4 Career Moves to Make Now if You’re Worried About a Recession
As we approach Labor Day, many workers in the U.S. are feeling uneasy. Talks of a possible economic downturn are causing fears of layoffs to rise. A recent poll by LendingTree reveals that nearly two-thirds of Americans believe a recession is on the horizon. Additionally, 41% are concerned that unemployment will rise in the coming year, according to the Federal Reserve Bank of New York. This worry is increasing, as a study by the American Psychological Association shows two in five workers fear losing their jobs within the next 12 months.
So, should we be worried? While hiring in the private sector has dropped to a two-year low, unemployment rates are still steady at just above 4%. Interestingly, major Wall Street firms like Goldman Sachs and J.P. Morgan have reduced their recession predictions this year from a worrying 60% to a more manageable 30-40%.
History suggests that the job market often lags behind economic trends. When other parts of the economy suffer, job losses usually follow. It’s important to note that certain industries, such as technology, finance, and retail, are already experiencing layoffs. However, there are actionable steps you can take now to strengthen your job prospects, regardless of what happens in the economy.
1. Refresh Your Branding
If you find yourself out of a job, having an updated résumé, LinkedIn profile, and professional website (if applicable) is crucial. This information should accurately represent how you want to be seen in the job market. Nancy Ancowitz, a career strategist from New York City, emphasizes that your personal branding should spotlight what makes you unique.
Instead of solely focusing on job titles, highlight the results you’ve achieved in your previous roles. Being specific and quantifying your accomplishments can be particularly impactful. For example, rather than simply stating that you managed partnerships, say you generated an additional 15% in revenue through collaborations with new affiliates. Always remember to frame your message around what you can offer, rather than just what you seek.
2. Warm Up Your Network
Even in the age of artificial intelligence and tech tools, networking remains vital to landing a job. According to career coach Beverly Jones, over half, and sometimes up to 80%, of job placements result from personal connections. Therefore, it’s wise to reach out to former colleagues and build your network, especially when you don’t actually need a new job yet.
Reach out through quick emails or engage with their social media posts. Small efforts like these can keep your connections warm. It’s also beneficial to connect with individuals from other departments within your company and beyond. Indeed, circumstances can change quickly, and opportunities may arise in unexpected places.
3. Make Yourself Indispensable
To protect yourself from potential layoffs, increase your value at work. Consider taking an online course to learn a new, in-demand skill, especially those related to technological advancements like AI. You could also propose new projects aimed at boosting revenue or position yourself as a primary point of contact for an essential client.
The goal is to become someone your colleagues and managers rely on during critical times. It helps to align your actions with your boss’s priorities—after all, making your manager look good benefits both of you. When your employer sees your loyalty, they are more likely to work hard to keep you during tough times.
4. Work on Your Plan B
It’s also wise to prepare for the possibility of being laid off. If that happens, finding a new job could take longer than expected. During the Great Recession, the average duration of unemployment nearly tripled. Consider alternative ways to generate income, such as monetizing a hobby or offering consultancy services.
Ex-employers can be a good avenue for consultancy gigs, which can lead to new job opportunities. Notably, data shows that “boomerang employees,” or those returning to previous employers, comprise about 35% of new hires today.
Whatever steps you choose to take, the key is to act. As Beverly Jones reminds us, these proactive measures will not only protect your job but also aid in your professional growth, regardless of the larger economic climate.
In summary, while the uncertainty about the future can be nerve-wracking, taking these proactive steps can equip you to handle whatever comes next with confidence.
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Original Text – https://www.kiplinger.com/personal-finance/careers/career-moves-to-make-now-if-youre-worried-about-a-recession