Careers are a young professionals ticket to achieve the dreams of their lives however, they are not immune against any recessions that could come. Being proactive about keeping your job, even when your company shows signs that it is losing money and struggling, can be difficult.
Stay where you are
When a recession occurs, it is very important to stay at your current job even if you are unhappy. This would help you be secured of your job during this trying times. See to it that when you leave your current job, the recession has already lifted. Bear in mind that one should have a back-up plan in leaving your current job. It is best to stay on your current job and let the recession weather out.
Build your skills
Increase your competencies (knowledge, skills & abilities) through continuing education, volunteer work (Human Capital), reading, etc. Did you know you can get 12 hours of high quality education.
The days of “a job for life” are long gone. In times of recession not even the biggest companies are a safe bet, so it’s important to be adaptable and keep an open mind about what career paths are open to you.
Keep a long-term perspective. “In times of economic crisis, when you’re worried about the short term, it can be hard to think about the longer term but remember that your career will last several decades, so try to take the long view,” says Diarte-Edwards.
Create additional income streams, even if you are an employee
Or perhaps especially if you are an employee — because your salary is vulnerable to disappearing all at once, while freelancers and business owners usually have multiple clients.
How can you create additional streams of income? Find a side job as a freelancer, start an ad-supported blog, sell products online, or offer consulting services in your field of expertise. While none of these things will — at least initially — make enough money to replace a full-time-with-bennies job, they can cushion the pain of income loss while teaching you new skills and growing your professional network.