Table of Contents
- Questions About Employment Strategy
- Questions About Customers and Production
- Questions About Strategy and Long-Term Planning
If you’re considering a job or career change during a recession or economic downturn, you’re smart to consider how these market changes will impact your future. While it can be uncomfortable to ask some hard-hitting questions in an interview (you want to be liked, after all!) it can be crucial to making a smart employment decision during trying financial times.
Here are the questions you should ask in a job interview to prevent job-switching regret.
Questions About Employment Strategy
These questions get at the overall stability of the company. Look for consistent growth in employment and low turnover as markers of a strong workplace.
How is the company’s hiring approach changing in the current economic climate?
If the company plans to slow or freeze hiring, it could indicate that they expect a significant downturn in revenue, which may lead to layoffs.
Does the company have more or fewer employees now than it did two to three years ago?
Consistent, steady growth is always a good indicator of organizational health and future job security. If the company had to cut staff recently, make sure you’re comfortable that another round of layoffs isn’t on the horizon.
Can you tell me how the company adapted to the COVID-19 pandemic? Were there layoffs?
The best way to assess how a company will cope with challenges is how it managed in the past. You could also ask how the company weathered the 2008 financial crisis (if it’s been around that long).
Is this a new role? If not, how long has the position I’m applying for been vacant? And how long was my predecessor in the role?
It’s perfectly reasonable to ask questions about your predecessor. Ideally, they have been promoted within the organization. Beware of any employer that bad-mouths a former employee!
Where do you see someone in this position in five years?
This question can get at a possible career trajectory for the applicant. If the company is growing, there should be room for you to grow along with it.
What is the average length of stay at the company?
Turnover is natural and inevitable. But look for a company where employees stay at least a few years as a good indicator of overall employee happiness.
Does the company offer coaching and training for employees to improve their skills?
You’re looking for a company that has plans to weather any future economic troubles. A company that invests in its employees with training and coaching shows that it cares about its staff and sees them as long-term assets.
Questions About Customers and Production
A company’s long-term stability during an economic downturn may come down to customer loyalty and what you’re selling. Luxury items may be the first to go during trying financial times, while necessities may be recession-proof.
What is the company’s most popular product or service? What is the product’s price point?
In general, more expensive products and services are harder to sell during a recession. A fine dining restaurant, for example, may struggle more than a quick service restaurant at a lower price point.
What is the ratio of new customers to repeat customers?
If a company has a loyal fanbase of repeat customers, it may be better positioned to handle a difficult economy. On the other hand, a company that relies on a steady stream of new customers may struggle to attract buyers when they are reducing their discretionary spending.
How have supply chain issues impacted production at the company?
You’re looking for reliability and stability. If a disrupted supply chain was a near catastrophe, how does that make you feel about the company’s future?
Questions About Strategy and Long-Term Planning
Dig into the company’s plans for the future. What are their strategies for weathering these trying times, and what could that mean for you as a new employee?
How is the company innovating to stay competitive?
During difficult financial times, it can be tempting to cut costs and stay the course. But that approach may lead to stagnating growth at a time when companies can’t afford to go with the status quo.
What is the biggest problem currently facing the company?
The answer to this question may help you to understand how the company approaches challenges. Do they have a clear plan to address this challenge? And how does your potential role contribute to the solution?
What are the company’s vision and core values?
Clear values can act as a guidepost during troubling times. If the company doesn’t have a good answer, how can you know what will guide them during a recession?