Although headlines are warning of a looming recession, experts are not sure that a significant downturn is going to happen in 2023. The Great Resignation is expected to continue. Bloomberg notes that 4.4 million people quit their jobs in April 2022 alone, and around one-third of all workers say they are considering doing the same within a year.
Understanding this, it’s time to plan for the short-term future of your career, especially if you’re seeing a financial crisis unfolding at your current organization.
This is going to require exploration of your options so you can compete in an unpredictable world and differentiate amongst the influx of resumes hitting hiring managers’ inboxes. Aligning your work-ready skills to the requirements of the position is critical.
Broaden Your Horizons
If you’re anticipating that hiring is slowing down in your sector, look for jobs in different verticals and geographies to diversify your income portfolio and minimize risk. For example, if you’re currently in the med tech field, your skills can certainly transfer over to pharmaceuticals.
Get a Side Gig
The freelance workforce continues to grow as more people want flexibility and freedom when it comes to work. Thankfully, the increased demand for agile workers leads to opportunities that supplement your income, allowing you to work on the side without quitting or changing your job now.
If one of your freelance job ends, you will have a much easier time finding a replacement without losing everything all at once.
Continue Your Education
Determine the skills that are trending and talk to your HR department and team leaders to understand how to become a more valuable asset. Skills like project management are on the rise because so many companies have bottlenecks in the development and production process and can’t get products to market fast enough.
Even in the most challenging times, there are skills that are in high demand. Investing in continuing education shows that you’re willing and able to learn what it takes to pivot, be flexible, and acquire the business acumen that the organization needs most.
Every crisis is an opportunity.