Economists seem to be alighting on a consensus view that the US economy is likely to go into a recession next year. As the US goes, so goes the world, given its outsize economic, monetary, and trading influence on the global economy. This will have implications for all of us, no matter the stage of life or career we’re at. What does this mean for you specifically? How do you recession-proof your career?
Why you need to recession-proof your career
Coach Rebecca is a life and career coach with an incredible career background, working at some of Conde Nast’s most successful titles including VOGUE, and GQ. In her coaching methodology, she highlights the importance of “being a warrior, not a worrier”. I met with Rebecca to discuss how you can stay in control of your career even with a recession on the horizon. We discussed what you could do to keep your career advancing – no matter the state of the economy. This one’s for you.
Getting your mindset right
The ability to inspire and motivate yourself in bad times is crucial, and the right mindset is your first tool to ensuring you stay on track no matter what the outside environment looks like – in your company, job market, or the economy.
“When the power mindset slips, you can feel yourself beginning to panic and your self-esteem wavering.”
It can become difficult to pull yourself out of this rut especially when your career and life are being affected by the economic climate – something you can’t control. What can you do to keep a proactive mindset during tough times? What can you do to create a proactive mindset so that when tough times hit, you aren’t scrambling to stay afloat?
Do’s and Dont’s
- DON’T stop doing things that already work for you
- DON’T overthink and underreact
- DON’T fall into scarcity and fear
- DON’T seclude yourself
- DO surround yourself with people that continue to motivate you
Take a tactical approach to your career
During a recession, it’s not that people won’t spend money or that everything will get scaled back. It’s that people will think more carefully about their expenses and only spend money on what they need. So making what you offer essential is all the more important. If you’re a company, that’s honing in on and amplifying the value of the product or service you provide so people feel they need it, rather than that it’s simply a nice to have. For you as an individual, you need to apply the same lens to yourself: how is what you do essential and necessary to your company to the extent that they cannot afford not to have you work there? If your company is sizing down, make sure they can say, “We can’t lose this person”.
You might then ask: how can I make myself and what I offer a necessity?
- DO audit your skills – stay up to date on new and evolving skill sets
- DO keep digital presence fresh
- DO network a lot – even when you’re not looking for a new job
- DO look for informational interviews
How can coaching help recession-proof you and your career?
Coaching takes a holistic approach to the business of you. What are your goals? This is the essential jumping-off point for coaching as everything flows from the goals you define for yourself. First, coaching helps reframe your mindset in a positive, forward-looking way so you can focus on the tactical approaches and practical steps that best fit your needs. A coach can help you re-evaluate your priorities and become more adaptable. Focusing on problem identification and solutions is taking your life by the reins. Unsurprisingly, it is also the best way to recession-proof your career.
Instability – particularly instability caused by forces beyond our control – can make us feel like we’re losing power and self-determination. But this is true for everyone, all the time. and it isn’t a set of circumstances we have the power to change. Coach Rebecca highlights the importance of staying away from a victim mentality, and instead taking control of what you can – seize back power to strengthen yourself.
We can’t control what happens around us or to us. We can control our reactions and how we navigate the change circumstances require of us.
