How to Recession-Proof Your Career

Ensuring job security can be stressful enough when the economy is going strong. In times of economic downturn – especially with the threat of a recession – the thought of losing a job is even more stressful.

While it’s impossible to guarantee that you never lose your job, there are ways to make yourself as essential as possible. Plus, the more work you put into securing your current job, the more success you’ll have if you find yourself in a position to look for a new one.

Here are 10 tips to recession-proof your career:

1. Gain new hard skills. Take advantage of every opportunity to learn a new software system or business process. Develop the habit of saying “yes” whenever you’re presented with an opportunity to attend a workshop, get certified in a new area, or learn a new procedure. By developing a combination of skills your coworkers might not have, you’re making yourself a more essential employee. Plus, each of those skills could come in handy if you’re in a position to apply for a new job.
2. Work on your soft skills. Employers will be reluctant to let go of an employee who demonstrates excellent teamwork skills, punctuality, warmth, exemplary customer service, and confidence. Spend time reflecting on areas you might need growth, and consciously work on them.
3. Go back to school. Recessions are known for prompting people to go back to school – and for good reason! Boost your knowledge, credibility, and credentials by completing your bachelor’s or master’s degree. Many degrees are now offered online, so you don’t have to press “pause” on your current career. If you do happen to find yourself out of work, make the most of your time by investing in your education. In addition to increasing your salary potential, earning a degree can open new career doors.
4. Stand out in your department. Be the one to complete projects ahead of schedule and under budget. Offer creative solutions to problems. Be available, while still maintaining healthy work-life boundaries. Show initiative. Ask questions. Speak up. Make sure you’re noticed – for the RIGHT reasons.
5. Know the value you provide. Beyond your job title, make sure you know exactly what value you provide your company. What gaps do you fill? What problems do you solve? If possible, try to quantify your value. How do you add to the bottom line? How does your work translate into dollars, clients, products, etc.?
6. Consider writing out a paragraph articulating exactly what value you provide your company (and what wouldn’t get done if you weren’t there). If you’re struggling to figure out what to say, this might be a sign you need to grow your skillset, take on additional responsibilities, or work with your supervisor to find a more essential role for you.
7. Learn how your company operates. Just as it’s important to understand the value you provide, it’s important to understand how your company functions as a whole. What value do they provide to the community? What’s their mission and how do they accomplish it? How does each department function? Understanding the overarching structure and priorities of your organization can help you understand the importance of your role within it.
8. Stay on top of trends in your industry. For example, if your industry is beginning to shift to online or digital services, stay ahead of the curve by familiarizing yourself with the skills and tools needed to be successful in these areas. Read up on trends in your field to see if experts are predicting certain jobs becoming obsolete or less essential. If the future of your position is being questioned, take the initiative to adapt or change roles now.
9. Set aside emergency savings. No matter how valuable an employee you are, you can’t guarantee you’ll never lose your job. But you can soften the blow by setting aside money for an emergency savings fund. Ideally, you should work toward having enough savings to survive without your normal income stream for six months.
10. Have more than one income stream. It’s increasingly common for people to have “side gigs” in addition to their full-time jobs. Consider getting your certification in something you enjoy, or develop your own website and start freelancing. You could become a part-time yoga instructor, grant writer, blogger, resume editor, consultant, interior designer, labradoodle breeder – your options are limitless! If one of your income streams stops, you’ll have a temporary cushion.
11. Cultivate your networking skills and online presence. No matter how secure your job is, you should always be on the hunt for valuable networking connections and maintain your online presence. Update your LinkedIn profile often, and make sure your social media profiles are consistent with your professional brand. Curate them periodically and remove anything that would seem inappropriate or off-putting to a potential employer.

Finally, sometimes it can be helpful to imagine the worst-case scenario. Imagine what it would be like if you did lose your job. How long would your savings support you? Where would you need to cut back? What would you do to look for a new job? Would you have to move?

Identify potential problems and begin to problem-solve how you would overcome them. This might look like increasing your savings, updating your resume, and having conversations with your family to talk about places you could cut back on spending in case of emergency.

Although it’s impossible to be prepared for everything, thinking through different scenarios and taking steps toward making sure you bring value in the workplace can help you feel a sense of ownership over your career – and possibly help you get more enjoyment from your work.

Considering going back to school? Learn more about Corban University’s online bachelor’s and master’s programs!