The economy was surging ahead and the labor market was extremely tight. However, what goes up must come down, as they say. Some experts predicted that the economy would slow down in 2020, possibly due to the coronavirus outbreak. Even if some massive external influence didn’t hit the markets, it’s reasonable to assume that a period of sluggish growth or even a recession is in our future.
If you want to stay on your toes, it’s always good to take steps to recession–proof your career. Below are a few tips and how you can insulate yourself against a future economic downturn.
Focus on Your Value, Not Your Job Title
When we think of other people and of ourselves, we often think in terms of job titles. Suzie is a scientist. Janie is a janitor. Bob is a baker.
Job titles are a convenient shorthand, but they can put the blinders on you when it comes to understanding the overall value you provide as a professional. To recession–proof your career, try to think less about your job title and more about the value you provide through your work.
Ask yourself: What problems do I solve for my employer? What value do I add to my company’s products and services? How hard would it be to replace what you do on a daily basis?
If you don’t have good answers to these questions, your career situation is not recession–proof. Be sure that you are always providing value through your skills and experience. Stretch yourself to add value to who you are as a professional. Think about any classes or certifications that could add value to you and to your employer.
Get Your Finances in Order
In this economy, many people are making good money and the opportunities to make even more are not hard to find.
During a recession, the situation is the exact opposite. The prospect of a raise can seem dire and the opportunities to change jobs for more money are few and far between. Furthermore, when you’re in a bad financial situation, it can make you desperate and more prone to making bad choices.
With this in mind, one of the best things you can do to recession–proof your career actually has nothing to do with your career at all. Take time during this economy your finances in order for the long haul. If you do, you’ll be better positioned to handle an economic downturn when it hits.
There’s an emerging theme here: This is the time to be securing a nest egg and adding value to yourself as a professional. With respect to the latter, network connections are valuable and good economic times make it easier to add connections.
If you have a few extra bucks in your pocket, attend that conference or networking event. Get out there and press the flesh. You never know if you and a new connection we’ll be able to help each other out in a future recession.
We Can Help You Guard Against Recession
When you partner with Nationwide Temporaries, you’re partnering with an organization that will be there for you during good times and bad. Consider partnering with us today so you can be ready for the challenges of tomorrow.