Job Hunting in an Economic Downturn.

Nothing is scarier than getting your diploma in the middle of an "economic downturn." Oh, wait...getting your diploma in the middle of an economic downturn during a period in history where news follows you everywhere. Years ago, before many readers were born, there was no such things as 24 hour news. You heard what you heard on the radio, 1/2 an hour of nightly news, and the local newspaper. So you focused a lot less on the global economy and more on your economics final. Life has changed.

Now you are faced with DOOOOOM written in big headlines on your cell phone, websites, and TVs running in every coffee house.

Not that having lots of information about the Fed, the market, and Warren Buffett isn't grand. But it can leave you feeling a bit desperate at a time that is, let's face it, already emotionally turbulent.

So the question I get asked is this: Do I have a prayer of getting hired in this economy?

First the bad news: yes, there are likely to be fewer really high paying entry level jobs out there as companies cut back. Also, current employees are more likely to hang on to the jobs they have in uncertain times making for less turnover and again, fewer available jobs.

One more piece of bad news for those applying to graduate schools. Times of turbulence tend to increase applications to graduate school. Graduate school is often seen as a type of resume shelter. You can gain skills, change careers, and explain gaps in your employment history all by heading off for a BA or PhD. So be aware of some stiff competition.

So is there any good news? Some.

First, your experience being poor will serve you well. If you have followed the economic advice given in this blog (and from your parents, teachers, and well, everyone) then you will graduate with the ability to live fairly economically. You are used to sharing living quarters, using public transportation, eating carbs from a box, and looking for discounted entrainment opportunities. You don't have a mortgage (perhaps some student loans), and hopefully not a large credit card payment or car payment.

This makes you available to companies that are looking to reduce their payroll expenses. New graduates are cheap and readily available. Why pay someone with 3 years experience $35,000 when you can pay a new grad $25,000. This lets you get your foot in the door, gain experience, and be poised to jump when the economy gets back on its feet.

A second opportunity can be found in doing contract or temp work for firms. Many companies don't want to put full-time employees on their books. They are expensive resources with the benefits and fringe. So instead they hire contractors through firms at a reduced rate. Even with the firms fees, this hire is still cheaper than hiring a full-time employee. The benefit to you? You can get experience and maybe even get hired full-time if you show your value to the company.

Remember that the economy is both real and not real. Money is a real thing that you need to buy stuff, but it's also emotional. Fear about whether or not you will have a job when you graduate can itself impact your search. You need to conitnue hunting for a job without the words of the economic demons rattling around in your head. You need to avoid naysayers who will ask you how you plan to handle a job hunt in such a tough economy. You need to keep your emotional equilibrium and not let fear take over your search.

Now is the time when you need all of your resources to get hired. You need to have a positive attitude about your product (YOU) and what you can offer a company. You need to have confidence in your ability to find a job. You need to promote yourself. You need to network. You need your career center. You need alumni. You need to be prepared to take a job that will get you experience and buy you food, even if it isn't the dream career .