3 steps that will save your job in a recession

“Are we in a recession?

That’s the question everyone’s been asking lately, and yet the answer has never seemed more complicated. Recessions are generally defined as two consecutive quarters with a negative decline in gross domestic product. By that standard, the US economy is in a precarious position, having experienced negative GDP in the first two quarters of 2022 despite growing at an annual rate of 2.6% in the third.

To make matters even more complicated, the National Bureau of Economic Research’s (NBER) Business Cycle Dating Committee has officially declared a recession. Their definition – “a significant decline in economic activity that extends throughout the economy and lasts for more than a few months” – leaves room for other interpretations, including factors such as employment, revenue and sales. While the decline in consumer spending in the third quarter suggests inflation has taken its toll on Americans, at 3.5% the unemployment rate is back to pre-pandemic levels.

While economists generally don’t think the United States has entered a recession yet, many CEOs believe a recession is on the horizon. According to a KPMG survey of more than 1,300 CEOs of major companies around the world, 91% of CEOs believe there will be a recession in the next 12 months. Only 34% of US CEOs say it will be sweet and short.

To prepare for the future of an uncertain economy, employees need to tighten the reins of their financial well-being by taking steps to secure their jobs. Here are some tips on how:

Become indispensable

What can you do that others can’t? Even in a recession, employers retain employees they cannot afford to lose. Since a smaller workforce will force most employees to step up and take on more responsibility, reliable workers who communicate well and offer a wide range of skills are more likely to survive a series of layoffs.

Remaining employees will likely have to take on tasks in unfamiliar areas, making the ability to learn new skills essential to staying in a company looking to consolidate its workforce. Versatile employees will also be an asset to companies after a recession – it costs employers an average of $4,129 and 42 days to hire a new employee, an expense they could eliminate if they delegate these tasks to existing employees instead. .

With so many online learning platforms available to everyone, now has never been easier – or more expected – to bring new skills to the table. Free online platforms like Coursera, MIT OpenCourseWare, and Open Culture let you learn college-level material on topics ranging from computer programming to art history. Think about additional skills or programs that might be helpful in helping you increase the impact, efficiency, or caliber of your work performance. Also, consider spending time improving your soft skills, as 93% of employers say soft skills play a crucial role in determining who they hire.

Some hard-to-learn skills:

data mining

· Data base management

Internet audience analysis

Email Advertising

· Project management

· Public speaking

· Computer programming

Some soft skills to improve:

· Management of time

· Project management

Analytical thinking

Flexibility

· Planning

· Customer service

· Communication

Improve your game

Now is not the time to slack off. Once a recession hits, it won’t be long before companies start letting people go. By then it will be too late to secure your job by promising to show up on time and meet deadlines. Also, your actions will speak louder than your words. Show your commitment to the company months before the idea of ​​firing employees even occurs to your boss.

Start cleaning up your act by showing up to work on time and well groomed. Focus your attention on meeting deadlines and responding to emails effectively. Limit socializing to lunch breaks and minimize office distractions to improve your concentration. Then add some more to your plate. Maybe that means staying late to proofread a team project before the next day’s presentation or helping out a colleague with paperwork. The small acts add up and after a few months, the highest ranking officers will notice it.

Show up in person

For employers working in a corporate office, remote employees are out of sight and out of mind. A large-scale survey found that 60% of managers said remote workers were likely to be fired first. If possible, consider going to the office a few days a week to establish a stronger connection to the company culture. Working from the office will also give you the opportunity to have deeper conversations with supervisors about your contribution and your future within the company.

At the very least, working in the office can reduce your own anxiety about being laid off. A GoodHire survey found that 8 in 10 remote workers believe they are more likely to be fired than those working in the office.

Most of the workforce has no control over whether the United States will experience another recession, but that doesn’t leave you out of control. Present yourself in the office as an indispensable asset to the company – and there will always be work.

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