Financial planning for an uncertain job market: Part 2 - How to find a new job

Rather, the focus is on the very first steps – finding job listings that fit your skillset, considerations if you’re looking for an entire career change, and how to make the most of professional contacts you’ve made in the past. We’ll also suggest ways you can keep motivated during what can occasionally feel an uphill struggle. So hang in there – help is on the way…

• How do I start looking for jobs?
• What job sites are the best?
• How do I use a job site?
• Where else might I find job opportunities?
• I’m considering a whole career change – is this wise?
• How can I avoid falling into debt while I’m job-hunting?
• How can I keep motivated?

How do I start looking for jobs?

A good place to begin is contacting the Jobcentre Plus Rapid Response Service, which can not only steer you in the right direction to find jobs, but also provide help writing CVs (more on this later in our series), provide information on benefits to help with your financial planning, and may even pay for training. You can get in touch (email [email protected]) even before you’ve been made redundant if you suspect it’s imminent, during your notice period, and up to 13 weeks after you’ve been made redundant.

Once you have a date for when your job will end, and providing you’ve worked for your employer for 2 years at the end of your notice period, you’re entitled to time off to apply for jobs or go on training. Not many people know this. You can do it at any time during normal working hours and your employer can’t ask you to make up the time off. You’ll still be paid at your standard hourly rate when taking time off to look for work, but only for up to 40% of a week’s work.

Use your discretion here, though. You can take 'reasonable' time off, the definition of which depends a lot on whether your boss can run the business in your absence, how long your notice period is and whether it’s stipulated in your contract how many days you get. Obviously, ask your employer before you take any time off and try to give them as much notice as possible, explaining what you need the time for.

What job sites are the best?

This depends on the sort of work you’re looking for, but it might be worth browsing the Government’s new Job Help site first, which lists thousands of vacancies as well as tips on which sectors are recruiting and how best to use your transferable skills.

It also has some good suggestions for external sites, including Adecco, Evenbreak (which helps talented disabled candidates and inclusive employers find each other) and Reed, billed as the UK’s number one job site. Other popular sites include Monster and Indeed, and it could be worth following your local Jobcentre Plus Twitter account too.

How do I use a job site?

While each one will be slightly different, you can usually use the website’s search engine to find jobs by using keywords that match your interests and the location where you want to work. The more specific you can be, the more focused your search will be as it will throw up fewer non-relevant job listings to weed through. Advanced search options (to set salary expectations etc) are helpful for this.

You should also be able to set up email alerts based on your search criteria to ensure you don’t miss out on new jobs and to avoid hours searching the same site each day.

To save time, most sites will allow you to upload your CV and create a profile. This is sometimes used by companies to search for potential new recruits and they may contact you directly based on what they see on your profile. Take time to complete it as fully as you can. An unfinished profile doesn’t scream ‘motivated’ or ‘attention to detail’ to future employers! Also, check the privacy settings on the job site when you upload your information. Sometimes your CV or profile can be hidden from recruiters without you even realising it, so make sure the ‘visible’ box is ticked when prompted.

One thing that doesn't get mentioned enough on the subject of job hunting is the importance of online safety to avoid scammers. Always be careful before giving away personal information, and for added peace of mind take a look at our recent series of posts exploring how to protect your finances from scams in more detail. As a general rule of thumb, avoid unregulated websites like Gumtree, where the job ‘opportunities’ often look too good to be true. They usually are.

Finally, tempting as it might seem in the first flush of enthusiasm, don’t apply for every job you see. Doing so means you’ll invariably rush applications, which are unlikely to impress prospective employers, or you might end up applying for unsuitable positions.

Where else might I find job opportunities?

The word may make you shudder, but ‘networking’ can be an incredibly good way of maximising your chances of finding another job. Create profiles on LinkedIn and other networking sites and connect with everyone you know. Really, the more the merrier here because you can never be sure exactly which former colleague, old boss, or delegate you met at a conference six months ago might know of a suitable opening or be able to recommend you for a position in their current company. At the same time, don’t go too crazy. It’s bad etiquette to add anyone on LinkedIn who you don't already know.

Universities may also offer networking opportunities for alumni, so check these out too if you're a graduate.

If you’ve got your heart set on a particular employer, there’s nothing to stop you sending a speculative cover letter and CV, even if they’re not currently hiring. And, increasingly, keep an eye on the social media accounts of companies you aspire to on the off-chance they reveal imminent job opportunities. Alternatively, their website career pages may allow you to sign up to receive email notifications for new job openings immediately after they’re posted. 

Finally, you could register with a recruitment consultancy – especially if you’re looking in a specific sector. Using this method you’ll also benefit from one-to-one advice from a consultant.

I’m considering a whole career change – is this wise?

While now might not be the best time for impulsive decisions, thinking outside the box, a bit of forward planning and playing to your strengths could help you navigate a career change successfully. Indeed, if your industry has been particularly badly hit by the Covid-19 pandemic, a new direction might be a smart move.

When choosing an alternative job path, consider your existing skills and knowledge, any weaknesses, your interests, and the kind of lifestyle you want. This should help to identify a career that’s closely aligned to what you’re good at and your expectations.

If this personal audit shows any gaping holes, you’ll need to investigate the training needed to get you ‘match fit’ for future applications. Fortunately, there’s help out there for this. Many universities and other institutions are currently offering free courses on everything from cognitive psychology to economic development, while other platforms, such as Codeacademy and Coursera, are providing online coding tutorials, some of which are also free. If none of these courses or training opportunities leads to a job in that particular field, they will at least prove to other prospective employers that you’ve not squandered your time out of work.

As well as playing to your strengths and up-skilling where you can, you should also be strategic in your plans for a new career path. The global pandemic has undoubtedly knocked some industries hard, but others are recovering strongly. Health and social care vacancies, for example, are up to 84% of 2019 levels, according to a recent BBC report, with funding for hundreds of nurse apprenticeships in England. Keep an eye on employment trends by sector to see where future opportunities may lie.

How can I avoid falling into debt while I’m job-hunting?

It’s inevitable that you’re going to worry about your family finances between filling in application forms. Being out of work can place a huge strain on any savings you may have accrued, and make paying back existing debt more painful than ever. We provided some helpful tips for financial planning in our first post , which might provide ideas for how to cope in the short or medium term.

There are plenty of great independent financial advice organisations out there, so don’t be shy about contacting one if you need a hand. The Money Advice Service is particularly worth investigating. It’s available 24 hours a day via the website and five days a week by telephone on 0800 138 7777 (calls are free).

Anyone can use the service and benefit from tips covering a wide range of money matters. The tools and calculators on offer to help people manage their money better are also brilliant. Its focus is on supporting people who are going through significant life events – of which losing a job certainly qualifies – so you’re in safe hands.

And remember, when you’re out of work you’re likely to be entitled to various benefits, tax credits and rebates. Claim them straight away to get some money coming in, and then think about anything else you could do to boost your income, from selling old clothes on eBay to taking in a lodger. In the next instalment of this series, we’ll be looking at getting a part-time job, including temping, which could also help take some of the pressure off.

How can I keep motivated?

It can be tempting to treat your employment search like a full-time job in itself, but give yourself a break every now and then. If you're rested and relaxed you’re more likely to stay focused, use your time well, and be better able to cope with the inevitable rejections that come your way.

Anything to keep you sane in what can be a pretty stressful period is to be encouraged. There are many activities that don't have significant costs. Whether that’s a long bath, a run along your local canal or socialising with friends, enjoy the small pleasures in life guilt-free before taking your A-game back to the application process.