Get Recession-Ready: 7 Steps To Secure Your Job Against Slowdown
It becomes more important now than ever to have the right approach when you are job hunting
With rapid changes transforming the landscape, industries are gearing up for a new business environment. Job seekers too must brace themselves to adapt to these changes and evolve with the pace of this development. It becomes more important now than ever to have the right approach when you are job hunting. Here are a few measures that one can take to protect themselves and their jobs in case a recession hits.
Make yourself indispensable
When businesses are under duress due to tough economic conditions, it becomes vital to pay close attention to detail and ensure that your work adds value to the company. One must make an effort towards actively contributing to the organisation’s goals and objectives.
Become a Corporate Citizen
In times of downturn, it is important to remain visible within the organisation. Be an active participant in company events and outings, and take part in team-building and employee engagement activities. Use every opportunity to meet new people both within and outside the organisation and build a strong network of peers.
Volunteer to take on more
At a time when projects are put on hold, budgets are realigned and there is a crunch on resources, it pays to be proactive. Make sure you are open to opportunities that you come across, be it to learn new skills, help a colleague out, or take on additional responsibilities.
Upskill to keep up with trends
In order to remain relevant, one must keep an eye out for new information on the changes and emerging skills in one’s field of employment, and work towards meeting the evolving industry requisites. Investing in acquiring new-age skills can go a long way in helping to retain one’s desired job role.
Continue to Job Search
Even as you work towards cementing your position at your current place of employment, it is wise to keep your resume updated and your options open. Often, entire industries are hit hard by the economic downturn and companies have no choice but to downsize if they are to survive. In such circumstances, having maintained a healthy professional network can be a blessing.
Find a Gig
Certain industries are more at risk during the recession than others, which makes them more liable to downsizing. If your company appears to be in the high-risk zone, you can consider moving to a more stable industry that allows you to transfer your skills. It also pays to diversify your income sources and generate revenue from streams that are not dependent on each other.
Secure yourself financially
Given the impending possibility of a monetary crunch, it is imperative that you ensure your financial security. This is a good time to evaluate your savings and determine whether you are equipped to support your expenses for at least a few months in the event of an emergency. This includes paying off any major debts you may have incurred, and re-assessing your investment portfolio as per market conditions.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house