5 Ways to Recession-Proof Your Career
With a recession on the horizon and news of large-scale layoffs, everyone is worried about when it will be their turn to lose their job.
So how can we ease our fears and get ready for a possible job loss?
The bad news is that you can't really protect your job from a recession unless you have one of those jobs that is truly recession-proof.
The good news is there are strategies to recession-proof your career, and ways to develop your career even when the economy is bad.
Here are some things you proactively do to "recession-proof" your career.
1. Be Vigilant and Know When It's Time To Run
💡 Evaluate the industry you're in
Recessions affects different industries differently. Identify what kind of industry you are in. Are you in an industry that tends to do well in a recession, like food and healthcare? Or do you work in an industry that tends suffer during recession like leisure and tourism?
If you know a recession is on the horizon, and you are in an recession-prone industry, maybe it's time to switch. If this is the case, look for similar jobs in a different industry as a starting point. It's a lot easier than trying to switch both roles and industries at the same time.
💡 Learn about how well your company is doing
Do you know how your company is performing overall? Is your company profitable or at least its trending towards profitability in the near future? Be sure to follow your company's financial results, as they are published so you are up to date with its financial health.
Is there sufficient demand for your companies' products and/or services? How competent and ethical are the leadership and management team? Are they leading the company in a positive direction?
If your company is losing money, with decreasing demand for its products/services and bad leadership team, those are pretty strong signals to consider switching companies.