How to manage your career through impending recession
So you had big plans for 2020 and beyond, then BOOM, worldwide a virus has led to job cuts, pay cuts and the impending global recession on a level not seen since the GFC.
Just trying to survive at work recently means any career thoughts may have been abandoned. But it would be a mistake to snooze through 2020. Buying into the “you are lucky to have a job” messages could mean that you are in danger of life and work happening to you.
So, how do you make sure your career flourishes and does not stagnate through a recession? Here are 5 steps to managing your career through recession:
1. Where is the party at?
The ground has shifted but what does that mean for you? Is the writing on the wall for the sector or department that you work in? Has your career path become more limited with structural changes through cost cuts? Are the more interesting opportunities elsewhere? Don’t stick your head in the sand, it's time to be smart and look at what areas are likely to do better - where is the party?
Hint - the party is rarely found in the back office at times like these, where FTE costs are seen as an “overhead” (charming!) and the focus is often in the revenue generating parts of the business.
So it's time to ask yourself these questions:
How can you rebrand what you do?
How do you apply your skills to other areas of the business?
How can you quantify your results and articulate how they would be of value to them?
For all the sectors of the economy which are being hit right now (think hospitality, transport and tourism) there are always industries that thrive on new opportunities presented. Look at technology and telecommunication, had you ever heard of Zoom twelve months ago? Microsoft is, for example, opening up a data centre in New Zealand.
Another sector that can often be relied on at a time like this is the public sector as in many countries governments try to buy themselves out of recession.
So, there is always growth in some sectors, no matter what - hunt it out in your location. Look to these industries and start to plot out now how you could apply your skills elsewhere. Set up job alerts in relevant sectors/ companies and look at the criteria they advertise in their job ads so you can build your case and your skills to shift should you need to. More of that in number 3……..
2. What parties can I afford to go to?
Nothing is more valuable right now than having options. If you are used to seeing the paycheck come in and out with no real thought and you have no idea of your true financial position then that can lead to feeling trapped and vulnerable at a time like this. Now is the time to get that sorted.
Last year I worked through with a financial planner what my retirement plans were looking like. Doing it gave me the clarity I needed to recognise that I did have the ability to invest some time and money in forging out a new path which was more aligned to my values and my life goals.
It may not feel like it but now is the time to take stock and ask if you are headed where you want to go long term and what your funds look like to get you there.
3. Do I really want to go to THAT party?
“I’m stuck because……….”.
I hear it time and time again. I have said it myself many times, starting right back in my 20s after four years in a graduate development programme in a large American consulting firm. “I am stuck, I don’t have any real skills, there is nothing else I can do, I have to stay in consulting and work long hours away from home FOREVER”.
I want to go back and shake my 25 year old self whilst she worked on Wall Street, staying in fancy pants hotels. The world was my oyster and guess what? It still is. The wisdom of old age is that I now know there are many paths to take and the map to guide me is my values. Our time here is finite and frankly, sorry to be blunt, the time to do what we really want is receding each day.
So yes, options may be restricted right now but do not do yourself the dis-service of jumping into something that is not aligned with what you really value in life.
Do you have the time you want with your children? Do you feel fulfilled in what you do? What have you always wanted to do but felt you couldn’t? My realisation in all honesty was that i did not want to lose all the years my child was young being a slave to long corporate hours, only to retire when she was gone and didn't need me anymore!
4. Who is at the party that I need to get to know?
You will have reached a point in your career by now that the old adage “it's not what you know but who you know” is pretty obvious to you. If you are typically head down, bum up and too concentrated on getting work done to have time to think about networking then stop right now. Now is the time to build your network. You never know exactly when you are going to need it but when you do you want it ready.
Get down on paper your network, evaluate who is most useful to you now in terms of potential career development (internal or external) and plot what actions you will take to network with them and suss out the opportunities they can present.
Make sure you are building not just your offline but also your online network. Harness the power of social media sites such as LinkedIn and Twitter to extend your connections. Think of writing an article, posting ideas and commenting on posts by those that are influential in companies/ sectors that you are pursuing.
It goes without saying that now is the time to look at your own profile on these sites and see if it is representing you in the best possible way for the current market conditions and the kinds of opportunities you are pursuing.
5. Buy your own party gift
I learned a long time ago that if I wanted to get a present I really liked it was best to buy it myself. Enough of the hints to significant others, most of them are tone deaf - just buy it for yourself and avoid the disappointment!!
There is never a bad time to invest in yourself and arguably now is the time to gift yourself what you need. It's possible that income may be less than it was before but just like the stock market, concentrate on the long term not the short term shocks. You have to invest to grow.
Look at what skills, qualifications or certifications may help you make the change in direction to get into the party when it arises. These do not need to be big, expensive things and there have never been more options to do training online. Sure, maybe now is the time to get the Agile certification that you have been putting off. However there are small investments of time and money which can address skill gaps you have. Look to online course providers such as Udemy where you have tactical skills you want to build, for example how to write more engaging thought leadership posts, how to develop a better social media presence.
So there you have it - 5 steps to managing your career through a recession. Be proactive and ensure that work is not done “to you” but still takes you where you want to go long term in these difficult times.
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Good luck and stay sane!
