With the current state of the global economy, having an emergency job recession plan is not premature at all. The last historic economic recession saw some top talents wrestling for lower-paying roles to secure steady employment. Demands for “generalists” skyrocketed as employers did meticulous nitpicking to enlist eclectic professionals. More layoffs are imminent even if economic depression does not reach a climax and trigger a widespread recession.
Already some recession-sensitive industries are slowly pivoting towards a slump. On the opposite side of the fence, recession-resistant sectors such as engineering still look promising. Although engineering roles have some semblance of job security, it is not the same for all markets. Short of packing-up and moving to a highly sought-after work location, making use of all available resources can result in a new job acquisition. In these uncertain times, a proactive recruiter is the quintessential utilitarian an engineer needs to survive any economic fallout.
Layoffs causing recession panic in America
Last August, the US saw the unemployment rate hit a historic low of 3.7 percent. It rivals the worst rates recorded by the country in history. According to Bloomberg, industrial America is rapidly downsizing, scaling down production, making job cuts, hiring less, and implementing cost reduction measures. It reports that it is a direct consequence of the trade wars incited by the Trump Administration. Years of economic progress in sectors such as manufacturing reversed.
As skepticism about the kind of future coming increases, economists are taking the wait-and-see approach. Layoffs coming from industry frontrunners like Musk that relieved over 1000 Tesla employees continue to fuel further fears of a recession. It also downsized the SpaceX workforce by 577 jobs, which is 10 percent of its teams. After closing a series funding deal of over $100 million, Vector Launch, an aerospace specialist, started axing workers last August. Over 150 contractors were without jobs. Shortly after this unplanned development, Vector announced a partnership with Stratolaunch, Virgin Galactic and The Spaceship Company.
Last May, Challenger, Gray, and Christmas cut some workers as well. Layoffs were 46 percent higher compared to previous cuts a month earlier. Even the ride-hailing gamechanger Uber is downsizing. It has shrunken its marketing network by cutting 400 positions. The company intends to cut 435 workers soon, specifically those in product development and engineering.
Engineering job crossover in economic fallout
Engineers are versatile and can transition to a related sector seamlessly. Aerospace/defense engineers can rely on long-term job security, although there are layers to this immunity. It was the top-grossing industry in exports in 2017. Utility companies also provide steady employment for engineering roles. For instance, electricity demands rise at a steady pace, no matter how volatile the economic climate seems. With this, qualified engineers that specialize in power systems and electrical work can take advantage of these opportunities.
With businesses leveling up cost-cutting measures, automation and AI technologies make excellent substitutes, which also translates to higher electricity demands. In their bid to cut operating costs, companies will eventually turn to cashierless technologies, smart cleaning solutions, and so forth. These services will create more jobs for engineers in fields such as automation and mechanics.
How to fast-track engineering career with a recruiter
Engineers in steady jobs rarely ever consider the possibility of being unemployed. What some fail to realize is that industries, while a few seem securer than others; none has total immunity against economic contraction. Furthermore, a recession is not the only reason to change jobs because sometimes professionals crave new career adventures. Also, top-tier engineers may grow an appetite for work experience elsewhere after a lengthy contract. Whether the needs fall along those lines or an engineer has something else in mind, a recruiter is an invaluable resource.
These experts have a unique skill set and specialization in employment strategy. They have extensive knowledge of specific industries and winning marketing skills to help professionals land roles that fit their expertise. They use top SEO agencies to boost their job promotions and to reach highly skilled engineers. Also, hiring firms cover all the expenses involved with recruitment services, so it is never an out-of-pocket cost. A recruiter can help engineers make a seamless transition from one job to the next.