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Maximize Your Return On Educational Investment In A Recession

The current global recession is a foreign concept for the majority of young Canadians. Those of us who were still children during the last recession in the early 1990s have witnessed nothing but robust economic times and strong labour markets for nearly 15 years. But that all changed in the fall of 2008, as the perfect economic storm rolled in and eliminated many perceived certainties. The U.S. housing market bubble burst. The global financial sector fell into chaos. Stock markets and commodity prices took a nosedive. North American auto makers, already struggling, were forced to the brink of collapse. All of these factors resulted in a downward spiral for the labour market.

There was once a time when job seekers could simply dictate their terms and conditions of employment to desperate employers, but the downturn has made it appear that those days are over. Gone too are the days of quitting one job to walk across the street for another, better-paying position. The balance has also shifted at today’s job and career fairs, as fewer companies from a smaller range of industries participate, and the numbers of job seekers swell. It seems the scales have been reset, and now appear to be weighted in favour of the employer, rather than the prospective employee. What does this mean for you?

  1. First and foremost, don’t panic.Post-secondary students today still have employment options—they’re reduced, yes, but options are still out there. It is important to note that the current domestic recession has not spread equally across regions or occupational sectors in Canada. Ontario, Alberta and British Columbia are bearing the brunt of the economic downturn. Saskatchewan and many parts of Atlantic Canada still have pockets of employment growth. Even inside the provinces hardest hit, there are glimmers of hope as major urban centres are faring much better than northern, rural or remote communities. Employment in health-related fields shows little signs of prolonged weakness. The massive stimulus spending currently being undertaken by provincial governments and the Government of Canada will result in new opportunities in the construction sector for tradespeople, technicians and engineers. In addition, public sector employment (government, law enforcement) will continue to expand.
  2. Second, have a plan.Do some research on what companies and industries are remaining relatively strong in the current economic climate. There are now over 30 sector councils (www.councils.org/en/) in Canada representing almost every industry, and each council is dedicated to producing employment information and promoting careers on behalf of that industry. Examine recent Manpower Research labour market reports. Manpower documents employment trends in jurisdictional and industrial sectors by quarter for Canada, and often has some good emerging employment information. Make use of provincial and federal employment resources (e.g., www.labourmarketinformation.ca, www.saskjobs.ca, www.albertajobs.com). Finally, examine some of the new online tools being created for graduates. Talent Egg (http://talentegg.ca) is one such example and a nice starting point for job seekers familiar with social marketing sites.
  3. Third, stand out from the crowd.This means that you need to work a little harder on your employee value proposition. Employers have spent the past decade branding and re-branding to appeal not just to customers, but also to future employees. Now it’s your turn. Treat every interaction with a potential employer like an interview. Ask thoughtful questions. Feel free to inquire about hiring plans for the year. Keep in mind that paid employment is only one way into a company. Some companies offer internships; others may be happy to book you for an informational interview with a specific occupational representative. Remember that your abilities, competencies, knowledge and skills are assets that set you apart from your peers. It is important to display both hard and soft skills. Previous employment or volunteer experience needs to be packaged or positioned to assist your personal pitch. Dressing the part is also important: present yourself professionally for every interaction with a potential employer by ditching the blue jeans and t-shirt in favour of a collared shirt and dress pants. You only get one chance at making a first impression.
  4. Fourth, pound the pavementLiterally and figuratively. Attend career fairs or information sessions on campus. Come to those sessions well prepared and be ready to ask questions to staff representatives. Feel free to approach the staff offline, ask them a series of additional questions, interview them about their company, or even drop names. Make whatever connection you can within reasonable boundaries. Remember, companies who spend time at your school are usually there for a reason: a successful history of recruiting. Conduct advance research on the companies with which you are interested in securing summer or full-time employment. Talk to previous graduates or professors about the company. Find an alumni connection within the company and see if they can assist you in gaining a leg up in the organizational employment process. Learn some history and be aware of key things like the geographic locations and industry involvement for each company of interest. Nothing is more frustrating than hearing your company name mispronounced or wrongly identified by so-called informed job seekers.

The hints documented in this article are just suggestions. Graduates looking to successfully enter the labour market would be wise to leverage all their contacts, skills and experience. In the end, job seekers possess a commodity—their work—that employers need, today and in the future. The tricky part is executing the buy and sell.

by Sean Junor

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