Asked on 26 Feb 2020
I'm doing UI/UX in an MNC, looking to move over to banks or government sector for higher pay and experience. I was planning to look for a new job by June, however I've been reading in the news that many affected companies are freezing salaries, getting staff to go on unpaid leave etc. I am afraid that if I get a job I'll be the first to be asked to leave if the company starts laying people off.
Would it be wise to go find a new job given the current economic situation?
Andy Sim, HR Professional at a Financial Institution
Updated on 26 Feb 2020
I would advise against changing job now huge uncertainty in the job market now especially with the virus situation. Companies and reducing/holding off their hiring and alot of private sectors are in cost cutting mode now. Even if you manage to move over to the new company, your pay increase may not be that high too, unless you are in a specialised, low in supply role.
If your current company is not too bad (in terms of environment, colleagues etc), I'd suggest to stay on for a few more months to see how things pan. In the mean time, you can always keep a lookout for the various opportunities in the market or talk to recruiters to see where you stand or have a feel on the job markets right now.
All the best!
09 Mar 2020
Hi Anon, it might be a safer move to stay put in your current job considering market uncertainity and the COVID-19 situation. Many businesses and companies have been affected and it is likely to last for awhile more. It would also take some time before businesses/companies can analyse the full impacts.
In the meantime since you are keen to work in banks or government sectors, which is an industry that might be relatively newer to you, it might be a good idea to learn the skills needed for the role you're interested in or sign up for online courses. If you have friends or family in these sectors, speak to them and find out more about these sectors so that you can use this time period wisely to prepare yourself for the role you want in the future.
All the best!
While pay is one of the considerations for a job change, it should not be the main consideration.
The questions you should ask yourself:
Am I still learning and growing in my current role and environment?
Do the vision and values of the company align with my own?
If the answer is a no, it might be time for a change of environment.
If it is a yes, please stay and continue to make a positive impact where you are!
As for retrenchment, there is no iron rice bowl nowadays.
You will just have to be adaptable and hungry to learn new skills.
Hope this helps!
Pascal S, MBA Graduate at Singapore Management University
It is a difficult job market right now for many recent graduates, job seekers (whether they are employed or unemployed).
While a direct advice would be to start applying now, the better question would be or could be: How to put myself in a state of permanent beta?
As pointed out by sifu Kenneth, try to build yourself to be recession proof.
Job opportunities come and go; viruses too. As a result, always be looking.
Lastly, if you are seeking both higher pay and better experience, I think it a trade-off. I could be wrong too. Let me explain further,
In most companies, you will either get higher pay and/or better overall compensation package. In very few companies, you will get to work with outstanding colleagues who are your direct and indirect mentors. We are not talking about colleagues who just hang out after work for drinks or go eat at kopitiam but those who will lift you up to a better version of yourself.
Goes back to sifu's recession proof advice - As you are continuously improving yourself (permanent beta) and build a network of colleagues who are professional/personal mentors (e.g. we can find so many financial mentors on Seedly!), recession or not, you should be fine. Note that I use "should" and not "will". I assume there is always a worst case scenario but up to you (us) to de-risk the probability of hitting the worst case scenario.
I was fortunate to have been in all situations above. Time for me to pay it forward via Seedly community.
On Tech Blogging Hiatus at www.launchers.asia
Hi Anon, I think now given the current situation, there is truly alot of uncertainty in the market now... and its really because of a ripple effect from this Coronavirus situation and thus business is severely affected across the board. (even if you look at government sector and others like Temasek)
I feel now if your currently job in the MNC pays decently well and you are able to save up for this period, then you should continue staying at your current place, find ways to upgrade yourself with special projects and other things.
Grow and get better in the current situation and make yourself Recession-proof
Here are two steps to become RECESSION-PROOF:
In terms of employability (Skillsets and experience)
Income sources (investments, dividends, etc)
Hope this helps in some way and remember, tough times dont last, tough people do!
Hi there, I guess no harm applying and see what offers you get. True, companies may be cutting costs and having hiring freezes, but if they truly are then they won't be posting job offers?
Nonetheless if you can still learn from your current company and you think your career prospects are good there, consider waiting it out.
If you are looking for a job, then it is a bad idea to do it now. Currently, the market is skewed towards employers, as the economy really isn't doing so well. It is easier to bargain for a lower salary as the no. of jobseekers are likely to outweigh the job providers.
If you are headhunted, then it is a different story. This would imply that the potential employer is likely to be willing to pay a higher remuneration to hire you. Still, proceed with caution, as this hinges on the company's ability to survive the upcoming crisis.
Jason Sing, School Of Hard Knocks And Life at School Of Hard Knocks And Life
Answered on 26 Feb 2020
I don't think it is a good time to change your job now. The public sector should be fine but the private sector (especially the service sector) may have to resort to cutting down of manpower if the outbreak of Covid - 19 drags on for a long time. Moreover, the trade war between China and US is not resolved yet. Huge uncertainty about how widely the virus will spread and how much damage it will do remains. Hence I really do not think it is a good time to change job.
If you are looking to jump to govt sector i dont think the economy will have a huge impact on their hiring, because they are looking to fill the headcount :) most of the salary freezes, no-pay leaves etc are happening in private companies that are profit-driven so it makes sense for them to cut costs. in any case, better start now than never!