#22 Recession proof your career

I am going to share with you some insights that are key to not only making it through a recession, but also how to use the time during a recession to actually improve your career!

Transcript

Hi! This is Anita Belitz from the Wise Women’s Workplace Podcast. In today’s episode I want to share with you what you can do for your career when facing a recession. I am going to share with you some insights that are key to not only making it through a recession, but also how to use the time during a recession to actually improve your career. 

At the time of recording this episode, inflation is surging around the world and predictions are that there will be recessions in many countries.

And when there is recession, there is an increase in unemployment – and even employees who don’t lose their jobs, will almost certainly feel the impact of the recession in the way their companies operate their business or behave vis-à-vis employees.

If you’ve been listening to my podcast, you’ll know that I believe it’s your responsibility to look after your own career, because a company can’t really do that for you. And even well intentioned HR directors and caring bosses can’t predict what will happen to the financial health of your company during a recession.

I don’t say this to scare you – I don’t want to add to any anxiety that you may be feeling about potentially being laid off or getting stalled at your salary level while inflation keeps increasing, but the truth of the matter is that this is what people usually start thinking about when there is a recession. They start to become afraid, strive to stay in the middle of the pack, hoping to skim through in case of layoffs… But this isn’t a very powerful position – to just wait for your future to be dealt to you.  And the great news is that you CAN take action during a recession – and this is often the very best antidote to any anxiety that may be coming up for you.

So, what can you do for your career during a recession?

Well, how about looking at the recession with a different mindset?

After the 2008 recession, there were companies like AirBNB, Whatsapp, Venmo, Groupon, Uber, Instagram, Slack, that did extremely well because they actually took action during the recession, instead of waiting for things to get better.

What if you did the exact same thing for your career?

What if you actually believed that the recession isn’t a bad time for you, that it's in fact the BEST time for you to position yourself as a great employee - the best version of you - that you actually learn the most valuable skills and behaviours that will make you stand out in your company or even in a new company. That you use this time to improve your performance and uplevel your mindset, so that when the company is on the rise again, that you will have already stood out and will be positiioned to get promotions and pay raises – or maybe that job that you've had your eye on...

In this way, you can be one of the key people who is seen as contributing and helping to build the business and brings the most value.  OR are you going to be one of the people who tries to stay in the middle of the pack and skim on by? The problem with this is that when things stabilize you will have a much harder time standing out - as it is much harder to stand out when things are going well as everyone has a better chance of doing well in a healthy context. And what if you do get laid off? It can happen to anyone and it is so much easier to handle that situation if you are prepared.

It's when things are going wrong that leaders and high-value employees come through. So now is a great time to work on standing out and give some extra attention to your career evolution!

So how do you get started? First you have to know what you really want – what’s right for you and the kind of career that you are trying to build for yourself.

And then take stock of what skills and experience you have. When was the last time you did this? Are you able to articulate the job that you do and how what you do contributes to furthering the company’s mission? That’s a sign of someone who knows who they are and what they have to offer.

Also, make sure to update your resume and LinkedIn profile. These are things that people tend to only do when they are in job search mode. This is a problem because doing the updates with job searching in mind makes the language that you use sound different. When you are in a better mindset you can actually better describe what you do. But being stressed makes everything that much harder, so make sure to get started as soon as possible!

And always be building your network and visibility if you haven’t been doing that regularly. When it comes time to make a move you will be very glad that you spent time doing this crucial step as the more senior you are, the more you will need to rely on your network for new job opportunities as often those positions aren’t openly published – or by the time they are they have pretty much already been filled behind the scenes.

There will be undoubtedly be changes in the coming year. So be ready! This is the moment when you need to set up your next 10 years of your career.

Consider this: If you’re someone who loves the company you work for, that’s great. Doing this work on yourself means that you will be helping your company get through what may be a rough period, by being the best employee you can be.

And if you’re someone who unfortunately is not in love with their current job or team or employer – this period could become quite stressful and difficult. So instead of getting bogged down in the negativity of the situation, make sure to use this time to do something for yourself.

Recessions are great opportunities because many people will go into “small” mode. They won’t want to be noticed, they won’t want to stick their neck out, they will sit there waiting for news – likely bad news. But you can use this time to prepare and start implementing change.

It's time to face things head on and not to be afraid, be ready to take advantage of this time and run forward! It's like serious investors - when the markets are down, the best investors know it's a great time to step in and scoop up opportunities! And you can do the same for your career!

OUTRO

I hope this helps you put things into context when facing a recession. To help you understand that you can use this time as an excellent opportunity to position yourself or work on your career portfolio.

As always, I am happy to share information with you that can help you move forward in your career. If you have any questions or suggestions for the podcast, please don’t hesitate to reach out to me on LinkedIn.

If this is an interesting topic for your, keep your eyes and ears open as there will be more episodes like this coming your way.

And remember, if you really want a career and life which makes you happy, please be very mindful of what you are doing and take deliberate action every day.

Make sure you are always looking after yourself, including in your career. And don’t just survive, take steps to thrive!

I look forward to speaking to you again soon. Until next time, may you be healthy, wealthy, and wise!