CEO of The NSLS. Co-author of “Hacking the SAT: Tips and Tricks to Help You Prepare, Plan Ahead, and Increase Your Score.”
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Just like millennials did, Gen-Z is entering the workforce at a time of incredible upheaval. As if a global pandemic and political unrest weren’t enough, today’s young adults are finishing their studies with the possibility of another recession.
Most business leaders are already make efforts to make their business recession proof. If you’re a member of Gen-Z and just started your career, you might not necessarily have a lot of assets to protect like they do. But you do have dreams to protect.
No matter what’s happening in the business and economic world, there are ways you can help recession-proof your career to prepare yourself for success and achieve your goals.
What is recession proof?
Recession-proof assets, companies or industries are considered to be more economically resilient to the effects of the recession. This resistance can be innate, achieved strategically, or a combination of both. In practice, this means minimizing loss of value in assets, protecting revenue streams or profit margins, and scaling back operations to live and fight another day.
You can apply some of these resistance principles to your career path as you begin to develop and support yourself financially. This means structuring your time and resources so that you can stay on track even when the economy is stagnating.
How do you make your career recession proof?
If you’re just starting your career journey, you probably don’t have much experience to fall back on. But you do have a lot of energy and a peer group in the same boat as you. Here’s how to use all of these things to your advantage.
Prepare for possible future problems.
Whether you’re researching companies or assessing your own employer, it’s important to understand how their vulnerabilities can impact your career. Careful with venture capital funds reduce investment plansSome companies that rely on them for cash will soon have to lay off employees to keep their heads above water.
Similarly, companies that have invested heavily in growth in recent years may hit a wall if consumer spending falls. Before taking a job, assess the risk of layoffs so you don’t get caught off guard. If there are signs of danger with your current business, focus on other ways to bolster your prospects, such as researching the job market to learn about the opportunities available, taking a certificate course, investing in your brand or contact record with former colleagues for leads.
Keep your digital presence up to date.
Keeping your personal marketing collateral up-to-date is just as important when you’re in a job as it is when you’re looking for it. Stay prepared. Then you can get started on the job market while others prepare for the hunt.
If you’re creative, always update your portfolio with your latest work as soon as it’s published. In other areas, you can use your experience to blog about industry insights or publish them on your LinkedIn profile. Schedule time to make this a regular habit.
Build an authentic network.
Don’t limit your networking efforts to contacts in your industry. This creates a kind of tunnel vision where you can be surrounded by people with the same struggles as you. Instead, connect with a wide variety of people based on shared interests and values ​​- partners on the journey through life who help and support each other at different times.
A recession doesn’t affect every industry in the same way, so having people around you who aren’t stuck in the same challenges can help you maintain a healthier perspective. Relationships based on authenticity inspire the passion needed to empower your desires and goals. I think passion is perhaps the most recession-proof resource.
Gain experience as a freelancer.
If you can’t gain experience as a full-time employee, don’t stay inert. Freelance to further develop your skills. As long as you somehow work in your chosen field, you are always on the right track.
Freelancing is also a great way to diversify your income streams so that you are less sensitive to economic losses from salary cuts or layoffs. One of your clients leaving because of budget cuts won’t be as devastating as losing your entire job.
Invest in your soft skills.
Brushing up on the hard skills and abilities required in your industry will help you move forward, but don’t forget to invest in soft skills as well. Communicating clearly and directly, managing time, contributing to a team, exuding confidence and solving problems – these dynamic skills will help you stay resilient, resourceful and connected during a recession. They generally position you to take better advantage of new opportunities.
Even if you think your soft skills are competent, remember that they need constant practice to maintain them, and I think the best way to practice them is through personal development and leadership training programs.
While many economists expect a recession in 2023It’s not clear how serious it will be. But wherever the next year takes us, investing in yourself is always a good step to navigate an uncertain world in support of your dreams.
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