6 Surefire Ways to Recession Proof Your Career
According to a recent IBD/TIPP survey, 62 percent of the public already believes that the U.S. economy is in a recession. With rising gas prices, plummeting house values and an unpredictably shaky stock market, many employees are already feeling queasy about their employment situation and where their employers might be headed.
Forbes reports that US companies are shifting into recession mode and preparing to cut costs, freeze hiring and reduce capital spending.
As you contemplate your next move, here are 6 surefire ways to recession proof your career now.
Take a class at a local college or university and get serious about some additional training. Experts widely believe that we are currently living in what they call a "knowledge economy." The more knowledgeable you are, the more committed you are to lifelong learning, the more recession proof your career will be. Education and training is so accessible today via free online programs, onsite training and flexible weekend programs. Explore your opportunities to learn more.
Keep doing a good job of meeting targets and objectives. Find ways to effectively do more with less and to work as efficiently as possible to maintain and increase productivity. Make your "Kudos File" current so that you can quickly update and disseminate your resume if needed.
Join a professional association and become involved with others in the same career. Maintain your contacts or connect with people you may not have touched bases with for a little while. Keep in mind that you are not connecting to ask for information or help, but to bring support and value if you can.
Volunteer for tasks outside of your job description while not neglecting your responsibilities. In a Psychology Today article, Lynn Taylor, a workplace expert specializing in boss and employee dynamics, encourages workers to become the "go to" person on the job. "This is a good time to put in a little extra effort at work. While no one is indispensable, let it be known that you are integral to the department through your results and dedication. Employees who meet these criteria and have a great attitude are often the last to be laid off," says Taylor.
Do environmental scans both inside and outside of your organization. Pay attention to the marketplace. This does not just mean to watch the stock market. Keep on top of what is happening with your company's key customers and suppliers. Even when you work in one of those so-called recession proof careers like Education, Healthcare or Security, there are still niches that might not do well. For example, during a recession, parents may opt to pull children from tutoring programs to save or conserve money. Although this is the Education sector, private organizations are more susceptible to cuts than say K-12 or college education.
Think about other ways to use your skills to make money. Do you have job skills that you might be able to capitalize on to get some additional income? Imagine for example you work in a medical billing capacity for a large hospital, could you possibly take on additional medical billing work for smaller independent medical offices?