build more reassurance and confidence in yourself. Having an income will help you feel more secure in adulthood and allow you to create financial goals to work towards.
- Save, invest and strategize
With your job, saving money and sticking to your financial goals are essential regardless of how much you’re getting paid. Having an emergency fund of at least $1,000 is crucial, so ensure you have that set up and practice frugal spending habits. During a recession, there is a lot of inflation and prices of items will certainly go up. So keep this in mind; putting most of your earnings in savings is a good habit to implement.
At the end of the day, it’s important to keep your head high and remain hopeful; no problem is permanent, this recession will eventually pass, and when opportunities finally present themselves, you will be prepared for them!