These days, the news of global recession (Recession, lay off, job cuts) has created a stir in the job world. However, in this context, according to a report by KPMG 2022, 58 percent of the CEOs of the world and India believe that the global recession will be of short duration and of less impact. If seen, such challenges cannot be avoided in career. It is better that you prepare yourself as soon as you hear the sound of such challenges. There is a need to move towards those skills whose demand remains stable or increases during recession. It is better to strengthen your case for recession. Work on your skills that are useful in any industry. There must be a plan B for employment for everyone. Take some special steps to increase your chances of securing your job or, if you lose your job, to get a job in another field quickly.
If you are in job, pay attention to these things
Develop a skill in an urgent industry. During the pandemic, we all have understood one thing that in some sectors which are in the category of urgent, work never stops, that is why there is a demand for skilled employees in them. Focus on developing skills related to fields like e-commerce, education, health, IT. Even in recession, these skills will always work as Plan B for you and will be able to provide you employment.
Learn new skills for the current job. From time to time in every industry, new technology, new courses etc. come into existence regarding education and training. Create a trend of upskilling and reskilling. This will keep you ahead of the rest in your current job.
Your initiative regarding work: If you take the lead in doing new work during the job, then it increases your employability i.e. your chances of retaining the job. Maintain better communication with your officer.
Brand yourself It is important to develop your business network in the digital world. You should bring your profile on online networking platforms and connect with as many people as possible. Highlight your skills and achievements in your online profile.
Save Forbes discusses strengthening your financial position by saving during an economic recession in its 2022 article. In times of uncertainty, your savings are your strength and this helps in maintaining your self-confidence.
transferable skills
These skills are capable of finding a market in any economy – adaptability i.e. ability to work seamlessly in diverse environments, multitasking, critical thinking, collaboration, creativity, micro thinking i.e. ability to pay attention to small details.
interest and entrepreneurship
McKenzie’s research on America’s ‘The Great Attrition’ found that 31 percent of those who left jobs during 2021 were looking to pursue entrepreneurship. Develop your interests. Your hobby provides an alternative to your current job and income in difficult times.
Demand will remain here
According to Forbes magazine, despite the economic recession, there will be demand in education, health, information technology and government sectors. Choosing the right sector will be important in the coming economic recession. Develop skills that are relevant in a slowing economy.