How should I prepare for the next recession whenever it comes?
I don’t believe in fear-mongering. I pushed back against the idea but more than one source discussed next recession. For example, Reuters article Predicting the next U.S. recession by Saquib Iqbal Ahmed says:
Besides watching developments on the trade front economists and investors are watching for signs they hope can alert them to a coming recession.
Identifying and preparing help you weather storms much easier than if they sneak up on you.
What are the indicators of the next recession?
Ahmed points to multiple recessionary identifiers in the article:
- The Yield Curve
- GDP Output Gap
- Consumer Confidence
- Stock Markets
- Boom-Bust Barometer and 6 more points
In 2012, I attended a Greater Wausau Chamber of Commerce Economic Outlook Seminar with Clare Zempel, Zempel Strategic as the speaker. Economist Zempel shared graphics very similar to the ones in the Reuter article. I learned that recessions are much more frequent than most people remember.
Since then, I watched economics more closely and listened to concerns about the economy.
How could the next recession affect your career?
Everyone likes to think they are safe. The reality from my perspective — as a professional resume writer with 30+ years of career industry experience who has my finger on the pulse of many different industries through my nationwide client base is that you should always be prepared.
In the last few years, even though I have said the 25 or 30-year job is gone, I find myself working with a number of people who started with the same company in the ’90s.
These individuals are Senior Directors, Vice Presidents, CEOs, CIOs, COOs, and other high-level executives. They find themselves, victims of new strategies and philosophies, as companies find their way through the changing economic climate.
What should you do to prepare for the next recession in the US?
- Prepare your resume – not the lack-luster boring job description resumes but a resume that resonates with your accomplishments and value.
- Update your LinkedIn profile to clearly differentiate your personal brand and clarify what you bring to the table. Again, name, rank, and serial number won’t help but spending time clarifying your story as well as building your network will make a difference.
- Nurture your network. A fan of Harvey Mackay’s Dig Your Well Before You’re Thirsty philosophy, I believe you need to build and care about your network long before you need it. How? Grand gestures aren’t needed, just do something nice to people daily.
My point of reference on the next recession
In 2006, I started exploring the growing social media world. This led to me changing the way I did business in January 2010. I took a different path. By dropping all the other side hustles I had at the time, I built my knowledge base and connections in the career industry.
Design Resumes began in 1983 but it was reborn in January 2010 and focused on expanding nationally and globally to reach a much wider market.
I was more focused on being 53 than worried about the recession. I didn’t want to die without following my dream. Ever since then, I have been blessed with amazing clients who expanded my knowledge and outlook.
Economists say the recession many of us remember the most ran from December 2007 to June 2009. However, I saw that recession impact the economy throughout the country much longer.
I met many of my career colleagues on Twitter as we jumped in to help with initiatives like #hireFriday. It was during that time that I met people like Ed Han, now renown for his daily #LinkedIn #tips.
I gained the perspective (and the friendship) of Jason Alba, who just launched a new job search program, that I eagerly agreed to share with my readers: (affiliate link)
JibberJobber 6 Week Job Search Program – This six week program is a disciplined, systematic approach to the job search that helps you get informational interviews and keeps you on track with the right tasks to get more interviews. Feeling stuck in your job search? This is the program to help you get unstuck!
By preparing for the next recession, you will be ready if you are impacted.
I help job seekers and career professionals every day to prepare for strategic career moves. It is always better to invest in the future than to be caught without a plan. You can be confident that I care about your future and your success. Learn more.
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