Is your job affected by the credit crunch and current economic conditions?

Jaymz

I feel my job is at risk as a direct result of current economic conditions.

My job is going to be affected in a big way. The company I am working for doesn't even break even and is running at a big loss but the management think they can turn it around... I don't share their optimism.
I have already predicted that in less than 6 months I won't have a job. Thankfully I don't have a mortgage and my rent is very cheap so I can survive for a while if I lose my job and can't get another one straight away.

kunekune

No, I have no fears about job security.

As a university lecturer, my job is quite secure (in the list of 'most secure in a recession'). However, that doesn't mean that it stays equally satisfying. We may well get more students (no jobs = incentive to stay in education, plus preference for professional rather than arty courses) but we would need to service them for the same or even less money. So that means more pressure, fewer opportunities for promotion but at the same time even longer hours than we already do. The ones who will get through are the ones who are able to go up from the current average of 50 hours a week to 60 without their domestic lives falling apart.

Debt_Free_Chick

I feel my job is at risk as a direct result of current economic conditions.

neverdespairgirl wrote: »

Liquidators? Receivers?

I see where you're coming from, as they will have plenty of work in a recession. But "plenty of work" doesn't guarantee you a job - if the firm you work for wants to cut costs, jobs will go

I guess I think it's dangerous for anyone to assume that they are recession-proof and so we should all "do the sums" and make sure we can survive a period without a job. 3-6 months would be a good assumption to make - but more, depending on what you do and what you want/need to earn.

AdrianHi

Difficult for me to place a vote.
I'm a freelance IT consultant, finished a contract on Wednesday this week and in the market right now.
When the "credit crunch" first struck last year I lost 3 offers in a row on jobs due to the uncertainty which lead to 2 months of no work. By January everything was back on track, but right now the market is volatile. Pay rates for me range from about the same down to a 30% cut in rate, it's pot luck on what I will get. So far no where near as bad as when the dot com boom went bust where no recruitment agent returned a call for over 3 months and I got lucky with my own contacts and worked for 21 months months on only 40% (less than half!) of the money I've been earning 2006-2008. So a 30% pay cut is still better than 2001-2003.
I'm not too worried, I've been freelance for 12.5 years and I've seen a 5-6 year economic cycle affect pay rates like this before, so in anticipation I prepare for times like this by saving the extra I earn in the good times.
I just need Nationwide (me), Lloyds TSB (wife), Abbey (offset mortgage where all the money goes) and Alliance and Leicester (business account, the other place where most of the money is) to not go bust and I'll be fine :rolleyes:

AdrianHi

Debt_Free_Chick wrote: »

I guess I think it's dangerous for anyone to assume that they are recession-proof and so we should all "do the sums" and make sure we can survive a period without a job. 3-6 months would be a good assumption to make - but more, depending on what you do and what you want/need to earn.

That would be an excellent plan, but I appreciate that it might be impossible for some people to acheive.

Your number one protection is doing what ever it takes to keep your skills and training up to date with what is in demand in the job market. No better redundancy protection can be had for any amount of money. Also if you've invested money in yourself and your skills, hopefully increasing your value in the job market, a bank going bust cannot take that investment away from you

m1ntie

I may be affected, but only if we go it all gets much worse than it is now.

neverdespairgirl wrote: »

Liquidators? Receivers?

Undertakers!

Realy

I may be affected, but only if we go it all gets much worse than it is now.

neverdespairgirl wrote: »

Liquidators? Receivers?

Not strictly true as your competitors could out perform you, get bigger the next thing is you are not getting any business.

In a booming market (recession for them) the smaller you are the more risk.

Bean_Counter

I may be affected, but only if we go it all gets much worse than it is now.

I work in the construction industry. Customers are currently going bust at the rate of one per week, which means our cashflow takes a big hit every time, despite whatever precautions you put in place.

It is of course much worse for those that lose their jobs, with families to support, as there are fewer jobs around to chase.

It will get worse before it gets better.

giruzz

I may be affected, but only if we go it all gets much worse than it is now.

Bean_Counter wrote: »

It will get worse before it gets better.

Today is my last day with my current employer (financial services). I have been there for 12 months, first redundancy round started 4 days after I joined. Second after 5 months and there are talks about another one just before/after x-mas. Monday I will start with another financial provider.

My girlfriend is working as Marketing Exec. for a private university. She was made redundant in August (from another university) but after 5 weeks she found a new job.

If it makes a difference we just joined the workforce and just arrived in the UK.

Do I feel the credit crunch? Yes, I do.

When we arrived in the UK my girlfriend had three interviews and two offers. 11 months later, after being made redundant she had 5 interviews and only one offer.

giruzz

ginandtonic1988

I feel my job is at risk as a direct result of current economic conditions.

I work for Conveyancers so the ground is pretty shakey for me, husband worked for an aggregates company and he has lost his job. Its been a very testing year so far and its not looking at getting any better!!