One minute you’re at your promotion party for work, and the next, you’re sitting at home at the beginning of a recession, looking for a job in a market that almost seems helpless.
Recessions result from the economy shrinking at an extended rate rather than growing, causing unemployment to rise or the stock market to crash.
While recessions aren’t totally predictable, there are things you can do to prepare.
Invest In Professional Development
Whether you’re laid off and are looking for a new career path, fighting to keep your position, or are just preparing for the next step, it’s always important to freshen up your skills. It can even be as simple as taking an online course on communicating with others. Professional development can persuade and demonstrate loyalty to your employer while proving your value to the company.
If you’re looking for more of a drastic change, consider earning certifications or even going back to school to explore a new career path.
Define Your Career Goals
Before going too deep into an extreme life change, you want to lay out what goals you have for yourself and your career. Are you where you want to be, and if not, how do you get to that point? Is another opportunity a better fit?
Sitting down and taking the time to contemplate your career goals and what you want for your future allows you to plan your next steps with a clear mind and see if you’re on the right path.
This being said, some careers are naturally more recession-resistant, allowing people who are in those careers to have less worry during a recession. Some of these careers include:
- End of life care
- Social work
- Financial services
- Law Enforcement
Negotiate Your Pay And Benefits
Living paycheck to paycheck is never easy. People who have low-paying jobs suffer the most during recessions because these jobs don’t allow one to prepare or have emergency savings.
Investing into your savings by cutting back on some of your expenses can go a long way. That $5 coffee you get can quickly turn into $260 a year if you miss one day a week.
Another way you can begin an emergency savings plan is by negotiating your pay. While it may seem scary, it allows you to build an emergency fund and look into investments for retirement. It can even increase your pay growth down the line.
Build Your Career Network
No matter what point you’re at in your career, it’s essential to keep your network alive. Meeting new people and staying in touch with those you already know is a great way to build your career network and remain relevant in the job market.
Career-oriented social networking sites are an easy and straightforward way to build your network without having to send a million ghost messages. Even liking someone’s post or hitting that congratulations button on LinkedIn when someone gets a new job or promotion can keep you in the loop and build your network overall.
Recessions can be a challenging time for everyone. The uncertainty of what could happen leaves us all on the edge of our seats. You can’t always predict what will happen, but you can prepare for it by making yourself and your career recession-proof.