How A Recession Could Impact Your Career

Popular How A Recession Could Impact Your Career Aaron SanbornJenna ArcandJanuary 05, 2023 Bigstock {"adCodes": [{"desktop": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "display": true, "mobile": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "new_amp": "\u003camp-ad width=336 height=280\n type=\"doubleclick\"\n data-slot=\"/22278042776,22664312254/wit/wit_content\"\n data-multi-size=\"300x250\"\u003e\n\u003c/amp-ad\u003e", "order": 0, "tablet": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e"}, {"desktop": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "display": true, "mobile": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "new_amp": "\u003camp-ad width=336 height=280\n type=\"doubleclick\"\n data-slot=\"/22278042776,22664312254/wit/wit_content\"\n data-multi-size=\"300x250\"\u003e\n\u003c/amp-ad\u003e", "order": 1, "tablet": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e"}, {"desktop": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "display": true, "mobile": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "new_amp": "\u003camp-ad width=336 height=280\n type=\"doubleclick\"\n data-slot=\"/22278042776,22664312254/wit/wit_content\"\n data-multi-size=\"300x250\"\u003e\n\u003c/amp-ad\u003e", "order": 2, "tablet": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e"}], "adsOrder": [2]}

Whispers about a possible recession have been in the air for a few years, but those whispers grew a lot louder recently with many economists highlighting various economic indicators pointing toward a possible recession in the immediate future.

Recessions can impact everyone differently, but history indicates that there will be mass layoffs, fewer jobs, more competition for jobs, and less job security.

Here's what you need to know about a potential recession's impact on your career:

Common Situations People Find Themselves In During A Recession Bigstock

As stated above, a recession impacts everyone differently. Any issue with the economy will impact consumers' wallets in one way or another but things can become particularly painful when it impacts your livelihood.

From a professional standpoint, the most common situations people find themselves in during a recession include:

Feeling trapped in a job they hate - Perhaps you were looking to leave your current job and make a career change, but the recession put the brakes on that. A person trapped in a job they hate can be less productive and many times the unhappiness from their professional life bleeds into their personal life.

Getting laid off from a job - This is the most painful consequence of a recession. It has a significant impact on a person emotionally. It also forces them to pick themselves up and enter into a competitive job market. And the awkward and uncomfortable fact is that if you are laid off, you're better off being involved in a company's first round of layoffs. Those let go in a second round of layoffs must enter into an even more competitive job market where their former co-workers already have a head start on them.

Being forced to accept a job they don't want - People have bills to pay and it's not uncommon for some to become so frustrated with the job search process that they eventually settle for any job offer they get. This is especially painful for anyone that may have been laid off from a career they loved. Going from a career you love to one you don't could make you a less productive worker and could also have major emotional impacts.

Struggling to land a job at all - This is the worst-case scenario. Not only is the job market ultra competitive, but those who have lost a job are interviewing for new ones with an urgency that sometimes comes across as desperation. The more times a person gets rejected from a job, the more desperate they become and the more it impacts them during job interviews. The unfortunate truth is that those who are laid off during a recession are at a disadvantage because recruiters are more likely to hire people that are already employed.

How To Know If A Recession May Impact Your Career

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There will be some common sense signs such as the state of your industry and the overall health of the company you work for, but beyond that, there are typically six strong indicators that your job is at risk during a recession.

The biggest indicator starts with doing an honest self-assessment about yourself because if you don't have a long-term career goal in place, you are vulnerable to losing your job during a recession.

If you're currently just getting by at your job but can't define what you do particularly well or the value you provide the company, that's a major red flag.

A solid long-term career goal involves a 2-5 year plan that highlights the skills and expertise that you provide to a company and what the company's return on investment would be if they hire you. This is all about creating and maintaining your personal brand. Your career goal should also include a plan for how you want to continue to grow professionally.

While having this plan in place doesn't make you recession-proof, it will put you in a better position if the worst-case scenario does occur!

How To Prepare Your Career For A Recession

Nothing in this world is foolproof but there are certain steps that you can take now at your current job that will make you less vulnerable during a recession.

It all starts with being an engaged employee who strives to always exceed expectations at work.

You should be the type of employee who has career goals in place. You know what value you provide the company and how you're going to provide it.

You should also be the type of employee who reaches out to management from time to time to see what you can do to increase your value to the company. An engaged employee is a valuable employee!

It's not a matter of if a recession is coming; it's when. Make sure you're prepared!

Need more help preparing your career for a recession?

We'd love it if you signed up for Work It Daily's Event Subscription! Get your career questions answered in our next live event!

This article was originally published at an earlier date.

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Read moreShow lessjob search fears {"customDimensions": {"1":"Executive Community, Jenna Arcand","3":"live events, career events, j.t. o'donnell, jt o'donnell, christina burgio, career advice, career, career growth, professionals, job search, job seekers, job interview, job search tips, job search advice, interview, job interview tips, interview tips, job search fears, overcome job search fears, networking, cover letter, resume, writing a cover letter, job search strategy, job search help, looking for a job, unemployed","2":"cover-letter","4":"09/28/2022"}, "post": {"split_testing": {}, "providerId": 0, "sections": [0, 376490081, 562457120, 370480899, 376490053, 376489574, 376491143, 376489962, 404327439, 376489624, 479660731, 543270555, 473310813, 473333499], "buckets": [], "authors": [21030904, 19836096]} } Get Some LeverageSign up for The Work It Daily NewsletterEnter emailSubscribeFollow window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { googletag.defineSlot('/22278042776,22664312254/wit/wit_multiplex', ['fluid'], 'wit_multiplex').addService(googletag.pubads()); googletag.enableServices(); googletag.display('wit_multiplex'); }); Community 3 Ways To Replace A Member Of Your Team Debra ShannonJanuary 05, 2023 Bigstock {"adCodes": [{"desktop": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "display": true, "mobile": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "new_amp": "\u003camp-ad width=336 height=280\n type=\"doubleclick\"\n data-slot=\"/22278042776,22664312254/wit/wit_content\"\n data-multi-size=\"300x250\"\u003e\n\u003c/amp-ad\u003e", "order": 0, "tablet": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e"}, {"desktop": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "display": true, "mobile": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "new_amp": "\u003camp-ad width=336 height=280\n type=\"doubleclick\"\n data-slot=\"/22278042776,22664312254/wit/wit_content\"\n data-multi-size=\"300x250\"\u003e\n\u003c/amp-ad\u003e", "order": 1, "tablet": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e"}, {"desktop": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "display": true, "mobile": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "new_amp": "\u003camp-ad width=336 height=280\n type=\"doubleclick\"\n data-slot=\"/22278042776,22664312254/wit/wit_content\"\n data-multi-size=\"300x250\"\u003e\n\u003c/amp-ad\u003e", "order": 2, "tablet": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e"}], "adsOrder": [2]}

The average turnover rate currently is ~47%. If the entire team isn’t feeling engaged and appreciated, your team may be affected and part of this statistic. If so, there are things you can do to efficiently fill that vacancy with an individual who is a great fit for the team.

Where To Find Potential Job Candidates

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Let’s start with where the potential individuals will come from. The typical pools are:

1. Internally – can you hire someone from within the organization? Internal promotions and transfers show existing employees that there are career advancement opportunities within the organization. Even when there isn’t an opening, you can help explain the skills and training needed for potential internal candidates who are interested in joining your team.

2. Externally – via a job posting, the use of a recruiter (contingent or retained), etc.

3. Referral Program – which is the best of both worlds. A “referring” internal employee is already familiar with the organization and culture. As a result, this will improve the quality of the hire for a better cultural fit which will improve the employee retention rate. This will typically reduce the time to hire and, as a result, reduce the cost per hire. And to take your referral program from “good” to great,” consider the following:

• Offer the referring employee a referral reward, bonus, and/or recognition
• Create a special “referral” process for applicants to apply (separate from the “regular” application process) so that you can more easily identify and track those individuals

If you have an opening on your team, ask for a referral from the team. A team member will have a better idea of the type of individual who would be a better cultural fit for the team, especially for hard-to-find roles.

What You Should Consider When Replacing A Team Member

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No matter what avenue(s) you use, below are four considerations:

1. You’ll need a good relevant job description (JD). If the position has multiple levels, make sure it correctly ladders (e.g., Analyst I, Analyst II, and Analyst III) so that there is a clear path to growth. Sometimes less is more. If a JD is too detailed, then it’s unlikely that you’ll find an individual who matches 100%. Are all of the skills listed really requirements or can some be taught?

2. The team should be made up of diverse individuals. Hopefully, you have a diverse set of applicants. Diverse individuals have diverse perspectives. As a result, a diverse team will have more innovative and productive discussions and develop well-thought-out solutions. So be prepared to think outside the box when reviewing the resumes.

3. During the interview process, determine whether the applicant is a good cultural fit for the team dynamic. Ask team members to participate in the interviews and solicit their opinions about the applicants. They’ll have a good idea of the type of individual who would be a good fit for the team, especially for hard-to-find roles. In addition, not only does the team get to meet the applicants, but each applicant gets to meet the team and get a feel for the team’s dynamics.

4. When getting ready to make an offer, be empathetic and open to requests the applicant may have for a good work-life balance such as:

• Workplace – to work remotely or hybrid (instead of onsite)
• Different work schedules – they may want to have a non-traditional workday (such as a four-day workweek, 6-3 pm, 10-7 pm, etc.)
• Be open to their personal development investment requests. For more information on personal development, check out my article "Personal Development For Lifelong Learning."

When you’re intentional and take the time to build your team together, the entire team is more likely to feel and be engaged. You’ll be one step closer to having a high-performing team. For more information on building a high-performing team, check out my article "3 Ways To Retain Members Of Your High-Performing Teams."

For more information on replacing a team member for the best fit, follow me on LinkedIn!

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We all remember 2008. It was a challenging time for many. Now, we’re painfully revisiting the idea of living through another recession.

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• You’re fearful of your future
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CAN'T ATTEND LIVE? That's okay. You'll have access to the recording and the workbook after the session!

PLEASE NOTE: To access this training, you will need our Career Class Pass Membership ($9/month).

You can cancel the membership at any time, but it will need to be active in order to access this 4-week class in January. But, at only $9/month, this is the BEST low-cost investment you can make to ensure your career doesn't suffer in the recession.

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