How To Be Prepared For a Recession
We spent a lot of time helping job seekers protect their future through difficult times when the Great Recession struck. We saw first-hand how the abrupt loss of jobs and the struggle to find new employment rapidly hit employees and families in the Cities hard.
Luckily, the last few years, particularly in the US, have seen a strong economy. Even, it’s important to remember the lessons that we last learned. Here are a few of the things you can do now to keep prepared for another recession.
Let savings expand
The first thing you want to have is a solid emergency fund in place in case of unexpected layoffs. As per the U.S. Bureau of Labor Statistics, unemployment averages 10 weeks.
Financial experts say you have 3 to 6 months of income in your savings. This will help cover your mortgage/rent, food, utilities, and debt while you’re searching for a new job. Money needs to be liquid, or easily accessible in a bank, and not tied in like a house investment.
Be prepared for a job hunt
Most people, when they learn of coming layoffs, use the phrase “clean up your resume.” Yet having your resume still up-to-date is a good idea.
Create a place where you document important job achievements so that when the time comes you’re ready to add them to your resume. Attach new roles to LinkedIn, or change your job description as they happen. Following a layoff, the last thing you want to do is try to recall what you were doing two years ago.
Stay close to your mates
Networking is an effective way to look for new career openings and get recommendations. Operating on your network, however, is not a task that is only undertaken when you need a job. You will have to build real relationships while you are also working.
Set a callback to communicate with people in your network regularly. Connect colleagues, former colleagues, and classmates on LinkedIn. Give emails to people from whom you haven’t heard in a while to inquire how they do.
Foster new skills
If you had to re-enter the job market, is there any talent that would make you a stronger candidate? If you held another credential or were fluent in another language, you could have more opportunities.
If you’ve always wanted to learn something, start working on that ability now, while you have the resources and income of your current employment. You might also get your former employer to help cover any costs.
Find staffing agencies
Don’t get frazzled during the uncertainty of a layoff by attempting to find new work openings and submitting individual employers applications. Through some of the tension with a staffing agency on hand that you can turn to for assistance.
When you are faced with an unwelcome work search, Award Staffing is here to help. For more information about how we can help you find your future, call us or visit one of our Twin Cities locations.
