An economic crisis can pose many challenges and threats to your career, such as job loss, salary cuts, reduced opportunities, and increased competition. However, it can also be a time to rethink your goals, adapt your skills, and leverage your network. Here are some tips on how to manage your career during an economic crisis and prepare for the future.
The first step is to evaluate your current position and prospects in the market. How secure is your job and income? How in demand are your skills and expertise? How aligned are you with your employer's vision and values? How satisfied are you with your role and responsibilities? These questions can help you identify your strengths, weaknesses, opportunities, and threats (SWOT) and decide whether you need to stay, change, or grow in your career.
Ask yourself: (1) “What really makes you want to get out of bed in the morning?” (2) “Do you want to own the solution or coach the solution?” (3) “Do you want to be an Individual Contributor (IC) or Manager? If Manager, how big of a team? (4) “What skills and capabilities have made you successful in X role that will translate to any other business or role?”
As you consider how to react to the current context, it’s helpful to be clear about what’s going on and focus on the facts. Evaluate where you are in your career—and whether you want to dig into your current role or make a change. Consider how much you’d like to make a change, knowing the job market is tightening. Focus on two questions: What’s satisfying or dissatisfying in your current role? How important or impactful are those elements for you? For example, if you lack a sense of meaning in your work, and if this is having a significant effect on your motivation and happiness, it may be wise to make plans for a job search, otherwise, your best bet may be to stay where you are.
An economic crisis can also be a learning opportunity. You can use this time to acquire new skills, update your existing ones, or explore new fields of interest. You can take online courses, attend webinars, read books, or join communities related to your profession or industry. You can also seek feedback from your manager, colleagues, or mentors on how to improve your performance and potential. By updating your skills, you can increase your value, confidence, and employability.
Networking is essential for any career, but especially during an economic crisis. You can use your network to get referrals, recommendations, insights, or support for your career goals. You can also use your network to help others who may be facing similar challenges or opportunities. You can expand your network by reaching out to your existing contacts, joining online groups, attending virtual events, or creating content that showcases your expertise. You can also use social media platforms like LinkedIn to build your personal brand and visibility.
Narrow the search and get specific on: (1) Company Stage (Seed, Series B, must have product/market fit). (2) Industry / Business Model (Enterprise SaaS, Consumer Marketplace, Gig Economy, HR Tech, Fulfillment Services). (3) Role Type (VP of Product, Head of Business Development, Chief of Staff). (4) Consider adjunct teaching. (5) Consider fractional roles. Startups need help with partnerships, growth, and marketing (without an expensive CMO).
An economic crisis can also affect your financial well-being and security. You can manage your finances by creating a budget, tracking your expenses, saving for emergencies, and reducing your debts. You can also look for alternative sources of income, such as freelancing, consulting, or side projects. You can also seek professional advice on how to invest, plan, or protect your money. By managing your finances, you can reduce your stress, increase your flexibility, and prepare for the future.
Immediate things to consider: (1) Reduce expenses. (2) Calculate when your 401K will be gone. (3) Calculate when your credit cards will be maxed out and the checks start to bounce. Focus, cut expenses, and work as hard at job hunting as you did at "work."
Finally, an economic crisis can also take a toll on your physical, mental, and emotional health. You can take care of yourself by maintaining a healthy lifestyle, such as eating well, exercising regularly, sleeping enough, and avoiding substance abuse. You can also practice self-care, such as meditating, journaling, relaxing, or pursuing hobbies. You can also seek support from your family, friends, or professionals if you feel overwhelmed, anxious, or depressed. By taking care of yourself, you can boost your resilience, motivation, and happiness.