How should you manage your career ahead of a soft or hard landing of the economy?
There’s the alarm of one big U.S. bank closing, then another one going down. A major Swiss bank announces that it’s bankrupt, only to be rescued by a Swiss competitor and then purchased outright.
Jobs cuts seem to be on the increase. And how many other crypto mega-billionaires are now broke, or just merely filthy rich?
None of this is devastating, but it does give me pause. I see a soft landing by late 2023 as businesses in the U.S. turn to right-size their hiring.
So, let’s take pragmatic look at how this might affect your career path. And most importantly, what proactive steps you should be taking.
First, make sure your current finances are in good shape. Hopefully, there’s a nest egg savings . If not, start one.
This takes the pressure off you and your family if you should ever need to search for a replacement job. As for severance packages, they’re typically generous but they eventually run out.
This is no time to stretch your finances by indulging in fancy vacations, new cars or bigger mortgages.
Perhaps bridge a gap in your current job
Financial freedom also gives you a greater sense of confidence to switch jobs for a better opportunity.
Start paying attention if there seems to be an impending sales drop, merger or change in management. Watch for lots of closed-door meetings by upper management or strangers touring the facility.
Job cuts could be coming. Were you the last hired? Then you’ll likely be first fired. Keep your eyes wide open and beware of changes around you.
Do you hunker down and fight to stay here where you are? Or do you move on before you’re let go?
If you like where you work, then make yourself as invaluable as possible. Diversify your experience. Take on new projects, upskill your talents. Ask your boss what new skills or training he/she thinks would make you a better employee.
Participate in meetings, don’t just attend. Bring your best game to work every day. Bosses notice those with energy, enthusiasm and excellence.
Focus on your customers, both internal and external. Make yourself the chief for a big client. Happy clients don’t like to have their key person change. Focus on your team and your co-workers, and deliver great outcomes.
If you don’t have faith in your employer, then start your search now. The market is still very hot, but it seems to be cooling with each ing month.
If you do get caught up in a layoff, you may find yourself in the job-search market with hundreds of people with your same skills, in the same industry, and in the same community who are also looking for work.
And yes, it’s easier to get a job when you have a job.
If you’re thinking about leaving, is it the industry you’re most concerned about, or your boss, or the company where you work? Once you decide, you’ll know what your options are.
Allow yourself more time for the search
Moving to other departments within the same company is the easiest short-term fix.
Moving in the same industry is next because you can sell your experience. If you’re ready for a new industry, then allow yourself more time for the search.
Network like crazy to build relationships with people in your current or new industry. Stay in touch with previous colleagues to get leads on job openings. Stay visible and active on professional networking sites and participate in industry events like conferences and seminars.
Update both your resume and LinkedIn profile. Be sure to include all your current and new skills. LinkedIn has become the go-source for recruiting employees, so if you’re not working, don’t hesitate to add “available” in your LinkedIn profile.
Most of all, stay positive. Recessions are always temporary, and economies often come back stronger than before a recession.
Many successful careers have been launched during tough economic times. Whether you stay or move on, stay focused and committed to your career goal, long term.
Any advice for others?
Blair is co-founder of Manpower Staffing .
