Insurance, like all industries, is not immune to the effects of a recession. Slowed hiring and a stalled economy certainly present major issues, but a recession doesn’t mean it’s time to panic, nor does it mean your organization has to struggle.
In part one, we reviewed how a recession can affect insurance employers and what they need to do to weather the storm.
| Review part one for employers |
In the second part of this two-part series, we’ll discuss how to weather a potential recession as an insurance industry professional and set yourself up for future success.
What is a recession? Is it happening right now?
We reviewed these questions in part one, but here’s a few quick points:
- Recessions, even with all their negative consequences, are a natural part or the economic cycle
- Two consecutive quarters of negative growth in real GDP is often a signifier for a recession, but it’s not the only one. Other recession factors to consider include employment rate and real wage growth.
- Economists can predict recessions but can’t definitely know we’re in a recession until it’s happening. However, it doesn’t mean that you need to panic. Recessions vary in length with the most recent recession, the 2020 pandemic-era recession, lasting only two months.
What should I do to prepare for a recession?
Just like any job search, preparation is key to weathering a recession. Navigating a career or finding a job in a recession may not be the easiest task, but the work you do today will pay dividends tomorrow.
The first place to start? Your resume. Some resume tips to follow include:
- Ensure your best skills and talents “jump out” of your resume—highlight your relevant experience through accomplishments and statistics.
- Showcase your expertise, including any professional certifications, awards, recognitions and training.
- Use your real-estate wisely: your resume has limited space, don’t make it too busy.
- Avoid templates!
- Review other industry-specific resumes to see what’s worked and reach out for help from your professional network.
- Tailor your resume to the job itself. A general resume is a great place to start, but it may work better for some positions over others. Review the job description and see how you can tailor your resume to the necessary details and skills.
Other ways to prep include goal-setting, understanding your finances and budgeting (or learning to do so), saving more and delaying major purchases.
No matter how you choose to prepare, what you do today will certainly impact you in the event of a potential recession. Even in the event of a mild or no recession, this preparation will set you up to come out ahead of where you are today.
Okay, so I need to prepare. Got it. What do I do if find myself in a job search?
Here’s some good news: even in a recession, organizations still need great people. There will still be open positions, and companies will still have to grapple with the issues they’re facing now.
For instance, many organizations, especially those within the insurance industry, are struggling to find talent in the midst of the “sansdemic,” a term coined by labor market data company EMSI meaning “without people.” Essentially, organizations have struggled to find talent as baby boomers continue to retire and birth rates continue to decline.
Additionally, the consolidation of insurance companies has drastically reduced the company training programs available for the industry, and the reduction in available population within gen X and gen Y continues to compound these issues.
Because of this and the unique hiring market we’ve seen as we leave the pandemic era, a potential recession could provide very unique opportunities. Plus, regardless of what a recession may bring, your preparation will pay off.
Your preparation is the key to finding a job in a recession and the best way to avoid panic. The LinkedIn network you’ve built and professional connections you’ve developed could provide the way into a new role, and your updated resume will be ready to submit to hiring managers.
When you are actively seeking a job, consider reaching out to a recruiter in your field—they most likely have access to jobs you didn’t even know were out there. Oftentimes, a recruiter’s website will have a job board specific to the industry they work within.
For instance, insurance professionals can search various jobs across the industry on our own job board. Other job sites and social media can also prove beneficial as you search for a job.
Although increases in unemployment and recessions often go hand-in-hand, a recession doesn’t mean you’ll lose your job. Millions of Americans have held onto their jobs and will continue to do so—a potential recession is not reason for panic, especially if you prepare.
Still a little worried about a potential recession? Worried about finding a job in a recession? Want to kickstart your job search and find a role that’s right for you? That’s where we can help. GSR has helped insurance professionals find meaningful work since 1969. We’ve weathered recessions, we’ve created results and we’re ready to help you find your next great insurance role. Reach out today.