Moving to a new job is always stressful. There are new people to meet, new processes to learn, and it can take a little time before you feel like you’ve found your feet. 

Changing jobs in an unstable or slowing economy adds another layer of stress still as there is a chance that your new role might not be as secure as you’d hoped. 

In the event of a recession or a difficult financial period, many organisations work on a ‘last in, first out’ basis which means new employees are often the first to be let go.

So, what should you do to avoid moving to a new role with low job security? Here are our five top tips. 

1. Look at the job description

Before applying for the role, look at how the company describes it. 

Firstly, have they included a salary or salary range at competitive rates? If the company has not included any salary information or has offered a starting salary lower than you’d expect, this is a warning sign. 

The company may not be in the best financial standing, or it may simply not value the role very highly, but either way, this is an indication that they won’t be good employers. 

You should also take a look at the person specifications included. Do they seem outdated or very broad? This could suggest that the company doesn’t have a clear idea of what they need and that you might have a difficult time succeeding or showing your value to the company in the role. 

Try to read between the lines of the job description and work out what they are actually saying about the role in question. 

2. Look at the market

In times of economic downturn, certain industries cope better than others. Some of the least recession-proof industries include retail, leisure and hospitality, construction and real estate, while some of the most reliable include government, universities, healthcare and IT.

Is the new job you’re applying for in an industry which seems likely to weather potential storms? If not, you might want to rethink your application. 

You might also want to consider the type of job you're going for and look at the career trajectory of the role you’re in. Certain jobs are more likely to be prioritised by organisations and are safer from lay-offs than others. 

LinkedIn’s Workforce Confidence Index report indicates that ‘Professionals with the least stress about getting laid off are those categorised as problem-solvers in fields, such as accounting, administration and legal.’ 

If you’re concerned about job security in your industry and ready for a new challenge, it might be a good time to reskill. 

3. Ask the right interview questions 

Be aware of red flags that signal potential job insecurity throughout the hiring process and be prepared to ask the right questions during your interview. 

Some questions which might reveal an organisation’s stability include: 

• What would be a standard career path for someone starting in this role within your company?
• How did the pandemic affect the company’s revenue and what did you do to reduce risk and support employees during this time?
• How has the team changed in the last few years?
• What options does the organisation offer for flexible and remote working?

If the organisation has had a very high turnover in the last few years, or if they did very little to adapt to a changing workplace and support their employees during the pandemic, this suggests that they will not be well equipped to handle future periods of stress. 

4. Look at the fine print in the offer 

When accepting a job offer, it’s always a good idea to read the fine print in the contract. When sussing out the stability of the role, things to look at would be the probation period offered and the types of benefits offered. 

If an organisation expects you to work an excessively long probation period longer than the standard three to six months, this might show that they’re not confident about their ability to keep you on long-term. 

The benefits a company offers are also a good indication of its company culture and stability. Benefits such as flexible working hours, generous sick leave and maternity leave, and healthcare show that they value their employees as human beings and want to support their lives in real and tangible ways. 

Conversely, flashy and gimmicky benefits such as office drinks, yoga classes, or pool tables without any of the previously mentioned benefits show that the company is not thinking long-term and might not understand how to effectively support its employees through tough times.

5. Look at Companies House to understand their financial standings 

If you’re still concerned about job security in the new role, why not go beyond what the organisation says about itself and look to the facts and figures?

In Australia, most companies have a legal requirement to submit information about their financials to the Australian Securities and Investment Commission on an annual basis. This includes information like income, expenditure, assets, liabilities and details about the board and company owners.

This is a fantastic resource to see beyond marketing jargon and better understand a company’s true financial standings. Start by looking at financial statements to see if it has a consistently low or negative cash flow or if it has very little new capital on its balance sheets as these are often the first indicators of trouble. 

Ready to take the leap? 

If you’re ready to make the change but still worried about the potential job security of a new role, working with a recruitment professional can help you navigate the confusion. 

For guidance to find the right job and support throughout the recruitment process, speak to a member of the Conquest team today.

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tags: HR Industry, Career blog