How to Secure Your Job During Recession

Job security for recruiters is especially tough during an economic crisis. It is possible for vacant positions to become so few that hiring efforts may stall. Hiring freezes make it difficult for recruiters and talent acquisition professionals to do their regular jobs.

What causes recessions, and what causes them to occur?

The National Bureau of Economic Research (NBER) typically declares a recession when the gross domestic product declines for two consecutive quarters (GDP). The GDP is the government’s metric to assess the overall strength of a nation’s economy.

Although they are a normal component of every nation’s economic cycle, recessions are challenging to forecast. They typically happen as a result of a complex web of connected factors, including

• Financial shocks – are unforeseen occurrences, such as pandemics, terrorist attacks, or natural disasters, that interfere with an economy’s usual operations.
• High-interest rates – The average consumer finds it harder to borrow and utilize credit cards, reducing their spending propensity. Additionally, firms depend on borrowing money to expand. If interest rates are too high, borrowers will borrow less money and spend less on labor, which would result in job losses.
• Consumer confidence decline – Most economic activity depends on consumer expenditure. However, people have a tendency to spend less and save more when they are concerned about the state of the economy, which slows down everything.

Since recessions are naturally unexpected, no one can predict with absolute certainty how long one will persist. However, based on the previous 70 years, a downturn typically lasts 11 months.

What steps can you take to Improve Job Security against a recession?

You can lessen your likelihood of being fired even if you work in a high-risk sector of the economy. Here are some suggestions to help you keep your job.

1. Be flexible

One of the top skills valued by companies is adaptability. And it’s especially helpful when there’s a lot of uncertainty, like when there’s a pandemic or just before a recession. You may defend yourself from layoffs if you learn to accept challenges, develop as a leader, and keep current in your profession by being more resilient.

2. Visibility is key

It could be time to start chatting with coworkers if you’re not one for it. Consider going to more social gatherings and mingling with your coworkers and supervisor. By doing this, you’ll be easier to recall, and your job will be more pleasant.

3. Promote positivism

Your mood may be negatively impacted by the uncertainty that comes with recessions. But it’s crucial to remember that everyone else, even your leaders, feels the same way. In an otherwise difficult period, you’ll be a beacon of hope if you can share happiness and optimism. This can occasionally be just as valuable as the technical abilities you provide.

4. Enhance your areas of weakness

Nobody works flawlessly. Increase your level of self-awareness and pay attention to your areas of weakness. You can take action to address and enhance any weaknesses in your skills once you’ve identified them. Enhance your abilities and acquire new certifications. The more rounded you grow as a worker, the less likely it is that you will lose your job.

5. Adopt a mindset of survival

Act like a survivor if that is what you want to be. This entails accepting responsibility for your situation and refusing to play the victim. This is possible by

• Recognizing the ambiguity
• Taking action to keep yourself safe
• Having faith in your capacity to endure whatever comes next

This kind of thinking can help you operate more confidently and with a better attitude, leading to better results for you.

In a recession, what are the best jobs?

Accounting and finance – Everyone, from California to New York, will be attempting to maximize every dollar while the economy suffers. You can support people in managing their finances if you are an accountant, auditor, or another type of financial specialist.

Healthcare – Since society will always want qualified medical experts, this sector is safer to work in during a downturn. Even if you aren’t a nurse or doctor, you can still help them out in a clerical capacity.

Education – Your pay will differ if you’re a university professor or an elementary school teacher. But compared to other businesses, education generally sees fewer layoffs.

Never give up

You may feel anxious when you wonder, “Will I lose my job in a recession?” But it does not need to. Knowing more about recessions can make it simpler for you to adjust to a sluggish economy since knowledge is power.

Making yourself indispensable to your employer is your greatest option. Positivity, skill expansion, and adaptability should all be displayed. These actions can help to safeguard you if your firm decides to move forward with layoffs.

Even if things don’t go as planned, the situation is still not over. You’re a hard worker with the potential to develop many various abilities.