Hugo Malan is President of Kelly Science, Engineering, Technology & Telecom, a business unit of Kelly.
getty
“Economists cut GDP forecasts.”
“Employers slash hiring targets.”
“Firms scale back investments as economic uncertainty grows.”
We’ve all read the recent headlines that reflect a growing consensus that the economy is slowing in the face of rapid inflation. Indeed, many employers are already adjusting course in anticipation of this latest economic cycle. But what can workers do to improve their prospects ahead of an economic downturn?
Many professionals—particularly younger workers—have only ever experienced a booming job market. Their skills have been in high demand, and many have enjoyed the professional and financial benefits of rapid career advancement. But a recession is likely to cause a significant and perhaps uncomfortable shift in the balance of power. As job scarcity grows, the luxury of choice dwindles, and this could cause your career trajectory to slow or even grind to a frustrating halt.
To be certain, we are not seeing the full impact of this economic pessimism just yet. The Bureau of Labor Statistics revealed that 372,000 jobs were added to the economy in June 2022 while the unemployment rate remained at 3.6%. Despite a relatively stable situation at the present moment, key economic indicators are flashing yellow. By taking these three actions to recession-proof your career, you can help prepare yourself for whatever the tide may bring.
1. Maximize your visibility.
When you’re last in the door, it’s not uncommon to find yourself first out when headwinds cause employers to cut back. That’s why it’s crucial to build your personal brand and be a visible, positive force both inside and outside your organization. Don’t settle for coasting through your first months or years in a new role—take advantage of opportunities to connect in-person with influential leaders, raise your hand for projects of strategic importance to the organization and make a concerted effort to build your external network. It could pay dividends if and when times get tough. Even if your role is included in a staff reduction, being a visible and vocal presence in your industry can give you the best possible chance of finding a new opportunity fast.
2. Connect with your organization’s mission.
Many organizations have embraced the philosophy of “doing well by doing good”—the idea that business can benefit society in ways beyond creating value for shareholders. This philosophy is often reflected in an organization’s mission. If your organization’s mission resonates with you, find a way to contribute to it. Joining an employee affinity group can be a great way to get involved, as they typically provide employees with purpose-driven programming and events rooted in an organization's mission.
If your organization doesn’t have an employee affinity group that resonates with you, take the lead and start one! Demonstrating leadership at the intersection of your passions and your organization’s mission is not only personally fulfilling—it can boost your value and perception as a team player and cultural torchbearer. This further solidifies your relationship with your employer through challenging economic times.
3. Be adaptable.
The growing skills gap has created a significant challenge for global organizations. According to my organization's recently released Re:work report, more than one-third of leaders surveyed said there is a lack of talent with the skills they need in the marketplace. A McKinsey report found that 87% of companies cited a skills gap in 2021. Taking ownership over your professional development plan and keeping your skills fresh is an excellent way to stand out when things get competitive. To do this, it’s crucial to keep ahead of industry trends. Always be on the lookout for opportunities to grow and learn—whether through professional associations and academic pursuits or by expanding your experience on the job through stretch projects with the guidance of a mentor.
With the pace of change accelerating faster than ever, the traditional approach of learning a trade or profession and applying those skills in broadly the same way for 20 years is long gone. Stay current with industry trends, find creative new approaches to solving business challenges and be open to different career paths that lead you to where the need is greatest in your organization.
Embark on the next leg of your career journey.
As we transition from the Great Resignation to a potential recession, there has never been a better time to recalibrate your career focus. How can you make sure that leaders notice you for all the right reasons? What can you offer that makes you a unique asset to your organization? And how can you sharpen your skills to maximize your impact in your role? The winds of economic change are blowing—and tackling these three key challenges can help ensure that your sails catch the breeze.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
