Are you worried about your career with the recession approaching?
Here are 5 ways to get you ready to navigate the recession.
With the fear of recession looming many companies are starting to pull back on hiring and implementing hiring freezes. Bloomberg is reporting Netflix, Coinbase, and Microsoft are implementing hiring freezing and have laid off staff.
And employees are feeling the market strain – a recent LinkedIn poll reveals that 60% of employees are either worried or very worried about their careers because of economic uncertainty.
Here are 5 ways to strategically set yourself up for success in a recession that will allow you to maximize your online career presence and get your finances in order.
5 Ways to Prep for a Recession
- Track Market Condition and Hiring Freeze
Pay attention to the market and current company position – you can use websites like Layoff.fyi to track companies that are laying off their staff. This site gives you an idea of where different industry and market stand for lay-off and if that volume is starting to increase.
Questions to ask yourself about your current employer:
- How is your company doing?
- Is your team at max bandwidth?
- Is staff resigning or being laid off?
- Have promotion and raises been suspended?
- Have they implemented hiring freezes?
2. Review Your Budget & Economize
Take time to review your budget and make sure you have more money coming in than going out. Identify areas that you can cut or where you maybe spending unnecessarily. Get rid of unessential expenses like monthly/annual subscriptions or ordering take-out food.
Items to cut:
- Delivery & Takeout (Postmates, Uber Eats etc)
- Memberships or Subscriptions (Gym, Nails)
- Monthly Autopay deducts (DropBox, Tailwind etc)
- Pinterest Service for the blog
- Shopping/Amazon Hauls
3. Refresh & Refine Your Resume
Download my FREE resume refresh template to update your resume or try my NEW Refine Your Resume Course! Tweak your resume to include the job title you want as well as the keywords associated with your potential job functions. Include the relevant keywords associated with the position you’re seeking. Use updated job descriptions from roles you are interested to help align your resume language to the company’s mission or hiring needs to get noticed!
TIP: Invest in additional skills and certificates during this time
- Salesforce Admin, G4 Google Analytics, LinkedIn Fundamentals
4. Optimize Your LinkedIn Profile
If you’re like many professionals, you probably created a LinkedIn profile and occasionally go back to add more connections. However, there is so much more you can do with this platform to advance your career & get noticed by recruiters. Your LinkedIn profile should contain “strategic keywords” for your industry or role.
TIP: if you need help finding keywords to add to your profile – do this:
Step 1: go to LinkedIn and search for roles that you are interested in
Step 2: use the keywords you find in the job descriptions to help align your profile to the skills and keywords hiring managers are searching.
Step 3: Turn on the “Open to Work” functionality on your LinkedIn profile to alert recruiters you are looking.
5. Stash Cash in an Emergency High-Yield Savings Account
High Yield Savings account are one place to park your money and enjoy interest. While interest rates have been dropping, it’s also important to realize that your decision to save money shouldn’t be based on interest rates. Regularly adding to your savings account over time can build a crucial savings habit. At the end of the day, it’s about stashing away whatever money you can for the future so you have something to fall back.
If you are looking for more Career Advice – head over to my Work Series for tips on climbing that corporate ladder, negotiate that raise, or review my digital downloads!
How are you preparing for the recession? Share your tips below!