Regardless of whether it will or will not happen, more and more people are talking about a possible correction or recession in 2020. Not only are signs pointing to an economic downturn in the United States, other countries, namely China and Germany, have already reported slowed financial growth and may already be in a correction.
The last major recession took place in 2008 when the housing bubble popped, and now, over a decade later, the next recession could happen soon and for various reasons.
“It’s a good idea to be proactive and come up with a game plan for if/when a recession hits prior to one occurring,” says Steve Scovner, Account Executive at Contemporary Staffing Solutions.
When recessions transpire, many companies lose money, which leads to many people losing their jobs. What steps can you take to get through a recession safely?
Try to get a handle on your debt
Since major layoffs occur during these trying times, there is a chance that you will lose your job. If this happens and you have debt, your debt could grow wildly if you are unable to pay it. If you do not already, create a budget and look at your spending. If there are areas where you can cut spending, perhaps on shopping for clothes, funnel the money you would spend on a new wardrobe to your credit card debt or student loans. Can’t move that much money around? Consider refinancing in order to get your interest down.
“Have a good look in the mirror about your discretionary spend and make a change today to save for the future. Downsizing or rightsizing should always be top of mind, but don’t forget to live and enjoy life regardless of the economy,” says Sharon Tsao, CMO of Contemporary Staffing Solutions.
Make yourself indispensable
The best way to make it through a recession is to have consistent income. While ultimately it is not up to you if you are let go from your job, you can build a case for why your employer should keep you. If you are a top performer, put together your metrics to prove your ROI. Now is not the time to be humble—anything you did or contributed that brought in money for the company, you should talk about.
You should also prove that you are flexible and adaptable to change. Take on projects with a positive attitude and be willing to learn new skills and technologies. You may surprise your boss with your versatility and eagerness to learn: if they know you can take on more work or move into another position, they are more likely to give someone else the axe over you.
Get a side hustle
We all want to feel stable in our jobs. This stability pays the bills and makes you more comfortable at work. However, during a recession, this stability is not guaranteed. By starting a side hustle now, you are creating another avenue of income should your full-time job go south. Having a side hustle will also bridge any gaps in employment on your resume, making you more marketable to potential employers.
Talk to a recruiter
Some industries are more recession-proof than others and, likewise, so are some departments. If you have taken the necessary steps to increase your odds of surviving a recession but you are still not liking your chances, talk to a recruiter. By partnering with a recruiter, you can express your concerns and discuss your career path with someone who is actively trying to help you and get you the right job for you. It’s better to be proactive about your job search rather than reactive—there’s nothing wrong with talking to a recruiter and seeing what other jobs are out there.
Contemporary Staffing Solutions has recruiters in various offices across the country who are waiting to help you find your next career. Check out our current job opportunities on our job board or contact your local staffing specialist to help you in your job search!
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Contemporary Staffing connects job seekers to hiring managers nationally in the following professions: Accounting & Finance, Call Center & Office, Human Resources, IT, Salesforce, and Sales & Marketing.