- What is a recession, anyway?
- 6 Tactics to help recession proof your career
- Key takeaways
You don’t have to fear a recession. In this article, we’ll discuss concrete steps you can take to help “recession proof” your career in an uncertain economy.
The word “recession” can strike fear in the hearts of many, from economists to job seekers. It promotes images of layoffs, unemployment, and less consumer spending power. In the face of potential job loss, it's easy to get lost in the economic weeds. And while no job is 100% recession-proof, there are things you can do to increase your recession-resistant job skills and increase your value in the marketplace.
In this article, we’ll discuss what a potential recession might mean to your career, including:
What is a recession?
Six tactics to help recession proof your job
What is a recession, anyway?
A recession is a substantial, extensive, and extended decline in economic activity. In general, most experts believe that two consecutive quarters of negative Gross Domestic Product (GDP) growth equals a recession (although economists also use a variety of multifaceted formulas to confirm this). However, this definition has come under fire by many experts in recent years, so there's no definitive definition of a recession, but generally, it requires an increase in unemployment rates, a labor shortage, and the overall prices of goods and services going up.
Statistical Insight
Also they seem common, recessions are not a regular occurrence. According to the International Monetary Fund (IMF), 122 recessions affected 21 "advanced economies roughly 10% of the time” between the years 1960 – 2007.
6 Tactics to help recession proof your career
While developing skills is not an automatic “suit of armor” when it comes to recession-proofing your career, there are a few areas you can work on to increase your chances of holding on to your job:
Focus on your assets. Know what makes you valuable to your company. Also make sure to revise your resume to include any new achievements, skills, and projects.
Grow your network. Networking will help you learn more about your field, and you will have a better chance of coming across opportunities that you wouldn’t have found on your own.
Freshen your personal brand. Make sure that your LinkedIn profile; online portfolio, or social media presence is up to date.
Keep your technology skills current. Read industry newsletters or enroll in continuing education or certification classes. If your skills are up to date, this can put you a few steps ahead of the crowd if there’s talk of layoffs.
Don’t forget about your soft skills. and highlight them on your resume. This includes time management, decision-making, and collaboration. Also, consider transferable skills you might have that would be applicable in a variety of fields.
Pay attention to the marketplace. If there’s a recession looming, look to other job titles that might align with your skill set, or consider a different field that might be more recession-proof. It’s important to keep your options open.
No one likes to consider the possibility of an economic recession and all the instability it brings with it. But by taking the appropriate steps before it happens, you can increase your chances of finding a new position while minimizing the stress of job hunting.
If you’re looking for a new job, check out our Job Search tool to find the right position for you.
Key takeaways
A recession is a substantial, extensive, and extended decline in economic activity.
While no job is recession-proof, there are concrete steps you can take to protect your career.
Consider growing your network, increasing your hard and soft skills, and updating your resume.
