Caleb Kaiser AngelList Talent Illustration by David Espinosa
Some companies are going through economic changes. Either they are taking advantage of the market decline or they are really trying to protect the company from dying. Either way companies are making preparations and changes. From Facebook to Coinbase to pretty much all of the tech companies. They have started rescinding offers to and now starting to cut staff.
Companies are doing their best to stay afloat but it creates a very hard environment for employees during an economic recession. Even before a recession is officially declared, companies are already finding ways to increase their runway by reducing cost. The largest cost in any company is human capital. People are typically the first ways companies begin to cut their cost because they want their balance sheet to be healthy.
What you should do during this time?
When receiving an offer letter, that is extremely exciting. But during economic downturn, there are some considerations that should be made.
Once you have an offer letter, continue to look for new jobs. Depending on the timeframe work, keep searching for new jobs.
Until the company makes its first direct deposit into your account, don't stop looking for jobs.
If a company starts to rescind offer letters, it's probably okay to keep your eyes open and talk to your friends about different openings at different jobs.
While working for a company, continue to make your public presence known based on your portfolio and the work you can do. Because competition will fierce, it's imperative to show your skillset by producing content of what you can do.
Create a YouTube channel and/or blog. Not because you are trying to be an influencer. But you are able to push out what you are capable of doing and giving the world how you solve problems and create solutions.
Remember during an economic turndown, it's best to be proactive. Save money, and work on ways to keep yourself relevant.
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