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“The time to repair the roof is when the sun is shining.” — John F. Kennedy
When you consider the market’s reaction to recent economic indicators, the US economy looks favorable for the foreseeable future. Congress passed what some consider significant tax reform, private sector job additions are up, and the Federal Reserve raised interest rates on March 21st to emphasize the point.
However, for working professionals, this sunny outlook should come with excitement, appreciation and also a concern.
If you’ve been in the workforce for more than a decade, you’ve observed a different side of the economy and recognize that things could change directions relatively quickly. One falling domino causes another domino to fall, and before you know it, things turn ugly.
Even among the world’s wealthiest, talking about the prospects of the next economic recession seems timely and appropriate.
Job security, financial stability, and overall well-being should always be a priority for you, even during the easy times. More importantly, you can position yourself for success for when things turn sideways because they eventually will.
Here are four ways you can protect your career during the next economic crisis or downturn:
Be Part Of Revenue-Generating Or Cost-Cutting Divisions Within Your Company
When times get tough, companies will look for ways to increase revenues, decrease their expenses, or both. The best way to shield yourself from the hazards of tough economic times is to be part of these essential divisions within a company. Consider sales and sales operations or departments that help cut costs like procurement or accounting. Being able to tie your daily activities with lines of business that will keep the company afloat is tremendously helpful. While being in these jobs don’t guarantee that you won’t be laid off or directly impacted, you are more likely than other roles to be out of harm’s way.
Become A Cross-functional Asset Inside Your Company
Similar to the last point, demonstrating value to your employer will go a long way during the trying times of an economic downturn. If you can amplify your value and be a multi-faceted resource, your importance to the organization will likely be higher than your peers. Consider this scenario: Sally is a talented marketing strategist at Company ABC who also helps out the human resources department during her free time. She’s developed domain expertise in both areas and is considered a thought leader in the company. Jim is an IT systems administrator at Company ABC with limited domain expertise. He doesn’t interact with any other parts of the organization and only has exposure to his management team. In many scenarios, barring a department-specific downsize, Sally could be better positioned to be more valuable to the company by wearing multiple hats and stepping in where needed.
Keep Your LinkedIn Profile And Resume Updated
Since you likely don’t dictate every decision your organization makes, you probably can’t control whether or not your employer let’s go you or downsizes. Therefore, it becomes equally important that you maintain a high degree of marketability and attractiveness to potential external employers at all times. This means keeping your Linkedin profile updated and having your resume somewhat up-to-date. Done regularly, this task can require minimal effort but result in a significant impact on your ability to quickly shift towards new opportunities.
Be Financially Prepared Before Things Get Bad
When the economy takes a sudden turn, the stock market, your employment status, and consumer spending could decline rapidly. One of the overlooked aspects of this scenario is financial preparedness. If things change quickly or you become unemployed unexpectedly, being financially unprepared could mean you are forced to find a new job immediately, even if it doesn’t pay well or isn’t in line with your professional aspirations. The associated costs of being underemployed versus adequately employed can amount to meaningful lifetime income disparities. Avoid this by saving enough money to hold you over during difficult times, so you don’t have to find an income to pay the bills urgently.
Hopefully, these tips can help you protect your career during the next economic downturn, recession or financial crisis. If I missed any other valuable suggestions, comment below or drop me a note.
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[“Source-forbes”]
