How to Recession Proof Your Career

Last week the Fed raised interest rates again and laid out a plan for further raises “until inflation is in check”. The economic impact is already wreaking havoc on the stock market. In addition, recession odds just skyrocketed up to 80%, says former Reagan economist and hyperinflation expert Steve Hanke who is now a professor of applied economics at Johns Hopkins University.

How will these developments impact the job market? Layoffs are being planned at half of U.S. companies and 52% of organizations have implemented hiring freezes, according to a PwC Pulse Survey released in August. Other than the brief, albeit dramatic downturn in employment caused by the pandemic, this is the first widespread softening job market for millions of US workers who initially entered the workforce since the last recession – more than ten years ago. The balance of supply and demand is shifting.?

How should a person prepare for the worst? By recession-proofing one’s career with a sustainable career plan.

Over the course of my executive search career, I have talked with thousands of individuals about their job and career interests. Many people contact me when they lose their job or are unhappy with their current situation. Other times, I am reaching out to passive candidates who are happy in their role but may be open to a better opportunity.

In all cases, I like to ask what the person is looking for in their next role. Most can describe their ideal scenario, but occasionally an individual will struggle. In those cases, I suggest the person tell me about their career goals instead. Once we discuss their goals, we can figure out a logical next-step role for the person.

However, many individuals have not established career goals. For those individuals, I recommend developing a career plan using the 6-Step Career Planning Cycle.

1.?Determine your starting point.?Where do you fit in your current organization? In addition to your title, consider your compensation range and how you compare to peers with similar titles and similar years of experience. Do you have more responsibility or less? Are you moving up more rapidly? Are you moving up at all?

2.?Establish goals.?Where do you want to end up? Is the C-Suite your ultimate target? Are you willing to pay the price in terms of time commitments, travel, relocation, or other steps that may be required? If not, what level would you like to reach?

3.?Determine exposures needed to get from where you are to where you want to be.?Will you need additional education or certification? Will you need cross-functional technical exposure? Should you polish your presentation skills, improve soft skills or join professional associations? Talk to your boss, other professionals, and human resources to find out what steps may be right for you.

4.?Develop an action plan.?Determine what steps you should take and what time-based milestones to assign to each step. Then get started! Be realistic with your goals and time frames, but also set a pace that will get you there.

5.?Monitor progress.?You should review your plan quarterly and evaluate your progress, as well as the effectiveness of the actions you planned. Are you reaching the milestones you set? If not, were you too aggressive? Or have you lacked proper focus and effort? Also, as you reach each milestone and complete each step, is it getting you to the point in your career that you expected?

6.?Take corrective action.?After each point of assessment, if you determine you are NOT where you want to be, you should adjust. The best way to adjust is to go back to step 1 using your current situation as a starting point.

With a written career plan using the?6-Step Career Planning Cycle, keeping a career on course will be much easier. Especially when a recession hits.

To learn more about how we can help you reach your career goals, visit the?Career Coaching page ?on our website. Or contact me at [email protected]