Experts offer tips for jobhunting in downturn

The situation is especially bleak in areas like corporate finance and equities, or sectors like telecoms, which have been hardest hit by the downturn.

So what on earth do you do if you're jobless now?

Experts will tell you that there are four routes to finding a job: networking, advertised positions, recruitment agencies or headhunters, and direct approaches to employers.

The internet is a possible fifth route, or a sub-sector of the others, depending on how you look at it. Certainly, it is a vital tool whose advantages and limitations today's job seeker must understand.

But before anyone embarks on an actual job search, especially in the current difficult climate, they should engage in some serious thinking and soul-searching.

Joe McLeod at Coutts Consulting says: 'For a lot of people, emotions take over. They have got three kids under 10 and a big mortgage and feel under pressure to just go out and get any job.

'But that's the wrong thing to do, if they're going to end up with a job that isn't right for them. They will just be out of a job again soon.'

McLeod says it is vital to be focused and to understand what kind of job and employer you really want.

Roger Steare, managing director of career consultancy Roger Steare Consulting, says redundancy is the time to ask yourself meaning-of-life questions, such as: 'Why do I work? What do I get out of it? What makes me get the things out of it that I do? What or who else is important in my life? How long do I want to work for?'

Steare says: 'I get people to put work in the context of their whole lives. They are often taken aback to start with, but I have never had anyone who has said it is a waste of time.'

The next stage, says Steare, is to understand what skills, aptitudes and personal qualities you have. Think Lego, he says. 'Break down what you're good at and what you like doing.

'Maybe up to now you've built those things into a telecoms analyst. What else could you build with those bricks? Are any bits missing? How could you acquire them?'

The third stage is back to the real world, Steare says. 'What jobs are out there? How much do they pay? Be prepared to think flexibly and perhaps do something different for a while.'

Options include interim management, consultancy, self-employment, going back to school or perhaps working in the voluntary sector for a while.

Tony Tucker, managing director of headhunter Executive Resourcing Group, says: 'You have to get the idea that you are worth a certain amount of money out of your mind.

'If people come to me and say, 'I earn 120,000,' I say, 'no you don't, you earn nothing right now'.'

It sounds harsh, but Tucker argues that staying both rational and humble are vital to keeping your confidence up over what may be a period of several months.

'Most people survive. The real bottom, bottom line for most people in financial services is that they have to sell their house. That's the worst-case scenario.'

Rationally speaking, however, most people won't be out of work for the next 10 years, says Tucker.

'The crucial thing is not to lose confidence.

'If you start getting apologetic and excusing your circumstances, that doesn't impress anyone.

'You don't need hundreds of jobs, you only need one, so don't give up just because the market is poor.'

JOB HUNTING: NETWORKING

Networking is the number one way that people find new jobs. Some experts estimate that 80% of jobs change hands via this route.

In a tough job market like the present one, networking becomes even more important because vacancies are less likely than ever to be advertised. Many banks have informal hiring freezes on - yet they are still recruiting people via the grapevine.

Networking requires a degree of personal organisation and emotional intelligence. The starting point is to write down everyone you know and keep records of conversations with them and the people they may recommend.

Tony Tucker, managing director of headhunter ERG, recalls his own strategy when made redundant 10 years ago from a job in HR. 'I kept a book in which I kept notes of every conversation I had each day. I got to about 600 entries before I got a job. It took six months, including six weeks of consultancy.'

Emotional intelligence is important for getting the balance right between engaging people to your cause and not putting them under pressure.

Linda Jackson, director at outplacement firm Penna Meridian, says a good way to start a networking conversation is by trading information.

'Volunteer some information you have and then get talking about the place where your contact works.

'What are the concerns of the business, how big are the teams, what is the culture? Then get round to finding out who the decision-maker is,' she says.

Persistence is paramount. Tucker says: 'Everyone gets to a point some time when they think nothing is working. That's normal. But it does work in the end.

'Most contacts will draw a blank, others will redirect you to someone else and eventually one will lead to something.'

JOB HUNTING: THE INTERNET

The arrival of the internet as a job hunting tool is one of the most important changes since the last downturn in the early 1990s. There are about 25,000 web-based job sites, according to Rebecca Childs, head of research at outplacement firm Penna Meridian. Yet jobsites are no panacea and job hunters must be wary of registering with too many and handing out CVs to all and sundry.

Childs advises clients to focus on just a handful, especially specialist job sites, and to use them as a research tool. She says: 'Often the internet points you to answers rather than offering answers straight up. You can get information about salary ranges and the qualifications and skills being asked for certain positions. They are also useful for pinpointing recruitment agencies in your field. There's nothing to stop you picking up the phone and finding out more about a job, even if it's not exactly what you want, and then getting into a conversation about other opportunities. I always tell people to phone and speak to someone directly.'

The internet is also invaluable for finding out about companies, either while compiling a list of potential employers or researching before an interview.

Childs says: 'Employers' expectations of a candidate's research has increased because of the internet. It's an absolute given that you have looked at the corporate website and done a search on one of the better search engines, like Google. I interviewed someone for a job here recently and she started by saying, 'I haven't had a chance to look at your website,' and I immediately thought, hmmm, how serious is this person?'