Although the National Bureau of Economic Research (NBER) offers a hazy definition of a recession as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months,” it is generally acknowledged that a recession is brought about by a combination of a number of factors. Production and income typically decrease as a result of negative economic growth, resulting in job losses and price increases.
In this article, we will evaluate the current state of the economy in July 2022, and offer four essential steps you can take to safeguard your career from the downturn.
How to recession proof your value
· Know your Value:-
Examine your own self. What benefit do you provide to your organization? What are your special abilities? To help visualize the impact of your work, write a paragraph or two about what would happen to your team or company if you left. Adding more your recent accomplishments, experiences, and skills to your resume is yet another method of taking stock of your surviving a recession. Recognizing your value and abilities is a great way to get back on your feet and advocate for yourself, even if you lose your job for whatever reason this is important to remember because it will not end your career.
· Upgrade your skills:-
Skills that are transferable can be used in a variety of jobs, fields, industries, and situations. Some examples of skills that are transferable are; punctuality, dependability, public speaking and communication, project management, and goal setting. If you need to look for a new job, these transferable skills will help you stand out from those in your industry who only have the skills of the trade. They will also help you be more valuable to your current employer and more marketable.
In a world that is always changing, there is yet another set of skills that could help you keep your job in time of economic uncertainly technological proficiency. Learn a coding language if necessary, become familiar with customer relationship management software and master the art of troubleshooting to stay up to date with the technological advancements. In the end, you want people to come to you for quick tech-related questions, not the other way around. In addition staying up to date on new technological developments demonstrates your adaptability and ability to utilize cutting-edge workplace technologies.
· Expand your network:-
Perhaps the most important aspect of job security during a recession is networking. What would your managers or co-workers say if a senior manager asked them about you? Build positive relations with your co-workers-not only is doing so great way to make yourself more memorable, but it’s also crucial to healthy workplace.
If you work from home, send an email or slack message to your co-workers to set up 15 to 30 minute video calls for coffee chats. Express your desire to meet them and your interest in their work. Networking can be easily surprisingly easier from a distance than a person, but it’s also to avoid contact entirely. Turn on your camera, get dressed for success, attend optional meetings, and speak up when you have something pertinent to say.
· Stay Vigilant:-
Always be on the lookout for new employment opportunities and remain alert. Keep an eye out for layoffs and follow industry trends. Keep an optimistic outlook while watching the news, but keep an eye how it is affecting you. Consider whether you are interested in a different industry, perhaps one that is more resilient to economic downturns. If you notice signs of a coming recession, don’t change job if you can help it. The most recent hires frequently became the first to lose their jobs. But if you do lose your job, having a strategy will be very helpful. Keep in mind people loose careers not jobs.
Conclusion
Remember that you have choices. Create a plan to make yourself indispensable at work if you enjoy your job. If you notice that there are layoffs at your company, you
might feel the need to update your resume and LinkedIn profile. Avoid the urge to switch jobs right away. You won’t be affected by layoffs just because there are. It sometimes clears the way, and you might actually gain from it.
