eli5 How does recession slow down job recruitments?

Question

I’m a 2024 postgraduate. People keep saying that my chances of getting hired is severely affected by recession. Is recession happening? If yes, how is it affecting me as an individual looking for jobs?

In: Economics

Answer 1

Essentially, due to the recession the companies have less money (or the reverse, ie the companies have less money so it’s a recession), and so, rather than growing by hiring more people, the corporations have to either scale down by firing people, or maintain what they have. Unfourtunately, due to the current system, unless a company is growing enough per quarter they are preassured to fire people to make the profit look bigger on paper