This has been called the most challenging economy and the worst recession in the past 34 years. In fact, the World Bank released a statement this week that suggested the economic fundamentals of the current recession had greater similarity to those of the Great Depression of the 1930’s than to any of the more recent recessions.

Does that mean it is all doom and gloom for those in the job market? Perhaps not, but something that began in the financial sector has quickly spread. Companies in virtually every sector of the economy, acting as though the economic conditions will remain problematic for a prolonged period, have been announcing massive layoffs along with office and plant closings. Much of this is probably not related to current conditions, but rather to the expectation that things are going to get worse before they get much better. Unfortunately, these precipitous actions might just guarantee that things won’t get better for six months, for 12 months, or for even 18 months.

If you have any choice, stay where you are

Having any job in this market is a much better condition than not having one. So, if you still have a job, consider yourself very fortunate, stay put, and try to weather the storm. This is not the time to be looking for greener pastures.

What can you do to survive in this job market?

1) Become indispensible

Be the most knowledgeable employee in your department, if not in your whole company – the one everyone thinks of when they have a question. Become so valuable to your employer that nobody would ever think of putting your name on a layoff list.


2) Learn more

While most organizations will be cutting their training budgets, there will still be other opportunities for learning and for broadening your knowledgebase – night courses, web-based courses, books and training manuals no longer being used by the training department, etc. The person with broad-based knowledge will survive longer than the person whose area of expertise is deep, but otherwise limited.


3) Be more visible

It’s a lot easier to make the lay off list if you’re someone who nobody knows or who nobody ever sees. This is not the time to think about transferring from corporate headquarters to a new regional office. It is also not the time to ask about working from home three days a week!


4) Be early

Arrive at your workstation early or at least on time! It doesn’t matter that you stay later than everyone else, if there’s nobody around to notice.


5) Be positive

There will be a lot more bad economic news reported by the media – they seem to emphasize the bad rather than the good. So, be that person in your department or company who sees the sun breaking out from behind the clouds. There will invariably be some good news – focus on it.


6) Cut back on expenses – personal and business

On the personal side, prepare for things getting worse. Now is certainly not the time to be taking on new debt. While you are working, begin to build a cash reserve, just in case.

On the business side, work with what you’re given. If you can squeeze an additional year’s usage out of your current office computer, do so. That way, you’ll be saving your company the unnecessary expense of purchasing new equipment.


7) Prepare

Be prepared, just in case.

Internally: Know what to ask for in terms of severance. For example, many companies are offering extended healthcare benefits before COBRA kicks in. Are you eligible for that? Are you eligible for early retirement? Will you receive outplacement service and, if so, for how long? Will your company provide you with a letter of recommendation?

As an HR practitioner, also know what exceptions to the severance policy have been made for other employees at your company. Be sure to ask for the best possible deal for yourself!

Externally: Know how and where to file for unemployment benefits. Have your network contact list up-to date, so you can immediately begin the process of finding a new job.


8) Don’t despair

This too will pass. The economic conditions will eventually improve and, although the market might look different than it has in the past – including more government regulations in place, there will be job opportunities again!