The past couple of years have been a rollercoaster. Workers have experienced everything from the pandemic, lockdowns, the great resignation and now another potential recession.
With uncertainty becoming the status quo of our lives, we once again must brace ourselves. With some companies increasing their hiring budgets and others conducting mass layoffs, it’s hard to predict what this means for your job. However, all can do right now is prepare.
For some people that may mean maxing out your HSA, reducing spending, paying off credit card debt, increasing additional income streams and…. perhaps most importantly, recession-proofing your career.
Okay sure, there is never a 100% guarantee to avoid a layoff. There are, however, steps you can take to ameliorate your expertise. Even if it means switching companies, you can absolutely recession-proof your career.
Reconsider industries
There are some industries that are going to experience larger impacts than others. An industry that is relatively recession-proof (that JDI is VERY well acquainted with) is the senior living industry. Care needs to be provided to those that are in assisted living care regardless of the economy. In fact, the Bureau of Labor Statistics estimates that health care positions specializing in elder care is expected to increase 15% by 2029. During the height of the pandemic, many professionals in similar hospitality sectors made the transition to senior living.
Audit your skills
Look at both your hard and soft skills. What skills are transferable? If you do decide to make the leap and switch jobs, these are the things you are going to want to heavily emphasize on your resume and interview.
Now is the time to scour the job boards and look at roles you think you would be qualified for. Look at the available positions and survey the different skills desired, all while keeping in mind the advertised salary range. Some positions are going to offer a higher salary because they’re looking for someone with specific types of experience. If you are finding commonalities that equate to a higher salary, it may be time to do some training in those skills and enroll in continuing education. The one investment that will always pay off regardless of the economic climate is an investment in yourself.
Keep your LinkedIn/resume fresh
Update your LinkedIn and resume to accurately reflect your experience. It’s better to do it now while you’re in the trenches, rather than waiting till a pay cut or layoff occurs. Especially through LinkedIn, you should always prioritize finding new connections and nurturing your old ones.
It also never hurts to take the proactive approach and out to a recruiter should an opportunity arise. We often advertise our open searches on LinkedIn and even passive candidates will express interest in learning about potential opportunities. In the same vein as networking, this is an effective way to explore your options. Oftentimes, these candidates end up finding a role that is more stable than their previous one despite not being on the market for a job.
As simple as it sounds, these tips can truly help your career withstand a bad job market, high levels of unemployment and even a full-out recession. Managing your career by being proactive is what will allow you to be recession-proofed during challenging circumstances.