The overall markets look a bit hazy economically, and there's really no way to see what direction the overall UK economy will go. However, there are plans in place to help stem the inflation rates that are having companies struggle while, at the same time, those higher interest rates are squeezing the economy. Regardless, understanding the job market in a recession, especially as a fresh graduate, will help provide you with the right type of navigation to move forward with your career.
Remember, you're just starting out
Whether in a strong bull economy or the bear recession we're headed into, graduates still have that one common denominator: they are still fresh in their careers. Therefore, missteps along the career path are to be expected, and anything that affects you early on, such as a long period of time before getting your first position, will be something that you share with others, and that is commonplace.
You're also actually quite in demand because of your price point. It's one of those times where there is a silver lining to being a fresh graduate. So many skills are required, even when companies are slowing down, and there are smaller budgets, which means companies are looking for better value in their candidates. That translates to looking towards younger graduates who can accept lesser pay for the experience.
It helps build confidence and experience
When you land that newer role, and it may seem as if the initial salary may be lower than expected, that doesn’t mean to be worried. You are sure you did your best to negotiate and work on those benefits, and it was completely due to the current market conditions. Yet working through a recession brings a certain type of resilience early on in your career. You start to learn about adaptability and working with minimal resources to accomplish the same tasks.
Your critical thinking and flexibility go on overdrive, and it's an opportunity to be able to shine early on. Remember that recessions don't last forever, and if you're able to get yourself through one working and achieving success, it's not forgotten. It shows you're able to work in non-optimal conditions, and that can actually be a skill set that is getting harder to come by. All you can do is simply weather the economic storm and maximise where possible.
Strike when the recession ends
As long as you understand that this is not for the long-term of your career, you can plan your career while in the midst of a recession. Then, you can take the time to focus on your next steps, what your salary is that you're looking for and if the career you've selected is the right opportunity.
No matter what, stay positive, keep your head up high and work towards making yourself an invaluable support to your managers and a true team player for the rest of your team. It's the best time to make that impact. There's no time like the present.