Three Ways to Recession-Proof Your Career
Now is the time to recession-proof your career.
Over the course of 2022 and continuing into the new year, we have witnessed layoff after layoff after downsizing and more. It has been an extremely tough economic year for most sectors but we’ve seen tech get hit the hardest, seeing the industry shed nearly 200k jobs since January 2022. It’s estimated that 46,000 workers in the tech sector have lost their jobs during January 2023 alone (Crunchbase).
To support you during this time, Eleven Eleven has come up with THREE creative tips to recession-proof your career. What does this mean, exactly? It means that you will (hopefully) become resistant to the effects of a recession.
We want to preface these tips by highlighting that work is such an important part of our lives. Our careers – and the paycheques associated with them – provide us with a sense of safety. Without work, we as humans become destabilized, like we’re experiencing a loss of control while waiting to see the impacts of the recession on the economy.
Feeling like we’re out of control – or out of choice – is normal during uncertain times. These tips are here to encourage you to shift your mindset slightly in order to feel like you’re taking back the reins of your life and maintain some sense of control when it feels like there is none.
Make Yourself Indispensable
TLDR; Show up at work and perform to the best of your abilities.
The first way to help yourself feel like you’re in control again and one step to recession-proofing your career? Challenge yourself to look for opportunities outside of your day to day role or responsibilities.
Ask yourself, “How can I contribute to my department or team in a greater way?”.
This could mean…
Showing up to meetings and gatherings – whether virtual or in-person – that are optional
Getting involved with special projects at work or areas that you feel your job does not have an impact on
Be visible in-office, on Zoom, or on Slack – now is not the time to pull back and isolate
The above involves shifting your mindset around showing up and contributing in a significant way. Don’t fall into the mind trap of, “I’m not doing it because it’s not in my job description”. If you can overcome these thoughts and avoid them altogether, you may find that you are retained by your company when the time comes to make tough decisions.
The goal here is to make it so your company cannot imagine NOT having you in that role – there may be 20 other people that might have that skill, showing that it is YOU that deserves the seat at the table is key.
Be Open to Change
TLDR; Demonstrate agility and flexibility as your business navigates the changing economy.
During uncertain economic times you may notice an increase in innovation and change taking place internally in your organization. If you approach this with the mindset that you are willing to embrace any new change, systems, processes, or people that may arise as the business navigates decreased revenue, you demonstrate that you are agile and flexible in the face of adversity – a valuable asset to have and for businesses to retain in this economic climate.
The golden rule here is to not be scared of change – it’s not helpful. When we are living in fear or resistance, we’re only hurting ourselves in the end. Ask yourself how you can interrupt that pattern of fear and catch yourself before acting. Show you are adaptable and resilient, and have a sense of gratitude for having your job.
This is a powerful place to be.
Invest in Yourself
TLDR; Chase your dreams, learn new things, and diversify your income!
When we say “Invest in yourself”, this can mean a myriad of things. Some that come to top of mind for us are…
Upgrade your skillset by taking an online or in-person course – our team loves Skillshare or Coursera
Create another revenue stream for yourself – side hustle it up with something you are truly passionate about
Continue to elevate yourself and your networks by connecting with others on LinkedIn, or reaching out to employees at your dream company for a coffee chat
When it comes to you, your time, and your interests, you truly have a lot of control in this area – it’s all about taking the steps and putting the effort in. By taking back this part of your life and feeding into your sense of control, you can invest in yourself, be strategic and upgrade your skills.
If you see an opportunity or if you feel compelled to do something else or feel impassioned to share something with the world – go for it.
If you’re thinking you’re not an entrepreneur – upleveling your skills could simply be listening to an educational podcast, reading a helpful book, having an intentional conversation with a friend or mentor in your network, or writing out your vision and goals.
We encourage you to take a step towards something that really lights you up.
The above tips are tactical, tangible steps you can take in your day to regain a sense of control in your work life and move towards recession-proofing your career. We hope that you can find comfort in them during these uncertain times.