Managing Yourself During An Economic Downturn And Staying Ahead

Managing yourself during an economic downturn and staying ahead

Recession, recession, recession......the economy is stumbling under the pressures of a downturn. Unemployment rates are staggering and layoffs continue to be high. When we hear this automatically the questions that flood in our mind are ‘Is my name in that list? If businesses are experiencing a decline, will they hire? Should I start searching for a new career? Will I get a handsome job?  And so on. Though thinking of the consequences stemming from the recession can be scary, there are still reasons to keep a positive outlook in a job search.  Moreover, the current economic climate calls for a robust career management plan which will take your career to new heights even during recession.
Consider the following tips to analyze and develop a broad-spectrum action plan that will help you leverage your strengths and overcome your weaknesses:

Research and Evaluate
Search answers for questions like Is your field growing or decreasing? Have job functions been removed? Ask your industry associations for information on your field. Carry on a thorough research on the internet for a better idea of the present scenario in job market.
Evaluate your expertise.   We all have something unique to offer and if you can develop a powerful value proposition demonstrating how indispensable you are, you will be in a much better position that most professionals. Expand your skills over time. Think about skills that you can transfer to other fields. Assess the opportunities, and look at how well your competencies match other job requirements. Bridge the gaps by taking a few classes or attend career enhancement workshops. Take online tutorials which are often freely available. Learn new technologies and industry standard software. Always stay au fait on cutting-edge of your profession.

Update your resume
Maintain an updated resume and highlight recent accomplishments and create a powerful document that will help you stand out in crowd. Write one or two strong cover letters to make you more marketable.  A slow economy may be a good time to upgrade and hone your skills and appropriately incorporate the same in your resume.
Giving back to your community may be an essential component in resume building. Offer your voluntary services to a any non-profit organization and add these experiences in resume for value addition.

Networking is the key
It's very important to build professional network where you can seek information, ideas and potential jobs.  Networking is the key and an active component in the career management plan.  Attend trade shows, career fairs, workshops, conferences, industry and social events and talk to others in person. There are numerous online networking tools available to make networking easy. Now is the perfect time to create a LinkedIn account and reach out to old colleagues or friends for their help. Post questions and answers, join in discussions and find out about unadvertised job openings. Include family, friends, and colleagues in your network. Help others in networking. Remember anyone who reaches out to help others network for their job search is more likely to receive reciprocal assistance.

Keep Learning & upgrading your skills
Commit yourself to continuous learning. Look for self-directed learning opportunities. Share your knowledge with your team and colleagues. Learn about other departments in your company, their functionality, goals and steps they take to achieve them.
The strategies you learn in each area will help you survive - and succeed - in your organization. Your ‘survival' in your job may depend on your flexibility, cleverness, and creativity.
During a slowing economy and growth, pursuing a master's degree in your sphere of specialization or a job oriented professional training program may provide a boost to your job role and thereby your compensation. Consider doing an MBA, PMP (project management program) or similar professional courses for a definite scale in your career move.
Work smart
As the economy weakens, companies have to cut costs and the result of that is job loss. Do not take your job lightly and aim to keep your job. The only way to achieve that is outperform.
Ponder over the following tips and tricks to elevate your position in your current company:

• Seek ways to cut costs. Be frugal, and help your company cut costs sensibly. Find areas of waste within your company. Suggest ways of efficient spending in the workplace. Focus on activities that directly generate revenue and profit for your company.
  

  Get noticed. Be noticed in positive ways. Leave a great impression each day with co-workers and supervisors. Be more productive than the rest of the people on your team. Do more than expected, take on additional work, and find ways to work closely with your boss. Try to volunteer on projects and take on leadership roles. The key is to demonstrate how you can contribute toward the organization's success and deliver an optimal ROI for the company.

  Go above and beyond. Work beyond your job title and description. Volunteer for additional responsibilities that can be highlighted on your resume. Remember that your co-workers are probably working hard too. To survive a downturn, be prepared to do more and be more creative than others.

  Be positive. Be professional at all times. Be a team player and promote a positive morale within the office. Help out, treat others with respect, be friendly and supportive, and bring a positive attitude to work every day. Make sure that ‘you're part of the solution, not part of the problem'. A positive attitude will always fetch you positive references and recommendations to potential employers.

  Track your work. Keep track of what you do. Be able to prove your value, and the importance of your role.

   

  Review your personal finances
  The ability to make a career plan and stick to it often depends on having the economic resources to maintain your lifestyle. If you suddenly get laid off, you should have at least three to six months of living expenses set aside. This way, you won't have to take the first job that comes along. Now is the time to review your finances, so that you can build up this buffer.
  With all the above strategies you should be able generate a steady stream of job leads. Effective career management is an ongoing effort. Once employers recognize how valuable you are, recession or growth, they will do everything they can to retain you.
  So don't panic because you still have choices. Be smart about your choices, maximize your value, understand and manage key elements of your environment, and prepare yourself properly to stay calm and plan ahead.