Time and again you will hear stories about the economy going down, or the job market getting more and more volatile. If effects of an economic downturn have ever hit you and your career, you need to prepare well for the next one. We’re not saying it’s going to happen anytime soon, but the prepared executive will beat the industrious one. Here are some tips that will help you position yourself well before, amidst and after a recession:
Give your current job the focus that it demands. If you’re already employed in a company that pays you and treats you well, then one of the best things you can do in case an economic downturn happens is to focus on it. Do well in your job and you will never have to be afraid of losing it.
Be observant. During a recession, the upper tiers of the executive ladder will manifest changes such as shorter hours and longer meetings with the human resource department. As soon as you see such symptoms, prepare yourself and again, do even better in your current job.
Increase your value. Make it difficult for your boss to let go of you. Executive jobs such as accounting jobs and can be harder to fill in than rank and file positions like secretarial jobs. Exceed their expectations and perform excellently so that when pus comes to shove, you would not be the one who has to go.
Be frugal. If and when you lose your job, will you have enough money to fund your needs in the next months while you look for a job? You should have a fund that can sustain your financial needs for six months. You’ll never know when the economy will play its cards on you.
Have a game plan. It’s not enough to have a stash of money. You should also have a stash of ideas ready anytime you will need them. Do you have a strong network of contacts you can contact if in case you get laid off? Do you have a small business that you can give attention to when you lose your job? These are some of the things you can evaluate to ensure that when recession hits. You will not be hit hard.
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