If a potential looming recession has been top of mind for you recently, you aren’t alone. Nearly 69% of Americans are worried about the possibility of a recession by the end of 2023.
Whether or not that fear is realized, being prepared for the worst can never hurt. From financial struggles to a tough job market, recessions have the potential to wreak havoc on your life.
We asked career experts their top tips to prepare your career for a recession. Keep reading to learn what they had to say!
How you can prepare your career for a recession
1. Show your value
“Highlight your successes. Inform your managers of your team and company contributions. This shows your role and value. It boosts market confidence.”
- Josh Pelletier, CEO of BarBend
2. Focus on what you can control
“No perfect strategy, no enchanted manual, or instruction can ever fully get someone ready for the repercussions of a recession, including layoffs or withdrawn job offers. However, careful planning can assist you in easing into the shift and reducing some stress during difficult times.”
- Mark Lindquist, Head of Marketing at Community Phone
3. Gain a new skill
“The moment is now to pick up a new talent, whether it’s one that will help you transition into a completely different industry, one that will make you more marketable in your present one, or one that will help you stand out as a great employee.”
- Steve Pogson, Founder & E-commerce Strategy Lead at FirstPier
4. Take initiative
“Do not wait for the economy to enter a recession before beginning the search for a new job or thinking about making a shift in your line of work. If you get a head start on your preparations and keep yourself abreast of developments in the labor market, you can weather any economic storm that may come your way.”
- Andrew Cooper, Business Owner of Simply e-liquid
5. Network
“Networking is one of the most vital steps you can take for your career. A strong network comes in handy, particularly during times of recession. These connections are the resources that will help you enter the upcoming phase of your career.”
- Isla Sibanda, Entrepreneur and Cybersecurity Specialist at PrivacyAustralia
6. Diversify your income
“Have multiple sources of income and a backup plan in case the worst happens.”
- Carter Seuthe, CEO of Credit Summit
7. Focus on soft skills
“Soft skills, such as the ability to communicate effectively, manage one’s time effectively, think critically, and interact positively with others, are becoming more and more sought after by employers. According to a recent survey by CNBC, 93% of hiring managers choose candidates with demonstrated soft skills.”
- Jonathan Rogers from Credexel
8. Ask questions
“Ask your employers about their plans for job security during the recession. This can help you stay one step ahead and apply for other opportunities.”
- Mark Stewart, CPA at Human Resource
9. Focus on your finances
“Salary reductions are not unheard of during a recession, even for those who are not laid off, as a means of surviving when there is little money to spare. Make a budget now and work assiduously to pay off as much of your existing debt as you can manage in order to be ready for the worst in that regard. Reduce your spending to preserve money in case/when a recession occurs. Even while saving isn't always simple, it's a crucial aspect of becoming ready for a recession.
- Eleanor Fletcher, CEO & Founder of The Best Brisbane
10. Advocate for yourself
“Have a salary discussion with your manager. Pitch why you deserve a raise and work up a plan for getting it. You might not be able to get it once the recession hits, so best to do it in advance.
- Jacob Udodov, Founder & CEO at Bordio
11. Remain calm
“A recession does not always mean the end of your tenure at your current job. Yes, it can be discouraging, especially if more layoffs are announced in the media, but there is no way to forecast the future or how a recession would affect your life.”
- Derrick Hathaway, Sales Director at VEM-Medical
12. Make yourself visible
“Create an online profile and make yourself visible to the world. Post your resume, portfolio, and skills on job boards and social media platforms like LinkedIn or Twitter to get noticed.”
- Darren Shafae, Founder of Resume Blaze
13. Relocate
“Consider expanding your job search geographically, as some regions may be less affected by a recession than others.”
- Anthony Bautista, Founder & CEO at Pure CBD Now
14. Keep your resume up to date
“I recommend that professionals update their resume (with the help of a resume writer) every six months or so. It’s easy to forget the circumstances of our past accomplishments - so keeping this jotted down in a running document is a great practice.”
- Kat Sabatini, Founder & CEO of Tuesday Resume
15. Get a better business card
“Every interaction is a chance to grow your network and promote your business. Create a digital business card that can be shared with anyone, anywhere, anytime.”
- Mel Chiri, Marketing & Growth at HiHello
Frequently Asked Questions
What is a recession?
According to Investopedia, the definition of a recession is a significant, widespread, and prolonged downturn in economic activity. During a recession, there is lower often economic output, higher unemployment, and consumer spending drops.
Will there be a recession in 2023?
Whether or not a recession will occur in 2023 is uncertain. However, with a 64% chance of the U.S. economy entering a recession in 2023, many economists expect to see an economic downturn this year.
Will unemployment rise in 2023?
The U.S. ended 2022 with an unemployment rate of 3.5%. However, economists expect to see that number rise to 5.22% in 2023.
From mass layoffs to hiring freezes, companies have already started reducing their headcounts. During a downturn, some people may face job insecurity or struggle to find their first job. Others may see difficulty getting promotions or pay raises.
Main photo by Maxim Hopman on Unsplash
