How's Recession Affecting Careers: The Reason Behind It

In times of economic downturn, the job market transforms into a turbulent sea, challenging even the most established professionals.Let’s explore the key reasons behind how recessions impact careers and what it means for the workforce.

Job Market Contraction: Hiring freezes and layoffs become common, shrinking the number of available positions.

Skill Set Shifts: The demand for specific skills fluctuates, requiring workers to adapt, reskill, or upskill.

Salary Stagnation: Pay raises, bonuses, and benefits are reduced as companies strive to cut costs.

Increased Freelancing: More professionals turn to freelancing or gig work for income and flexibility.

Career Pivots: Economic pressures force individuals to change careers or industries, seeking new opportunities in different fields.