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When the economy experiences a dip during tough times (recession), layoff becomes the order of the day. The most vulnerable people to the layoffs are mostly the lot that’s viewed to offer little to no value to the company. It is a perception that you can avoid if you search for ways of contributing more to the business therein becomes an essential asset to the company.
Strive to deliver exceptional work while seeking unique projects and opportunities that will see you contribute beyond your specific role. Seek to enhance your job description by looking for ways to be more flexible and trainable for new positions or jobs. We spoke to Loanza, here we share some tips on how you can sail through the recession and guard your finances and professional capacities.
(1). Learn New Skills
Acquiring a new skill is an excellent way of becoming an invaluable asset to your employer. Stop waiting for occasional company training and workshops. Be proactive about developing yourself professionally and further your career.
Identify the most sought-after skill in your organization and look for low-cost training courses that will arm you with the relevant competencies for such work. Also, engage in self-studies through which you will learn new skills to make you self-sufficient and self-motivated.
(2). Start Building New Relationships
Being committed to executing your duties from day to day is not enough to stabilize your career prospects. It would help if you also focused on building strong relationships by connecting with influential people inside and outside your company or organization. Your acquaintances will help you discover and take advantage of new opportunities, and by doing this, you will lay the foundations for a robust network within your profession.
Be a helpful person, someone pleasant to be around, easy to work with, and you will be likable to your bosses and workmates. Improve your workplace relationships by gaining new friends and nurturing those friendships. By doing this, you will have enough allies in your corner, advocating for you to retain your job position when layoffs begin.
Up your game to ensure you hit the ground running when you start searching for a job by ensuring your resume and LinkedIn profile are up-to-date. Your job-hunting tools must always be up to scratch. It will give you an upper hand in case you are laid off. You will have something to keep the odds of find work sooner in your favor.
Avoid scrambling to do last-minute updates to your resume and LinkedIn profiles. Input your achievements and recommendations as soon as you get them and be confident that your CV reflects your entire tenure in your past and current job.
(4). Stay On Top Of Your Finances
Pay cuts quickly become a concern for some people and a dark reality for others when layoff begins. Companies will resort to harsh measures when there is little money to spare during a recession. But you can guard your finances by creating a budget now as you increase your efforts to pay off outstanding debts. Conversely, minimize your expenses during this period and try to save the little you can even though it will not be easy.
(5). Get A Side Hustle
Having a side hustle is one way of cushioning yourself when a recession capsizes your current job. It can be freelance work or a small venture that you engage in after hours. It should help you sail through the “recession storm.”
(6). Diversify Client Base
Recession can have a significant impact on a particular industry or group of people more than others. It could bring companies down onto their knees, and revenue loss becomes all too common. That is why businesses and organizations should consider diversifying their customer-base or client-base to ensure they still have a viable business when situations are challenging for one client. Think through all prospective markets as you try to hedge in others.
Bonus video: How To Write A Really Good Resume – Sample Resume Template
Thank you for reading!