As we edge closer to a recession, many Britons’ feelings are echoing those of 12 years ago. In 2010, 9 out of 10 Britons said they would consider leaving the UK for a life abroad. More recently, the coronavirus sent a lot of ex-pats home, and when the borders began opening up, many people were keen to restart their dreams of relocating to other countries.
Unfortunately, we find ourselves in a similar situation yet again. While other countries may seem attractive, the current impending recession is set to be a global one so there are many things to consider if you have your heart set on moving away. Changing jobs can still be a great way to find new opportunities for job growth and career development. But while we have talked about the benefits of moving jobs before, changing jobs in a recession presents a different set of challenges.
A recession occurs when economic productivity is rapidly declining. Recessions increase your chances of losing your current job and do make it more challenging to secure a new one. Many young people will try and find a better-paying job in times of economic instability. If you are employed, think carefully before you leave, and read this article for advice on relocating for work in a recession.
Financial Considerations Are Even More Important When Changing Jobs In A Recession
First things first, you need to make sure that you are fully aware of all the local regulations. Look into your sector to make sure there are enough opportunities. This is especially important if you are planning to become self-employed in a new country. If you are investing or retiring abroad, you will have to make sure your income or savings will really be enough to cover your expenses. Currency fluctuations can really impact your move abroad and affect your ability to live comfortably in your new country.
If you do decide to move abroad during a recession, you really have to ensure your financial situation is strong enough to cover the costs. Do your research into all the potential costs and how to keep them low! We would recommend you secure a job before moving. Many companies will offer assistance with visas and even offer a relocation bonus. If you haven’t found your job yet, start looking for a job asap and make sure it will pay you enough to cover your daily expenses.
Choose Your Location Carefully
Choosing the right location for you will depend on the kind of work you are looking for. Whether you are looking for a job in digital marketing, starting your own business or investing will all influence your options. You also need to consider your age and whether you have children or not. Many countries have complex and expensive visa requirements.
Australia and New Zealand are still among the most popular countries to move to. There is a booming digital marketing and ad agency economy over there and no language barrier. However, we are facing a global recession. That means Australia and New Zealand are likely to be facing similar strains in recruitment.
Some less traditional locations you could consider are Poland or the Czech Republic. While they do suffer economic problems the living costs are relatively low and there are digital marketing opportunities available for English speakers.
Whatever you choose, make sure you do your research and don’t rush into anything.
Changing Jobs In A Recession Requires Consideration of Lifestyle And Living Costs
If you do your research and have realistic expectations about the country you are moving to, you should be able to change jobs and relocate during a recession. The most important thing to remember is to be realistic about what you can afford and be prepared to have a different quality of life from the one you’re used to in the UK while you settle in and find a job.
Dotgap works with companies in the UK and Australia and we have been committed to keeping media professionals doing what they love throughout the pandemic and will continue to do so through the recession.
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