India’s chief economic advisor, V Anantha Nageswaran, does not expect a recession this fiscal year. The world economy is in a slump and might continue to be slow significantly depending on the predicament of the Russia-Ukraine conflict and how long it lasts. India will sooner or later be forced to deal with the consequences of a recession even if the country doesn’t enter another recession.
Almost 140 million employees lost their jobs due to Covid and the subsequent lockdown imposed by the government. Moreover, the lurching fear of recession will aggravate the existing fear of job insecurity among employees and the working class.
Are you suffering from a similar kind of fear? Stay assured! The good news is we are listing out five very easy steps that you can follow to make your career recession-proof.
- Examine your current job status: Being proactive in your job is good. Assess your present situation and create a strategy to safeguard your job if you find people around you being fired. Some businesses suffer during economic downturns, but with careful planning, you may transfer your talent and begin a career in less-risky, more stable organizations. Consider meeting with a career counsellor or mentor to guide you on utilizing your transferrable skills and knowledge in a new job sector. Individuals considering a job shift should keep an eye on their present company’s performance to evaluate if a change is warranted.
- Use networks to your advantage: You are the hero of your own life. Similarly, in your career journey, like any hero, you will require a mentor, especially in turbulent and unpredictable times. Continually develop new relationships and maintain existing ones in your industry with your peers, ex-colleagues and seniors. Maintain an up-to-date online profile and visibility so that others realize who you are and how you differ from others with similar backgrounds. Make an effort to broaden your network outside of your present employer, so you’ll have as many folks to rely on if you ever need to (confidently) launch a job hunt.
- Make yourself difficult to replace: When roles are being reduced, it is critical to protect your job by becoming an asset to your team. Those who demonstrate a proactive, trustworthy attitude or behaviour are frequently the last to go in dire situations. Show the employers your passion, intellectual agility, and emotional intelligence. Demonstrate a commitment to continual learning and a passion for your specialisation or subject; for example, ask your company to finance educational opportunities or learn independently.
- Start a Side Business: Even if you have a terrific full-time job, having a source of additional cash on the side, whether it’s consultancy work or selling artefacts on eBay, is a good idea. With job stability so low these days, having more employment means having higher job security. Diversifying your income streams is just as crucial as diversification of your investments. When a recession occurs, even if you lose one source of income, you still have the other. You might not have been earning as much as you used to, but every bit counts. As the economy improves, you may emerge from the economic downturn with a thriving new business.
- Participate in Mission-Critical Initiatives: Which of the company’s projects are most likely to endure a slowing economy and budget cuts? Answer: Those that are critical to an organization’s survival and mission. Identifying mission-critical options and being personally invested in them will boost your organisational value and your livelihood of sustained during a recession.
Hope you are ready to start upskilling and safeguarding your job from this job on how to recession-proof your career in 5 easy steps! For help finding the right course or career counselling under challenging times, click here for robust information.