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The Texas state flag is flown at half-mast, in honor of the of the victims of the Uvalde school shooting, outside the New York Stock Exchange (NYSE) in New York, US, on Tuesday, May 31, 2022. The job market may remain strong in many sectors, but most CEOs expect a recession in the next year, according to a new survey published Friday. Photographer: Michael Nagle/Bloomberg
© 2022 Bloomberg Finance LPIf it feels like a recession is all but certain, you’re not alone. Most CEOs expect a recession in the next year, according to a new survey published Friday. It found 76.1% of chief executives believe there will be a recession in their company’s primary area of operations before the end of 2023, Forbes reported last week, and Elon Musk has also called one inevitable.
Yet the Biden administration wants to disagree: It says a recession isn’t a sure thing, even if the nation’s mood is down.
Still, the signs all around us aren’t great, especially in sectors like technology and real estate, even if the overall jobs numbers remain strong. Spotify said last week it was reducing hiring growth. Compass and Redfin are shedding workers as the housing market worsens. Coinbase is laying off 1,100 employees amid the crypto crash.
But there are things you can do to shore up your own career outlook. You can improve your position at work by demonstrating your value and making yourself known. If you need to search for a job during challenging times, here are some tips. And if it’s you who has to lay off others, there are ways to do it with empathy and compassion. Try them.
Meanwhile, it’s a period of time that could include more career disappointments. If so, here’s how to deal with them. If you feel like an imposter, we have lots of advice—from reframing your view to remembering you’re qualified. And if you’re worried about your career prospects, you can always try to learn more skills that will be needed in the future. If a recession does officially become reality, remember they never last forever.
FEATURED STORY
Why The Forbes Queens Of Culture Say Authenticity Is Your Superpower
The Queens of Culture at For(bes) the Culture’s Legends of Business event said success takes being authentically yourself. Emmy Award-winning co-host of ABC’s “The View,” Sunny Hostin; Hillary Clinton’s chief of staff, Huma Abdein; Recording Academy co-president Valeisha Butterfield Jones and celebrity publicist Yvette Noel-Schure joined Forbes senior multiplatform reporter Raquel “Rocky” Harris on stage to give their best advice on how Black and brown women can succeed as business leaders and entrepreneurs. Read more about their conversation here.
WORK SMARTER
Heading into a job interview? Why you need to ask the employer tough questions.
Numbers matter. What to include in your CV to stand out.
Inflation hitting hard with increased gas prices and surging grocery store costs? Here’s what you can do if your salary isn’t keeping up.
Why you might not be getting that job interview you really want.
The signs your company, or a future one, is creating culture, empowerment and engagement.
ON OUR AGENDA
As we mark Juneteenth, diversity with real goals: HP global Chief Information Officer Ron Guerrier doesn’t just talk about the importance of creating a more representative tech workforce. He’s set clear diversity goals for his large U.S. tech team, including one that aims to make its racial makeup match that of America by 2030. Guerrier spoke with Forbes CIO Network editor Martin Giles recently.
TikTok, but for your career: TikTok has become the home to a lot of career advice and job hunting ideas, some of it good, some of it less so. But it’s also become a go-to destination for Gen Z for productivity hacks. Forbes contributor Barnaby Lashbrooke writes about some that actually work.
Pay disclosure hits home: My recent story about Microsoft announcing it will include pay ranges in all internal and external job ads starting in 2023 struck a chord, with many LinkedIn readers weighing in with their thoughts. Several compared it to listing food ingredients on nutrition labels, while others wondered whether it could prompt more labor market volatility. A few employers said they’re already doing it, including Guild Education and Odoo.
Finally, vaccines for the littlest ones: Working parents everywhere can breathe a sigh of relief now that the CDC has signed off on vaccines for the youngest children. Employees who’ve worried about group childcare settings for their kids or dealt with the problems of long quarantines can feel a bit more reassured.
Office commute costs may get better: Amid high gas prices, which sat at a national average of $4.98 per gallon Sunday, President Joe Biden is currently considering a gasoline tax holiday. The move, which would require an act of Congress, would save customers, including office commuters, as much as 18.4 cents per gallon.
BOOK CLUB
Parent-child relationships have many moving parts. One of the biggest factors of children’s well-being is parents’ work, especially for low-wage workers juggling the demands of their jobs and childcare. A new book by author Maureen Parry-Jenkins, Work Matters: How Parents’ Jobs Shape Children’s Well-Being, stems from years of research, including more than 1,500 family interviews. It examines new parent responsibilities and the long-term implications for child development.