Recession 2022. If you're reading this from any location in the world, you may be feeling the effects of a global economic slowdown, increased prices, and lower quality of living.
On the Remote Professional Network, we never want to fear-monger, however, we want our community to always be armed with facts, and resources to improve their Remote Careers, Finances, Networking, and more.
In the United States specifically:
- In 2021, on average, rent across the country increased by 11.3% on average. That is the highest rate increase in decades. And 2022 is not looking much better, with an expected 7% rate increase on average (across the nation).
- Gas in 2022 has hit a new record high, hitting $4.36 on average.
- If that weren't bad enough, Consumer Prices are up 8.5%!!
Why are we highlighting these data points?
Typically numbers like these would lead Economists, and other Financial experts alike, to believe a recession is inbound, or even already here.
Media outlets love "The Sky is Falling" type of news, and content - mainly because this type of content typically brings in views on articles, videos, and so on. The way they get paid is by getting you to click on their content. After that click, there is no solution, or any type of help. Just doom & gloom.
No doom & gloom here - SOLUTIONS ONLY! Many articles & videos out there are focused on "Recession Proof Industries/Careers/Jobs". While those are great to be aware of, we have a different take.
While focusing in on industries, careers, and specific roles is important, there is a step missed here. If we hit a deep recession, there is no guarantee that these positions will fall in line with past historical events. For this reason:
YOU NEED TO RECESSION PROOF YOURSELF
What does that mean?
During a recession, sure, there are "safer" places to work. However, you can do more than just apply to safer" jobs, with a safe company. Don't leave your fate up to companies, take matters into your own hands as much as possible. Control what you can control.
Here Are Some 3 Tips to Make Yourself Recession-Proof
1) Produce More Than You Cost
If a company makes a decision to layoff employees, it typically comes down to a simple question when making the decision on who to let go: "Who is producing?"
You may be thinking "Okay, good. I am doing my assigned job, and producing."
If you are doing your job well, that is great! With that being said, during rough times, you are going to want to try to produce more value in your position, making yourself more irreplaceable.
To produce more value than what you are already producing, you would need to:
- Produce more of what you are currently doing.
- Have an in-demand skill (Like programming, for example)
- Add a new skill, so you can produce something new, in addition to what you already do. Adding a new skill, and producing with the new skill can also be a great way to advance your career.
2) Really Get to Know Your Company or Workplace
Back in 2017, one of the founders of Remote Professional Network (Let's refer to him as Mark), worked for a Fortune 100 Company. Shortly after starting his new role, this company created a new Business Vertical, expanding into a brand new product offering, and income stream.
Although Mark did not work for this Business Unit, he still worked inside another Business Unit under the same company. For that reason, he took an interest in what the Company was building. To get more information on what the company was planning long-term, he:
- Read business news articles.
- Learned about the new product.
- Went over previous Quarterly earning reports.
- Watched informational videos about the new product being offered.
- Reviewed hundreds of job posts made for the new Business Unit.
Why did Mark do all of this? While most employees at the company were excited about the new opportunity, Mark was cautious. After reviewing all this brand new information about the company, and the new business unit - Mark started applying out to new jobs at other companies.
Within 3 months, Mark had a new job, at new company. He researched them the same way he did the previous one, and liked what he saw.
6 months later, the old company which Mark worked, closed the new Business Unit, and laid off 1,000s of employees.
So how did Mark avoid the disaster of being laid off? Mark started to take an interest, not just in his job, and his role, and his Business Unit - but, he took an interest in the company as a whole. After conducting his research on this new Business Unit, he did not believe it was a wise decision for the company to invest in. Therefore, he knew he had to make a move, otherwise he would most likely be laid off soon.
Point: If you are currently working for any organization, you should be reading as much information as you can on company strategies, forecasts, hiring patterns. Even BEYOND that, you should always be aware of what is happening around your industry.
One of the simplest ways to become Recession-Proof: ALWAYS know what your company is up to now, and in the future. If you are knowledgeable about your company as a whole, and your industry, you will always be 1 step ahead of everyone else. This alone can keep you from being laid off.
3) Build On Your Current Skills, and Add More Skills:
We listed this one last on purpose. If you follow the first 2 steps, this one should be simple to execute on.
Now, we know that:
- If you can produce more than what you cost your employer, you are likely to survive a round of layoffs.
- If you become more knowledgeable about your company, and industry, you should be able to see, or predict what skillsets the company is currently targeting as a high priority.
- If you know what skills your company, or industry is focused on acquiring immediately, or in the near-future, you can easily create a plan to learn those skills, and implement them in your current role.
- If you don't know what skills are in high-demand for your company, or industry, simply stick to mastering what you currently do, and learn how to improve on the skills you already have.
If you want to "skill up", but don't know where to start, check this video from our Remote Professional Network YouTube Channel:
As we noted above, there are definitely other strategies, and tips to secure your role during a turbulent economic situation - like landing a "Recession Proof" job. But the reality is, not everyone will be able to change their career, and land a new job on a whim. That's why we developed these 3 unique tactics, to become as "safe", and irreplaceable as you can, in your current position.
Surviving a lacking job market, or a recession can take work. If you execute on any of the tips above, you will probably be putting in hours per week to improve yourself, and become irreplaceable. In the end, you will come out more skilled up, more experienced, and more desired on the job market.
Remember: You can only control, what you can control.
--Remote Professional Network
**Disclaimer: This is strictly an opinion piece, please conduct more research yourself before making any decisions. Remote Professional Network is not affiliated with anyone/thing mentioned.**