A recession is a time when the economy slows down and jobs are lost. It can be a very difficult time for people who lose their jobs, as they may not be able to find another one right away. That’s why it’s important to do everything you can to keep your job during a recession. Here are some tips on how to do that.
The good news is that there are things you can do to weather the storm and come out the other side with your job intact. Here’s a guide to help you keep your job during a recession.
A recession can be a scary time for everyone, especially those who are just starting their careers. Stay positive and don’t panic. This may seem like common sense, but it’s important to keep a positive attitude during a recession.
Getting caught up in the negative spiral of worry and anxiety will only make things worse. Trust that you have the skills and qualifications required to weather any economic downturn.
Keeping a closer eye on events in the news.
Stay informed about what’s happening in the economy. Stay up-to-date on current events and trends so you can be prepared for anything. Know what industries are being hit the hardest by the recession and avoid making any major life changes that could put you at risk.
Each recession is unique and some careers will do better than others. Following trends can give you a heads-up to make the right changes at the right time.
Look at the work your doing and try to improve.
Stay focused at work. Now is not the time to slack off or get complacent in your career. If anything, you should be working harder than ever to show your value to your company.
Go above and beyond in your job duties, meet all deadlines, and volunteer for extra projects. Doing so will make you less likely to be laid off during a restructuring.
Networking is always king in a recession.
network, network, network! Get connected with as many people as possible, both inside and outside of your company. You never know when one of your contacts may have an opening at their company that’s a perfect fit for you.
Attend industry events, join professional organizations, or start your own networking group. The more people you know, the better your chances of weathering a downturn in the economy.
Practical advice that works.
Having personally survived three recessions I can give some solid advice… Try to look for cost of living savings where possible. Cutting down on your subscriptions can quickly give you breathing room in your bank account. This means that if the recession deepens you have wiggle room when negotiating with creditors.
Be aware that your credit rating could dip, your employer may offer incentives to resign and the fear factor can cause additional stress at work.
Have you thought about re-training?
Retraining during a recession, particularly in the early stages of the recession can put you one step ahead of people who may well lose their jobs. Your employer will think twice when making cuts especially if your training is beneficial to the company.
If your employer suggests you work in a different department or at a different location. Think of it as a positive step and maybe only short term. Most recessions last for 6-9 months but the effects can last for years. If you adopt the change it may well just be a temporary thing.
A recession can be a frightening time for anyone, especially millennials who are just starting their careers. But by following these simple tips, you can come out the other side with your job intact.
Stay positive, stay informed, stay focused, and network as much as possible—these things will help you weather any economic storm.