Hard times are inevitable, especially when the economy is in turmoil. With these five strategies, you can keep your career intact and avoid a financial crisis.
The economic downturn is just one of those things that is sure to happen at some point.
Experts can usually provide estimates of the timing and nature of the expected recession. But the reality is: these are just estimates. And you can’t predict a recession.
If you wonder what is causing the recessions, they will happen as a result of the economic downturn.
The worrying reality of the recession is that they are suffering badly. People are losing their jobs, and
the unemployment rate is rising.
Is it possible to avoid the effects of the recession?
When the economy survives, it affects you in one way or another because of the general economic downturn. Yet on a personal level, you can take action to maintain financial security in such a difficult time.
Estimates point towards the possible
recession in 2021Now is the time to prepare for a recession-proof career. Thus:
Gain the required skills
Lack of work is a direct effect of the recession. Once most sectors have suffered and the unemployment rate rises, you can still stand out from the crowd if you have supported your career with valuable skills.
You can’t afford to relax unless you’re feeling pretty safe. If you don’t, maybe it’s time to acquire new skills.
The first step is to analyze your skills, the whole package that makes you the best person for the job. Bring out your technical skills – mainly things related to describing your job – and see what side skills you have left.
We call your secondary, non-technical skills
soft skillsand they are very important in all areas.
Here are some popular examples of soft skills that can set you apart from your colleagues:
● Team management
● Good communication
● Attention to detail
Hone your abilities
In most cases, many people can do your job as well as you can. Of course, this impairs occupational safety.
People are usually happy to know that they are doing their job. Don’t forget that there are people with similar or better qualifications than you.
The value you bring to the table is what is likely to ensure the safety of your workplace when a recession strikes and people are laid off en masse.
It’s easy to tell if you’re in your business’s interest or not, because those who end up at home are often people the business can afford to lose.
So, you may want to ask yourself:
Do you belong to a group that calls the sick and immediately have someone available to you until you get back?
Or are you one of those who usually is still on the phone on a holiday?
Aim to be the best at what you do. Focus on solving problems and walking the extra mile, not just getting the job done. Further expand your knowledge in your field to make yourself a necessity.
Be prepared for uncertainties
The future is always uncertain, and if you don’t want to pull the rug under your feet, prepare for every opportunity.
It is wise to take steps to improve your career, as we have mentioned, but you should not focus alone.
One of the most horrific situations following the recession is the closure of companies. When that happens, it doesn’t matter how decorated your resume is; you go home like everyone else.
Another scenario is that some careers fall into silence.
Suppose you are self-employed and your business is tourism and hospitality. Tourism is one of the sectors usually affected by the recession.
Estimates show that during the Great Depression of 2008, the growth rate of the tourism sector declined
6% during the six quarters. In other words, you can’t fully rely on your skills to stay afloat during an economic downturn.
So what is another way to prepare?
Start recording. Maintains an emergency fund dedicated to such events. Your career is easier to protect when you’re not worried about how you’re paying the bills.
Your environment provides you with the perfect opportunity to create and maintain strong connections. You don’t want to be a sedentary duck and you get a few options when riding becomes more difficult.
Remember, the more options you have, the better your chances are.
How is that?
Think about it.
People are more willing to offer you opportunities if they know you personally or know a friend of your friend. It sounds unfair, but unfortunately the world is doing just that.
So, go out there and start networking if you haven’t already. You never know who you will meet.
Create a backup plan
A career is more than a day job. You’re probably good at something if you have a career in the first place.
Have you considered doing something the same way on the sidelines?
Suppose you work in finance. You already know a lot more than the average person, and there are people out there who are willing to pay for your insight. Maybe it can be your backup plan when it gets hard.
After all this, you need to remember something:
At least there are no jobs that can withstand the recession. In difficult economic times, anything can happen, and the worst can happen to even the best of us.
Companies are doing everything they can to balance their books and avoid bankruptcy, even if it means laying off their best talent. If it cuts costs, it’s a fair game.
So what should you do?
Work with yourself. Polish your resume anyway. Who knows – losing one job can lead to better opportunities.
Above all, avoid an economic collapse by setting up an emergency fund. This will prepare you to sustain your career development before and after the recession.
Adam Marshall is a freelance writer specializing in housing, real estate and university counseling. He is currently working
Grove in Flagstaff help them with their online marketing.
Last updated: 6/8/2021 1:28:48 PM