{"id":28188,"date":"2024-07-08T08:57:34","date_gmt":"2024-07-08T03:27:34","guid":{"rendered":"https:\/\/ascent-hr.com\/?p=28188"},"modified":"2024-09-26T12:37:29","modified_gmt":"2024-09-26T07:07:29","slug":"myth-debunking-101-you-should-never-switch-jobs-during-economic-downturns","status":"publish","type":"post","link":"https:\/\/ascent-hr.com\/en-sg\/resources\/in-the-press\/myth-debunking-101-you-should-never-switch-jobs-during-economic-downturns\/","title":{"rendered":"Myth Debunking 101: You should never switch jobs during economic downturns"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"28188\" class=\"elementor elementor-28188\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-18ca602f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"18ca602f\" data-element_type=\"section\" 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class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\" vc_custom_heading no_stripe consulting_heading_font  text_align_left\" ><h1 style=\"text-align: left;line-height: 50px;font-weight:700\" class=\"consulting-custom-title\">Myth Debunking 101: You should never switch jobs during economic downturns<\/h1><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9d54bbc elementor-widget elementor-widget-stm_post_details\" data-id=\"9d54bbc\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"press\" data-widget_type=\"stm_post_details.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"post_details_wr  consulting_elementor_post_details\">\n    \n<div class=\"stm_post_info\">\n\t<div class=\"stm_post_details clearfix\">\n\t\t<ul class=\"clearfix\">\n\t\t\t<li class=\"post_date\">\n\t\t\t\t<i class=\"fa fa fa-clock-o\"><\/i>\n\t\t\t\tJuly 8, 2024\t\t\t<\/li>\n\t\t\t<li class=\"post_by\">Posted by:\t\t\t\t<span>AscentHR<\/span>\n\t\t\t<\/li>\n\t\t\t<li class=\"post_cat\">Categories:\t\t\t\t<span>In the Press, Industry Story<\/span>\n\t\t\t<\/li>\n\t\t<\/ul>\n\t\t<div class=\"comments_num\">\n\t\t\t<a href=\"https:\/\/ascent-hr.com\/en-sg\/resources\/in-the-press\/myth-debunking-101-you-should-never-switch-jobs-during-economic-downturns\/#respond\"><i class=\"fa fa-comment-o\"><\/i>No Comments <\/a>\n\t\t<\/div>\n\t<\/div>\n\t\t\t<div class=\"post_thumbnail\">\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"988\" height=\"550\" src=\"https:\/\/ascent-hr.com\/wp-content\/uploads\/2023\/10\/Economic_Times_in_the_press-988x550.webp\" class=\"attachment-consulting-image-1110x550-croped size-consulting-image-1110x550-croped wp-post-image\" alt=\"Press thumbnail with the economic times logo\" srcset=\"https:\/\/ascent-hr.com\/wp-content\/uploads\/2023\/10\/Economic_Times_in_the_press-988x550.webp 988w, https:\/\/ascent-hr.com\/wp-content\/uploads\/2023\/10\/Economic_Times_in_the_press-350x195.webp 350w\" sizes=\"auto, (max-width: 988px) 100vw, 988px\" \/>\t\t<\/div>\n\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-cb6113e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cb6113e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-a363c59\" data-id=\"a363c59\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a2925f8 elementor-widget elementor-widget-heading\" data-id=\"a2925f8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Published in<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-de43b20 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"de43b20\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-0b78a4a\" data-id=\"0b78a4a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8f5f335 elementor-widget elementor-widget-image\" data-id=\"8f5f335\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/economictimes.indiatimes.com\/jobs\/fresher\/myth-debunking-101-you-should-never-switch-jobs-during-economic-downturns\/articleshow\/111569396.cms?from=mdr\" target=\"_blank\" title=\"link to Economic Times website article\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"28\" src=\"https:\/\/ascent-hr.com\/wp-content\/uploads\/2023\/10\/et-logo-300x28.png\" class=\"attachment-medium size-medium wp-image-22993\" alt=\"Logo of Economic Times\" srcset=\"https:\/\/ascent-hr.com\/wp-content\/uploads\/2023\/10\/et-logo-300x28.png 300w, https:\/\/ascent-hr.com\/wp-content\/uploads\/2023\/10\/et-logo.png 548w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-f64ea27\" data-id=\"f64ea27\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-04f8ca9 elementor-widget elementor-widget-text-editor\" data-id=\"04f8ca9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 class=\"bold\" style=\"line-height: 1px;\">Synopsis<\/h4>\n<p class=\"summary\">Switching jobs during economic downturns is risky. Murali Santhanam notes job security concerns; healthcare and tech remain stable. Ankit Agarwal cites competition, salary constraints, and urgent roles. Enhancing skills, leveraging networks, maintaining financial stability, and strategic branding help. Emphasizing adaptability, exploring non-traditional paths, and following practical strategies improve job prospects and career fulfillment.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-da938d2 elementor-widget elementor-widget-text-editor\" data-id=\"da938d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Switching jobs at any stage of your professional journey is not an easy call to make. It always demands strategic planning and proper research in order to make a successful transition, and the period of economic downtime is no different. Often, individuals are warned against moving from one job to another during tough economic times in the country; however, it\u2019s a myth that we need to dispel.<\/p>\n<p>The truth is that though economic dips present several challenges, they also offer numerous opportunities that individuals can easily grab, only if they know how to evaluate them properly. Young minds need to know that there are many industries that stay less affected during such times and continue to hire for positions in several roles. What one has to do is assess the suitability of the opportunity coming one&#8217;s way and employ smart strategies to position oneself as an ideal candidate for it.<\/p>\n<p>However, let\u2019s first understand why some individuals believe that changing jobs during economic downturns is risky.<\/p>\n<p>Offering us clarity regarding this, Murali Santhanam, CHRO, AscentHR says people often fear the unpredictability of a new environment, the unknown performance of a new company and its sector, and the unfamiliar culture of the new company. These factors can further spark concerns about job security, potential layoffs, and the financial instability of new employers, making the perceived risk of leaving a stable job seem higher during a period of economic dip.<\/p>\n<p>The uncertainty during an economic downturn makes switching jobs a dangerous choice, says Ankit Agarwal, Founder &amp; CEO, Unstop. The prevailing situation in the implies that fewer jobs are available. Plus, a lot of job seekers, especially in senior roles, are offered through referrals and other processes.<\/p>\n<p>Another factor is the compensation as it is tighter as compared to the times when the market is looking up. Moreover, with layoffs becoming common with a few firms nowadays, there&#8217;s a tendency to let go of new hires first in some cases, which can also be a risk for people looking to change jobs, especially when economic conditions are not that great, he adds.<\/p>\n<h4>Potential Benefits of Switching Jobs During Such Times<\/h4>\n<p>Sure, there are a few risks associated with switching jobs in adverse economic conditions, but there are a bunch of advantages as well. According to Santhanam, doing so can open doors to unique opportunities in resilient industries, potentially leading to higher salaries due to the demand for certain skills. This shift can also offer a chance to pivot into a career with better long-term prospects. Most importantly, he says companies hiring during downturns often value adaptability and innovation, making negotiations more flexible and potentially leading to a more fulfilling and rewarding career path.<\/p>\n<p>Adding to these, Agarwal says this is also the time when companies put out roles that are of critical importance and need to be filled in immediately. Hence, the search for the right talent is much more targeted. Besides, he believes there is also a potential opportunity for recruiters to value a specific set of skills more during this time which can assist individuals skilled in those areas looking for jobs.<\/p>\n<h4>Industries and Roles That Are More Stable During Economic Downturns<\/h4>\n<p>In Santhanam\u2019s opinion, industries like healthcare, technology, utilities, and essential services tend to remain stable as they provide critical services that are always in demand. Coming to the roles, he says those in cybersecurity, data analysis, healthcare, and IT support often see sustained or even increased demand due to their essential nature and contribution to maintaining operational continuity.<\/p>\n<p>From Agarwal\u2019s perspective of their interactions with recruiters, 81% of recruiters have plans to hire during economic instability, and this is across industries.<\/p>\n<h4>Common Challenges<\/h4>\n<p>Increased competition for fewer roles, potential instability in new positions, and the need to prove value in a new environment quickly are some of the challenges individuals might encounter, says Santhanam. To successfully overcome this, his advice is proactive skill enhancement, leveraging professional networks, thorough research of potential employers\u2019 stability, and being open to roles that may offer non-traditional paths to growth.<\/p>\n<p>Agarwal also highlights two major challenges \u2013 (a) since companies are hesitant during economic dips and hire for only a few roles, it may lead to increased competition between the people trying to bag that job, and (b) one could also be compromising on the role\/compensation to get a new job, depending on how fast they want a new role.<\/p>\n<p>His guidebook for overcoming these obstacles involves focusing more on building a strong skill set that is in demand in the companies one is targeting, working on your savings and being financially secure to manage any kind of unexpected scenario, and lastly, speaking to peers in other companies to get help with referrals.<\/p>\n<h4>Proceeding with a Strategic Approach to Land a Job During Economic Downturns<\/h4>\n<p>Both experts suggest a few effective strategies that individuals can employ to successfully earn a job opportunity during adverse economic conditions in the country. To begin with, they say focusing on building a strong personal brand, networking strategically; staying in touch with managers to directly pitch yourself, and maintaining flexibility in job search criteria are the key points to keep in mind.<\/p>\n<p>Plus, enhancing relevant skills through certifications or courses as a normal practice can help stay relevant in the job market and save you from any regrets later on. Curating your CV as per the role and company can always make a significant difference. Moreover, highlighting adaptability and crisis management experiences can offer a competitive edge, they conclude.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9d56954 elementor-widget elementor-widget-stm_post_bottom\" data-id=\"9d56954\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"stm_post_bottom.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"post_bottom_wr  consulting_elementor_post_bottom_info\">\n    <div class=\"post_bottom media\">\n\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9d56a47 elementor-widget elementor-widget-stm_post_about_author\" data-id=\"9d56a47\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"stm_post_about_author.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"about_author_wr  consulting_elementor_post_about_author\">\n    <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-top-column elementor-element elementor-element-9d56c19 elementor-hidden-tablet elementor-hidden-phone\" data-id=\"9d56c19\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9d5724f elementor-widget elementor-widget-stm_sidebar\" data-id=\"9d5724f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"stm_sidebar.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<div class=\"stm_sidebar consulting_elementor_sidebar\">\n\n            \t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"17483\" class=\"elementor elementor-17483\" data-elementor-post-type=\"stm_vc_sidebar\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-86c5a23 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"86c5a23\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-86c64eb\" data-id=\"86c64eb\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9c694df elementor-widget elementor-widget-heading\" data-id=\"9c694df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Other Press Articles<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6853d8a elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"6853d8a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ecc6a9d elementor-widget elementor-widget-stm_news\" data-id=\"ecc6a9d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"stm_news.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"consulting_posts_box consulting_elementor_posts\n\t\t\t\tlist\t\t\t\t\">\n\t\t\t\t\t<ul class=\"consulting_posts posts_per_row_\">\n\t\t\t\t\t\t<li class=\"post_item\">\n\t<div class=\"post_inner\">\n\t\t\t\t<div class=\"news_item_info\">\n\t\t\t<h5 class=\"news_item_title line_none\">\n\t\t\t\t<a href=\"https:\/\/ascent-hr.com\/en-sg\/resources\/in-the-press\/the-growing-gap-between-education-employability-in-young-india\/\">The Growing Gap Between Education &#038; 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Murali Santhanam notes job security concerns; healthcare and tech remain stable. Ankit Agarwal cites competition, salary constraints, and urgent<\/p>\n","protected":false},"author":2,"featured_media":23003,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[158,281],"tags":[],"categories_case_studies":[],"class_list":["post-28188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-press","category-industry-story"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Myth Debunking 101: You should never switch jobs during economic downturns - AscentHR<\/title>\n<meta name=\"description\" content=\"Explore the truth behind job-switching during economic downturns with Ascent HR&#039;s insightful article that debunks common career myths.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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