There are ways to set yourself up for success during a recession.
Stress. Worry. Anxiety. Those are all the feelings that might arise when you think about the possibility of a recession.
Of course, it’s still unclear whether or not a recession is underway as reports vary from week to week. But, as a high-achiever, you might be wondering what steps you can take to prepare in case things do take a turn for the worst in the near future. While there isn’t a magic potion yet that can perfectly safeguard you from the negative impacts of a recession, here are five things you can do to set yourself up for success in case one does occur:
Stay alert
It's normal to worry about the future of your job during times of uncertainty. But, you can often see the writings on the wall if you’re vigilant. Layoffs are typically related to the company’s financial issues, so the best thing to do is observe how your company is faring financially. For example, take note of any new cost-saving initiatives your company implements. Notice if leadership seems uncertain about the direction or future of the company. Then, if you start to notice a lack of transparency or if things are declining, don’t hope for the best and wait to see how things pan out. Start your stealth job search for other opportunities.
Elevate your mindset
It’s tempting to concentrate on the worst-case scenario during a recession. But if you’re constantly focused on the worst outcomes, you’ll always find evidence to prove your fears right. So instead of dwelling on the negative, you need to be intentional about elevating your mindset. Feed your goals, not your fears. Be proactive instead of reactive. Build your confidence daily. Take control of your career by defining what success looks like for you and take action steps towards that path. Pay attention to the people who are still doing well in their careers and see what you can learn from them. Use them as proof that you can bounce back from whatever setbacks might come your way.
Investigate new opportunities
With a recession possibly on the horizon, it’s time to be more selective about the opportunities you accept. This might seem counterintuitive. But, recessions can lead to financial uncertainty for many businesses. So, before you sign your next job offer, you need to do your due diligence to ensure that you’re accepting a role at a company that is capable of keeping you on their team long-term.
If you’re actively looking for new roles, it might be helpful to consider opportunities in industries that provide services or products people depend on regardless of the state of the economy, like IT, education, healthcare, beauty, and others. For instance, even if your background is in accounting, you could still search for an accounting role in one of these industries.
Invest in your value
Your value is your golden ticket to success. Most people either need to develop their value or learn how to communicate their value. While it is smart to choose your investments wisely during uncertain times, the one thing you can never regret investing in is yourself. So, if you know that you haven’t developed enough skills because you’re still early in your career, then now is the time to invest the time, energy, and resources into learning relevant skills that will make you more marketable. If you have years of experience under your belt, then it’s time to invest in learning the job search skills that will help you turn your experience into value people need and want on their teams and at their companies.
Tap into the hidden job market
Putting your head down and doing the work might help you build your expertise and solidify your track record. But, once you’ve put in the work, you need to focus on building the right relationships so that people know and remember you for the work you love to do. This can help you bypass the competition when searching for new roles and can help you find out about jobs that might never get posted. However, cultivating these relationships doesn’t have to be overwhelming. You don’t need a huge network to tap into the hidden job market. Instead, focus on establishing quality relationships with the right people and master communicating your expertise in such a memorable way that those people think of you first when new opportunities arise.
While it’s impossible to predict how the looming recession will impact your career, it’s important to remember that, at any moment, you can choose to take control of your career. And, by arming yourself with these tips and strategies, you’ll be in a much better position to confidently overcome whatever challenges you might face in the months ahead.
