The Dreaded R Word

Submitted by Carol on Thu, 01/24/2008 - 11:55am.

Career

Neck-snapping, vertiginous, nausea-inducing. All appropriate descriptions of the stock market ride this week. We are dangerous close to the 20% drop in the market signaling a bear market. You can't open a newspaper without seeing the R word thrown casually around. Yes, Virginia, we are headed for a recession.

What does that mean for onrampers? Like any challenging time, you can either look at it with foreboding or as an opportunity. I prefer to look at the coming (current?) recession as a boon for those who want to find flexible, part-time and possibly temporary professional work.

The Wall Street Journal reported today that publicly-traded companies are not buying back their outstanding shares, as they often do when stock prices dip. CEO's seem to be taking a wait and see approach, reluctant to commit large amounts of capital during these uncertain times. If companies are unwilling to commit their resources, it makes sense that hiring will slow as well. This presents an opportunity for onrampers who can come in on a project basis, filling in for employees on leave or taking up the slack when companies don't have the budget for a new hire.

As companies become more and more comfortable with the idea of a "transitional" workforce, the door opens for onrampers. Finding the perfect onramper job is a matter of having the right skills, a robust network and good timing. Community college courses are a perfect way to brush up on or acquire new skills. Building and maintaining a strong network is essential to any successful job search. As for timing, the dreaded R word just might bring the right opportunity for onrampers.

How has the current economic outlook affected your employment outlook?

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the R word

On January 29th, 2008 Edwina Cloud says:

I am a real estate professional, so the R word has killed my sales, the market was terribly slow before, but now it has come to a stand still, it leaves me looking for other options. I need a good job and I need one now.

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