With rising inflation, the collapse of major banks and a Government desperately trying to bail out the remainder, we can all be sure that the British economy is in a less than healthy state.

Only a brave fool would predict exactly how much further the economy will drop, although this needn’t stop you from accurately appraising your own particular position within this downturn, and taking the appropriate steps to ensure that you are well protected, whatever the outcome. Below are some tips and observations on how to make the most of this challenging economic climate.

The job market
Recruitment has long been one of the most effective indicators of a change in economic circumstances, because it accurately reflects the confidence of businesses that they will grow during the period. UK businesses are currently tightening their belts, and this will have an undeniable knock-on effect on the volume of career opportunities that exist in the job market.

This does not mean however that the job market will dry up, merely that it will change to suit the current times. Although the total number of roles available may have dropped, there are still a great number of attractive roles coming onto the market. Major ‘blue chip’ companies, well prepared to weather the economic storm, will continue with relative normality, whilst marketing agencies and publishing houses still continue to buck the trend with some exceptional opportunities still available.

There are, of course, some companies and industries that will actually develop and grow during this period. Energy and Utility companies will emerge as some of 2008’s winners, as will any company that is flexible enough to change and move with the times. The important thing to remember is that economic downturns are a fundamental part of the modern economic model, because what goes up must come down. There will be winners and losers over this period, but the job market is still an active and dynamic place for aspiring professionals to be, as long as you know where to look.

Quality vs Quantity
Although the number of roles within the Events and Communications market has fallen over the past months, it should be noted however that this reduction does follow a period of exceptional growth. It should also be noted that though of a lesser number, new jobs coming to the market are of a more consistently good quality – in terms of both ‘spec’ and opportunity.

Within the current market conditions, employers have a larger pool of people to look at, and will tend to only need to look at those people who fully tick all their boxes. So for candidates with strong experience, their job searching can in fact becomes easier in the present climate – as they are more likely to rise to the top. So although the number of opportunities may be less, those that come to the market are likely to be more focused and relevant.

The value of redundancies
As traumatic as redundancies are for the individuals themselves, they are a necessary part of the economic cycle, and can actually improve your prospects over time. Companies will use this period to strip back any parts of their business that are not performing, with the consequent reduction in personnel that this will bring. By definition however, businesses exist to grow, and the reshuffling of employees will mean that exciting opportunities will begin to arise as circumstances change.

What can you do?
Despite this period of uncertainty, there are still a great many things that you can do to improve your prospects and worth to current and potential employers. Companies will let go of people that they believe have a less significant contribution than others, so you can greatly increase your chances of remaining employed by making a concerted effort to contribute more to the company that currently employs you.

Of course, the prudent professional will always be prepared for any eventuality, so now is a perfect time to register with a recruitment consultancy and discuss your options. It could be that there is an exciting opportunity just round the corner, but at the very least you will have created an intelligent plan b, should circumstances at your company take a turn for the worse.

Get specialist
At times like these, it also pays to specialise. Take a look at your CV and spend some time refining it, so that it reflects your skills in the best light. If possible, try and pick out a few specialist skills, because companies will be more inclined to take on specialists that might be able to help them steer through these troubled waters. Once this is done, try and register your CV with a specialist recruitment consultancy, one that has the contacts and focus to access the most productive audiences for your skills.

If in doubt, train
Recessions are a great time to enrol in training and development courses, because they will add to your specialist skills, and make you feel more empowered within your career opportunities. Regan & Dean has formed an association with City Lit, offering a 20% discount on selected courses, specifically for this purpose. If this sounds like something that interests you, email Narelle Lester to find out more and how to apply.

Flexibility is key
As the job market, and your opportunities within it, becomes more fluid, it will help your prospects enormously if you are prepared to be flexible about your terms of employment. Where once a role may have been permanent, with all the associated benefits, you may find that the same position is now offered on a contract or temporary basis. This is merely a sign of the times, so try and view your options with a versatile frame of mind and it could pay dividends.

There are also certain skillsets that can transcend the particular role or sector that you work within, offering you even further flexibility in the career opportunities open to you. Marketing and Events are examples of two sectors where proficiency in one can open doors to a career in the other. Candidates that are emerging from the financial sector are advised to consider which transferable skills they possess that could be employed to great effect in different sectors.

Don’t panic!
It might sound like an obvious thing to say, but it is never more important to hold your nerve than at times like these. On a broader scale, it is arguably mass panic that has led to some of the issues that UK Plc now faces, so keep cool and go about your preparations in a measured way. Economic cycles are called cycles for a reason, and there will be light at the end of the tunnel, so go about your career prospecting with confidence, drive and focus and you will be rewarded, whatever the climate.