Recession-proofing your career: Is this a thing?

Anonymous

July 1,2022 at 10:33AM UTC

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Recession-proofing your career: Is this a thing? Lately, I've been reading a lot of articles about the imminent recession that is upon us (even though I feel we're already in it). I keep reading about how folks are preparing their career for a recession. From re-doing resumes to increasing learning investments and more -- curious if y'all have thoughts about recession-proofing your career. Have you heard of this term before? If so, how are you adopting and adapting to this shift?

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Tomilyn RichardsJuly 1,2022 at 11:58AM UTC
It is a thing... I think one of the things that comes to mind for me is making sure I am delivering value to my employer. It is more than just clock in and clock out... I want to ensure that what I do for the business would have big effects if I weren't here. I don't think anyone is recession proof. HOWEVER, I got furloughed during Covid and ended up in an amazing position that I would have never been looking for... sometimes there are silver linings. =)
Cara PoseyJuly 1,2022 at 12:35PM UTC
I would suggest first assessing your position and your company and likely you would be to lose your job based on decreases in discretionary spending from clients or partners and then decreases in income for your company. If you don't feel like there is much stability, now is a good time to find a different role in a more recession proof industry.
Pat RoqueJuly 1,2022 at 2:22PM UTC
Yes, As an activation strategist, empower ambitious professional women to maximize your potential and recession-proof your career.
Here are 5 cornerstones To go from invisible to indispensable:
? Clarity on what matters, your strengths and priorities.
? Confidence in your capabilities and knowing where to improve to make you most marketable and indispensable.
⭐️ Communicating your value (in my program there’s a great tool for documenting and storytelling around your badass moments).
?Connecting (or reconnecting) to leverage relationships and keep your head in the game, and
? celebrating little wins, not just waiting for that one day down the road.
I share ideas on Linkedin Live, clubhouse, etc. We also welcome you to join the Rock on Success group here, hope that helped!
Sophie JoernJuly 1,2022 at 9:33PM UTC
I don't think it hurts to have a plan in case your current position is affected by a change in the economy or a recession. Keeping tabs on your industry specifically and what the market is doing can help you know whether or not to prepare tp take action. Have open conversations with your leadership team, it is okay to ask how the company is doing! Having a plan for your financials can also help in the case of a sudden lay off or reduce in force; emergency savings, spending cuts, payment options, etc. Even if you are satisfied with your current role, look through open job postings and see what you would be interested in applying for if you have to. Hopefully you will not need to worry about this, but just a few tips in case you do! :)
ChristineJuly 2,2022 at 4:06PM UTC
I’m in my last 10 years before retirement and I just took a great position with a company that is an essential business (recession proof).
I was getting nervous about commercial real estate.
Pat RoqueJuly 10,2022 at 10:44PM UTC
That’s great, where did you head and why do you find it recession-proof?
ChristineJuly 14,2022 at 11:18PM UTC
Discount Tire
Pat RoqueJuly 19,2022 at 12:06PM UTC
Awesome, they’ll likely be an even growing need for that. What kind of role there? What skills will you put to good use?
AnonymousJuly 5,2022 at 1:13PM UTC
Yes and kudos to the poster who identified transferrable skills and went into a role with an identified essential industry. I’d also advise living on the salary of the job one level below yours. Make sure the “wants” are above that line but the “needs” can be met if you have to take a step backward temporarily.
GirlBossanova934974July 10,2022 at 3:18PM UTC
Steps to "recession proof" your job: 1) Get out from under any shaky industry, employer, or boss. 2) Be very careful where you go from someplace you might leave. Again, no shaky industries, "cut and run" employers, or flaky potential bosses. Start ups, iffy business models, and companies with a track record of layoffs, rescinded job offers, or don't have financials you can review are OFF LIMITS. 3) Find a profession that can stretch across multiple industries and one that has a labor shortage.
AnonymousJuly 13,2022 at 1:22PM UTC
I was interviewing but have paused because I think my current industry is pretty stable for now (not guaranteed of course!)... with the thinking that newest employees may be the first to be laid off. That means I have to endure all the craziness, toxicity of my current environment, but I am hoping it's short term and will resume my job search in about 6 months.
I also have my resume ready and my plan for networking and interviewing in case I do end up losing my job!