How to be Recession Proof, Whether You are 25 or 52!
With recession on the horizon due to disturbances and disruption in the world with the Ukraine war, the COVID-19 pandemic, and interest rate hikes, redundancy is waiting to rear its ugly head again. However, this is simply a cycle that keeps repeating itself every time an economic downturn comes around. One cannot be retrenchment-proof, but you can certainly strive to be recession-proof!
The simplest option is to work in recession-proof industries, such as Education, Healthcare, Government, and Information Technology. These industries are essential, in both good and bad times.
However, if you cannot be in a recession-proof industry, then make sure you recession-proof yourself by doing 4 things well:
- Keep doing good work, both in the workplace and outside, like industry associations or pro-bono services. Be so good that they cannot ignore you.
- Be visible to the powers that be, at work and outside. It is not enough to simply do good work: you must be seen doing good work. There is a reason why they say “out of sight, out of mind”. Strive to be positively visible to the power core, and make sure they know you, at least by name.
- Keep depositing into your “emotional bank account” i.e. be useful and helpful to people at work and outside, without expecting anything in return. You are simply building goodwill whenever you can. When it is time to cash in, your effort will reap generous dividends. People do not remember what you do or how good you are, but they will never forget how you made them feel, or how you helped them in their time of need. Dig your well before you are thirsty.
- Keep honing your skills and stay relevant to what is new and what is next in the industry. In the digital world of work, the half-life of skills is about 18 months. If you do not invest in making yourself relevant, then you will be irrelevant. Your career is your personal responsibility. Do not outsource it to the company. They have their own agenda, and your career is unlikely to be their number 1 priority.
If you do these 4 things well, you are effectively building a feasible Plan B. Recession or not, you can leave anytime you want because you have built a personal ecosystem of employment security.
The best part is you do not have to look for jobs. People will start looking for you.
Redundancy in the Workplace
If you have done the above 4 things well, you can probably secure a new role quickly with a phone call should you find yourself being made redundant in the workplace.
If not, take a step back and reassess your situation. Take a short break if you must. You can visit pity city but do not stay there because it can turn into a downward spiral of self-pity.
Things you should do during this time:
- List your work achievements in the past 3-5 years.
- Explore where you want to be in the next 3-5 years and if you are equipped to go down that path.
- Consider what skills you excel at and if that is something you can leverage to teach others.
- Reach out to your contacts who know you well and ask them for referrals to information-interviews in relevant industries. Do not ask for jobs—you’ll scare your contacts away!
- Invest in your connections by buying them a meal and re-connect without expectations.
- Seek out people who need what you can offer, especially competitors.
To pick yourself up and bounce back, your support network is crucial. This includes your personal network like your family and professional circles, which includes industry associations, professional peers, and career coaches.
There is no need to feel bad or embarrassed. Do not blame yourself because the economy took a hit and you lost your job. Be brave enough to ask for help.
It is easy to say but hard to do. Do it anyway. It is when you are hardest hit that you must not give up. Most importantly, believe in yourself and your ability to bounce back. If you don’t, why should others believe in you?
Job Hunting
In today’s digital and social media age, effective job hunting is a new game that few know how to play well. Recruiters and companies are increasingly getting overwhelmed by too many online applications because it is so easy to apply online with one click. Instead, they now prefer to look for passive candidates. These are candidates who are not actively looking but they are open to opportunities. They are usually perceived as better candidates because they are happy where they are, and they are happy because they are recognised and rewarded, which makes them good potential candidates.
To be an effective passive candidate, make sure you are visible and findable online. This means you must be active on social media, especially LinkedIn and Facebook. The keyword is “active” because a passive or inactive profile simply doesn’t cut it anymore. It could even do you harm because it shows that you are tardy online, which imply you could be the same offline (at work)! TikTok is up and rising as another smart way to reach employers, because it shows that you are current, creative, and resourceful.
The good old days of getting hired by scanning job boards for vacancies, submitting ATS compliant resumes and waiting to be called up for interview are over. Instead, smart job seekers apply the T.A.O. (Target, Appointment & Offer) of job searching to get hired fast.
Once they know what position they want, they Target the hiring manager and find out all they can about them. They then seek an Appointment with the hiring manager via the hidden market i.e. through a referral or recommendation. They then prepare well to ace the interview to get an Offer. To learn the exact steps of how to apply the TAO, invest in yourself by getting the new book No Job? No Sweat! by Han Kok Kwang at www.nojobnosweat.com.
How Do You Job Hunt at Different Stages of Life?
Sample Barriers to Employment
First jobbers: No experience, need hand-holding, not street smart, not situationally aware, especially company culture and practices, lacks confidence, etc…
Mid-career switchers: No relevant experience, high salary expectations, lacks confidence, company-personality fit, etc…
Woman returnees after taking a career break: Out of touch, not updated, lacks confidence, company-personality fit, not digitally savvy, etc…
All three groups can apply the T.A.O. of job searching because it works for all of them. The lowest barriers to entry would be the first jobbers because there are many jobs in the growth sectors. What the three groups need to work on is handling “objections/barriers to employment”.
One simple way to handle “objections” is to use A.N.S. – Acknowledge, Neutralise and play to your Strengths.
For example, these are some ways a first jobber can use A.N.S. when a hirer claims that they have “no experience”.
I understand you are concerned about my lack of experience. That is a reasonable concern for many employers. (Acknowledge)
I’d like to assure you that though I may lack the experience now, I will make it up with extra effort at work and my can-do attitude in learning from my seniors. (Neutralise)
In addition, my experience in my CCA (list relevant CCA experience) has also prepared me well for the demands of the job (list relevant job responsibility from the job description). (Cite a specific example of when you demonstrated that skill.) (Strengths)
The bottom line is: Companies don’t hire people. People hire people! Happy job seeking!
Han Kok Kwang is the author of "No Job? No Sweat!" He has over 30 years of successful experience as a senior corporate manager and career entrepreneur. Han has empowered more than 100,000 individuals of 21 nationalities in their successful career transitions through his books and program.
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