Currently world economy is strugling to have a positive economic growth rate. It is due to the current financial meltdown. In many advanced industrial countries the employees are becomming unemployed due to low aggregate demand in the economy and all business are sheding staff to be profitable. The economist predict that the unemployment rate will be incresed dramatically in 2009. In this situation the employment prospects in many industries will be affected.
However, some industrties are more affected than others. For example the financial sector and marketing sector will be more affected than other industrial sectors.As well, some professions like accounting and law there may be having incresed opportunties in a recession for such services as business enterprises need these services in such a situation.
The crux of surviving in the financial meltdiwn for employees who are dismissed due to fianancial metdown, is to consider changing their career plan and to retrain them and there fore incresase the potential of employment in sectors of the economy, where the impact of the down turn is comparatively less than in their own sector of the economy. In addition, they can consider some self-employment opportunities like educational services or online employment opportunties and use their contacts in employment to become employable. They also can consider casual employment prospects to gain experience and voluntary employment opportunities to gain valuable experience in a given field. When unemployment is high social services sector is another option for a retrenched employee to become employed if he can strive to obtain such qualification and experience. In other words, if an employee is dismissed due to the current financial crisis is to consider other employment prospects than in his own field and be flexible in his job search and training and career options to become multi skilled. However, if the unemployment level becomes too high all sectors will be severly affected and there fore it is necessary to use the savings wisely and invest the funds in a safe investment plan to obtain an income to survive and cut the discretionary spending and use effective financial planning so that it can manage to meet the day-today financial needs.
In effect. even in an economic downturn emplyees can get employment or get some income if that person is flaxible in his career planning, use effective financial planning and consider self-employment opportunties and prepared to get experience in a different field other then his normal field of employment. As well. consider casual and part-time employment in his field or contract work. In other words he must be wise in employment search and search for employment in other fields and prepeare to obtain valuable experince in the field chosen given his personal profile and skill factors as well be flaexible and obtain trianing in other fields so that he become multi skilled in the fields where employment opportunties are in demand compared to other fields in a recession so that he become resilent in the future to survive in such a situation.