Three Steps to Recession-Proof Your Career
There have been rumblings in the United States about an impending recession, so it seems like an opportune time to talk about how to make sure you are in the right place in your career and if not, how you can get there sooner rather than later AND get paid what you deserve.
Now, I want to preempt this discussion by stating that as of mid-July 2022 when I am writing this post, the job market is continuing to hold strong. We have an extremely low unemployment rate (around 3.6%), and the latest numbers do not indicate that a big change is expected.
However, it is still important to think about how you can ensure your career is on solid footing. For me, it all comes down to the three i’s - identify, investigate, and implement. Let’s dive into each of these so I can explain how they each play a role in recession-proofing your career, both in the short and long term.
Step 1 - Identify
Evaluate Your Current Career Situation & Develop Your Career Goals
When it comes to recession proofing your career, it’s always better to be proactive than reactive. I believe in planting seeds today so that when you need to make a change, you’re not starting from zero. Being proactive means taking some time now to look at your career and determine a plan to move forward to the next level, or to pivot into a completely different role (if that’s what you desire). Approach this with the goal of constantly evolving and growing.
The Short Game: Identify what you want to do next and determine if there are any gaps in your current experience, expertise, or education that need to be addressed.
The Long Game: Consider speaking with a career coach or a mentor for advice on how to seamlessly apply your transferable skills into a new role or a different career field.
Step 2 - Investigate
Stay Connected & Grow Your Network
The one thing that should never get stagnant is your professional network. You should never wait until you need a network (e.g. when faced with a job loss) to start building one. A well-nurtured network is invaluable if you ever need to find new employment, especially if you are living in a tough economic time.
I can tell you from personal observations that people who reach out to their networks on LinkedIn when they’re embarking on a job search get so many valuable leads and often find jobs much more quickly than if they were to just embark on a job search alone.
The Short Game: Start building a network on LinkedIn. Stay connected with past coworkers and employers, and make new connections with people in your community and/or industry.
The Long Game: Join some local organizations and attend monthly mixers to broaden your network. Be proactive and schedule regular chats or coffee “dates” with people who stand out.
Step 3 - Implement
Start Preparing for the Next Recession Now
You never really know what a recession will look like or how it will re-shape employment. In the past, there have been recessions that are quick and shallow, but there have also been recessions that were severe and more devastating. That’s why it is so important to be prepared for whatever unexpected situation might be waiting right around the corner.
The best thing you can do for yourself and your future career is to develop a professional brand. It is a highly effective way to take ownership of your reputation and curate your biggest and most important accomplishments, values, and skills for future employers.
The Short Game: Write out a list of your most impactful accomplishments, using actual numbers and data. Then, make sure these achievements are visible on your LinkedIn profile.
The Long Game: Create an elevator pitch that includes your professional background, a summary of what you do, what you are currently looking for, and finally, a call to action.
If you have questions about what an impending recession could mean for you and your career, or you just want some advice on how to navigate a career transition, I am here to help! You can leave a comment below or schedule a 1:1 chat with me here!