How to look for a job during the recession? With Abhishek Kothari, IIT Bombay, ISB, Co-founder FlexiLoans

Introducing Abhishek Kothari, who is a survivor of the great recession, 2008 and is now an accomplished entrepreneur. An alumnus of IIT Bombay and ISB Hyderabad, he is currently the co-founder of FlexiLoans, an online lending platform. Let's shed some light on his insights on the current economic downturn and the job scenario during the recession.

With articles flooding on Covid-19, its impact on placements, the comeback of recession, lingering trauma of unemployment, and all other concomitant worries, many job-hunters are gasping for air. Whether it is a young graduate or an experienced worker stumbling upon the thought of job-change, everyone is dreaded with the nine-lettered word - recession. But is it really happening? Or is it just another buzzing rumour? What if we are actually about to hit a grave economic slump? What can we do to save our careers?

Hang on! To answer all your why’s and the how's, we have expert tips from Abhishek, who very skillfully walked out of the swamp of rescission in 2008-09 and is again keeping his body and soul together in the prevailing scenario. Let's get rolling without any further delay!

Is history repeating itself?

Fears are growing that the economic health will once again fall into the lap of recession. No one knows where we are heading to, but one thing is definite that we are in ‘it’. The economic downturn is progressing but going on the terms of the theoretical definition of a recession won’t do justice to it. Yes, fast-forwarding to 2025 there are chances that people may look back and think of 2020 as a recession period triggered by a virus. There is no doubt that,

• Jobs are being slashed
• 30 per cent value has been eroded from stock markets 
• Debts are moving uphill

But claiming that everything will turn upside-down 2-3 months down the lane will be irrelevant. Moreover, calling it another ‘economic recession’ is beside the point. The current slump has to be given a different label. An economic recession is caused by an underlying foundational issue which can be a bubble or any unexpected value which is not really in the market. But analyzing the current situation, the downturn is not a result of any such activity. Nevertheless, it cannot be gainsaid that it has the potential to lead to a recession.

Hovering fear of jobs during the recession

Let's acknowledge the ugly truth that employers are now paying less, cutting down on their requirements, and are opening a smaller window for new recruitment. But what can be the other side of the picture?

The economic sector from 2009-18 has seen unprecedented growth and this can be very well applied to the prevailing downturn as well. Think this way, you are pitching-in the market when it is at its lowest, so now there can be no more downside. Once this is over, there will be no more shocks for the next 10-years and will create more opportunities. But here's what you can do to survive the current surplus demand and supply situation:

• Curb the idea of switching and negotiations.
• Focus on the value you can offer to the company.
• Do not overthink salary aspects rather gain experience.
• If you have a family business, this is the time to join and protect it.
• Create demand wherever you can and make a difference.
• Cut your spending downing down by 30 percent and keep a financial buffer.

A note to fresh graduates

There is a thin line between desperation and passion. If you get this line, half of your problems are resolved. There are people who never end up compromising on the job roles they want, but to get a job during the recession one should go for the roles that meet your objectives and give you decent earning. Do not run after money. You can switch to another job later. A word of caution, do not compromise on your long term career goals by switching to completely different fields.

Perform in an adjacent field but not completely perpendicular!

“Experience is far more valuable than time lost in the hope of something” - Abhishek Kothari

Because everyone likes something extra

Here is a bonus for you. If you are working or interning, managing the work-life balance is of utmost importance to hold on to your sanity while adjusting to the "New Normal". Find beautiful tactics to come out as a survivor:

• Set a clear demarcation between work and personal life.
• Prioritize your tasks, don't exist only in front of your laptop screen.
• Understand the power of the mind to let things fall into their own place. For instance, trick your mind to logout your office on time, and put your laptop away.
• Hop into activities you like to do before you hit the hay.
• Calendarize your day to manage your WFH routine.
• In order to avoid hitting a saturation zone, give commendable time to yourself, to your family or household chores.

Here are some more relatable articles from our blog that you can find useful:

• Attention young grads, the formula for finding the right job has been decoded!
• Use Twitter for your career and take networking up a notch
• Affected by economic slowdown? Use these steps for tackling unemployment trauma
• How to become a purple squirrel for employers
• 6 must-do things to close your virtual internship on a good note
• Are you an intern? Build a strong network with these tips