How To Recession-Proof Your Career

As a former recruiting executive, I hopped to the other side 20 years ago to become an advocate for YOU, the worker. I write weekly on LinkedIn about topics that help people secure good jobs and build better careers. Thanks for reading - I'd love it if you decided to follow my newsletter by hitting the subscribe button above!

It's 2023. Welcome to one of the most anticipated recessions of all-time.

According to Bloomberg, economic data suggests in 2023 we should expect, "one of the most anticipated recessions of all time." But, with unemployment rates still so low (at the time of me writing this it's 3.7% in the U.S.), many don't seem too worried.

Still, you've got some pretty smart people from places like Stanford University saying we've had more tech layoffs in 2022 than in the Great Recession of 2008. And, that this will inevitably lead to "copycat behavior" that will make a lot more companies follow suit and layoff thousands more.

So, what does this mean for YOU?

When we hear uncertain and scary data like the information above, I think most of us would like to be given a step-by-step blueprint for recession-proofing our careers. It would be AWESOME if we could do things to ensure we are spared of unexpected layoffs or extended periods of unemployment.

While I can't guarantee you won't get let go, I can tell you what you do NOW will make a huge difference in how quickly you bounce back from a career curveball during a recession. Here's why...

Recessions make job search more complex.

First, getting let go doesn't put people in the best mindset to look for work. Even if hundreds of our coworkers lost their jobs too, we still get this weird little feeling of insecurity. We think:

"Why me? What could I have done differently? How will I explain it in job interviews? What does this say about my skills?"

Questions like these swirl in our heads and can make diving straight into a job search a little daunting. People often take a month or so to recover from the layoff experience, assuming once they feel better they'll dive right in and find a new job. But, that's not how it always works out.

Because the market is flooded with talent who got let go also and are all competing for the "good" jobs.

While we have lots of open positions here in the U.S., a good number of them are the ones nobody wants. That means all the coveted jobs are getting inundated with applicants. Layoff victims find themselves competing against all the other unemployed workers with the same skill sets, as well as the ones that are still employed but looking to make a switch. Studies show people who currently employed have an easier time getting a new job than those that are unemployed. Sadly, unemployment bias is very real.

The best way to recession-proof your career is to make sure you understand how to conduct what I call a, "Disruptive Job Search."

I've been teaching this type of job search since 2001. And especially, since the 2008 recession. So, I know it works. It starts with shifting your mindset from job seeker, to job shopper. You need to get targeted in your approach to finding and connecting with employers. More importantly, you need to do it while you are STILL employed and don't need a job - yet. Let me give you an example of why the shopping mindset works so well...

Jack and Jill both just had their refrigerators die and need to replace them.

They both had saw some warning signs i.e. food not staying cold, etc., but Jack chose to ignore them and figured he'd just buy a new one when it died. Meanwhile, Jill started doing her homework on replacements at the first sign of issues. She determined her budget, as well as which features she wanted in a new fridge. She set up alerts for appliance sales and to monitor the prices. As it happened, there was a big price drop on a well-rated model the week prior to her refrigerator dying so that when it died, she was quickly able to purchase the replacement the same day and have it delivered for free. She got just what she wanted, and at a great price.

Jack wasn't as lucky.

He started his research and found it overwhelming so he couldn't make a quick decision like Jill. Plus, he had to throw out all the food in the broken fridge and was stuck eating out 3X a day while he stressed over what to do. By the time Jack figured out what he wanted, the model was on back order and he had to pay extra to get it sent ASAP. Two weeks later, Jack finally got his new fridge. But, he was five pounds heavier and spent way more than he wanted to on dining out.

Job shoppers put in a little work now to make getting a new job easier later.

The hardest thing about being a job shopper is realizing that school didn't teach you how to be one. You need to learn how to be proactive and prepare the right tools (i.e. interview bucket lists, skimmable resumes, keyword optimized LinkedIn profiles, etc.) in order to be successful. It's not rocket science or brain surgery, but it's also not something you'll intuitively know to do on our own. That's why it's better to learn it now.

PS - I'm teaching a 4-week class this month that will breakdown step-by-step how to minimize the impact the recession has on your career. The class is available exclusively to my Career Class Pass members. A membership is only $9/month and you can cancel at anytime. You can learn more HERE.