The key to protecting your job during a recession

Women with CentsBlog, Budgeting

As I’m sure we’re all aware, the job market is changing, and changing rapidly. I’ve heard that many women in our community have lost their jobs, and unfortunately that’s not just from COVID. Businesses and the economy are entering their first recession in a long time.

It’s hard to know exactly how the job market will turn in the future, so preparing yourself in advance is the safest, albeit most pessimistic, approach to financial security.

Here’s a few steps you can take to improve your chances of survival in the jobs market.

Step 1. Develop a “can-do” mindset

Your mindset will have the biggest impact on how effectively you navigate your way through these uncertain times, and not allowing the negative news headlines to defeat you is key. When times are tough it can be incredibly easy to fall into a “victim” mindset and think that it’s too hard to find a new job or that there aren’t any jobs available. You simply cannot allow yourself to fall into that negative pattern of thinking. Instead, learn to notice when that stressful and negative chatter pops up and refocus those thoughts into a solution-oriented state of mind.

Your motto now is: “Times are tough, but I won’t know, unless I try”.

Step 2. Prepare a plan B…and C, D, and E

Rather than tossing and turning at night worrying if you or your partner will lose your jobs or how long it will take to find new employment, put that energy into productive use and start preparing your Plan B. In other words – what course of action will you take if you lose your job? Your backup plan can include emergency savings, couch surfing, negotiating your bills, deferring your mortgage, getting a job in another sector, etc. And because times are so unpredictable right now, I would go so far as to say that once your Plan B is sorted,  it wouldn’t hurt to also put together Plans C, D, and E, just in case!. Essentially, what I’m getting at is that you need to be aware that you may lose your job in the future and prepare alternative career paths, job options and financial reserves in advance.

Step 3. Update your CV

Don’t wait until you are ready to job hunt to update your CV. Now is the time to be taking proactive steps so that you can act quickly if you need to. Think about all the areas you’ve been trained in, all the jobs you’ve had before, all the skills you have, and all the random tasks you’ve done that don’t necessarily fall under the umbrella of previous position titles. By doing this, you’ll have a better understanding of how you can frame your background and experience to new industries if the time comes where you have to search for a new job.

Step 4. Diversify your skillset

The wider your skillset that you can apply to new jobs and new industries, the better. If you’re very specialized in a certain line of work, consider how those skills could be applied to another industry, or even upskilling and retraining. For example, if you’re a massage therapist, consider bulking up on some IT coursework so you could do social media management or admin support for a health company.

A great way to figure out which skills to develop is to ask yourself these three questions:

  1. What other skills do I have that I can leverage?
  2. What am I naturally good at?
  3. What areas can I go and retrain in?

One silver lining of COVID is that the government has offered free or discounted courses, which are the perfect opportunity for you to diversify your skillset, so make the most of them!

Step 5. Network!

The simplest and most overlooked strategy for securing your income is to network. Networking has never been easier thanks to social media and virtual groups, so there’s no excuse not to network! Reach out to old references and current colleagues to warm those relationships up a bit. That way, if you do need to ask them for a referral or a letter of recommendation, you and your professional relationship with them are top of mind.

If you are job hunting, then networking is even more important because a lot of jobs get filled without even being posted or advertised. Reach out to your network, your community, and your colleagues so they can point you in the right direction and help you find a position. Remember, people can’t help you if they don’t know you need the help!

Step 6. Explore new industries and widen your search

If you are struggling to find work, it is time to kick things up a few notches and start looking at workplaces and industries that you wouldn’t normally apply for. This could also mean expanding your geographic search radius, especially if your job can be done virtually. Throw your CV at everything and see what sticks!

Step 7. Seek feedback and follow up

If networking, exploring new industries, and widening your search radius don’t result in any new jobs, it is time to start asking for feedback. Simply ask for more information about what they were looking for in a candidate or where you could have improved your application. The worst that can happen is they ignore you, on the other hand you might get some really great feedback that you can put in place for your next job application and interview.

If none of these strategies result in a job immediately, recognize that you’re still benefiting from your efforts. When you have conversations with hiring managers and show them that you’re willing to go the extra step for employment, you’re making connections with those individuals that can result in valuable professional benefits in the future. Also, remember that the fortune is in the follow-up, so don’t be afraid to reach back out to them if you don’t hear an answer on your application!

These times can absolutely be tough mentally, but if you adopt a “can-do” mindset and implement some of the strategies we discussed, you’ll be leagues ahead of the rest of the crowd in terms of securing your income and finding and retaining work during the recession. There is loads of information, support, and job opportunities out there; they just may require you to think outside the box.

At Women with Cents we believe in paying it forward and supporting those in need. If you enjoyed these tips, please consider helping us to support young girls in Africa by making a donation.

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