Many people are wondering how long it will take for the full effects of the global economic crisis to filter down completely from the imaginary world of stocks and shares to the real world of inflation, repossessions and job losses.
As the pain of the recession gradually infiltrates the real world, one recent casualty has been IT contractors in the embattled financial services sector. Pay has slumped for these workers to its lowest level in 5 years, falling by 12 in six months to £44 per hour, according to a survey of 4,500 IT contractors.
The fall in pay is primarily due to new contracts being signed at lower rates, rather than cuts in pay for contractors already under contract. It is likely to be a result of banks cutting costs by shelving projects not expected to deliver an immediate return on investment.
Time to update your online CV
Developments such as this prove how hard it is to tell precisely what effects the economic downturn will have on different job sectors, and any one of us could soon be in the position of applying for new jobs online. It is therefore important, whatever job you are in, to prepare yourself for the worst and update your online CV.
If trouble hits your employment sector, the jobs market is likely to be more competitive than ever. Under these circumstances, an updated, well organised online CV, using a clearly laid out CV template, will vastly improve your chances of finding new work.
Include achievements
Keeping an up to date record of your achievements on your online CV can help recruiters match you to appropriate roles and skills, ensuring you are more likely to receive a salary which reflects this.
It is also sensible to consider how to market your achievements within your CV template. Research carried out earlier this year showed that nearly a quarter (24 ) of employers said that ‘were applicants to effectively sell their existing achievements on CVs, they could demand an increase of 15 in their starting salaries.
Be more flexible
If you work in one of the worst hit job sectors, such as house building, your approach to updating your online CV may have to be a little bit more radical. When it comes to applying for jobs in a recession, those who are most versatile are least likely to stay unemployed for long.
Take an objective look at your skills and experience and consider the transferable skills you already have which could stand you in good stead should you need to abandon your current position in a hurry. Be prepared to apply for jobs in a new area by tailoring your CV template towards a new job sector, or even several new possible areas.
Consider vocational training & careers advice
If you feel that you would not be well qualified in any other area than your current employment, consider enrolling in training courses to diversify your skills and aim for vocational, rather than academic, training. Talk to a careers advisor about what other kinds of employment might suit you, should your current job fall through.
Even if your job turns out to be perfectly safe, there is no harm in being prepared or in increasing your skills set. Computer skills, in particular, are always in demand and are likely to be just as valuable to your current employer as they would be to a future employer.
Peter Whitehead is commissioned to write articles on behalf of iProfile (http://www.iprofile.org/), the preferred online CV template. iProfile brings the online CV into the 21st Century. Tips & advice vary from CV writing to negotiating a pay rise.
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