The news of a global recession (recession, layoffs, and job cuts) has caused quite a stir in the job market these days. However, according to a KPMG 2022 report in this context, 58 percent of global and Indian CEOs believe that the global recession will be short-lived and have little impact. Such challenges in one’s career cannot be avoided if they are seen. It is best to prepare yourself as soon as you hear about such challenges. During the recession, there is a need to shift to skills where demand remains stable or increases. It is preferable to make a strong case for the recession. Improve your skills that will be useful in any industry. Everyone must have a backup plan for employment. Take some special steps to increase your chances of keeping your job or quickly finding work in another field if you lose your job.
If you have a job, pay attention to these details.
Develop a skill in an essential industry During the pandemic, we all realised that some industries, which fall into the category of essentials, never stop working, which is why there is a demand for skilled workers in them. Concentrate on developing skills in fields such as e-commerce, education, health, and information technology. These skills will always serve as a backup plan for you, even if the economy does not improve, and will be able to provide you with employment.
Learn new skills for current jobs. New technology, courses, and so on are constantly being introduced into every industry in terms of education and training. Make upskilling and reskilling a trend. This will put you ahead of the competition in your current position.
Your work initiative If you stay ahead in doing new work while on the job, it increases your employability. Maintain open lines of communication with your officer.
Develop Your Business Network Developing your business network is critical in the digital age. You should create an online networking profile and connect with as many people as possible. In your online profile, highlight your skills and accomplishments.
Save Forbes discusses how to strengthen your financial position while saving during an economic downturn in its 2022 article. In times of uncertainty, your savings serve as a source of strength and confidence.
These skills are capable of gaining market in any economy: adaptability, which is the ability to work smoothly in a diverse environment, multitasking, critical thinking, collaboration, creativity, and micro thinking, which is the ability to pay attention to even minor details.
Entrepreneurship and Interest
McKenzie discovered in her research on America’s ‘The Great Attrition’ that 31% of those who left jobs in 2021 planned to start their own businesses. Develop your enthusiasm. Your hobby provides an additional source of income in addition to your current job and during difficult times.
The demand will continue to exist.
Despite the economic slowdown, there will be demand in education, health, information technology, and the government sector, according to Forbes magazine. Choosing the right area will be critical in the upcoming economic slowdown. Develop skills that will be useful in a slowing economy.