How to Manage Your Career During an Economic Downturn
By Nimish Thakkar
The economy is reeling under the pressures of a
downturn. Unemployment rates are staggering and layoffs are at an
all-time high. The current economic climate calls for a robust
career management plan, one that will, despite the
recession-like conditions, catapult your career to new
heights.
Consider the following
tips:
Take stock
Evaluate your professional standing and key trends within your industry, company, and profession. What do you need to change? How can you do it? How does your profession look five years from now? Two years from now? What threats do you foresee? What opportunities exist?
Based on your analysis, develop a comprehensive action plan that will help you leverage your strengths and overcome your weaknesses.
Network
aggressively
Networking is not a post-layoff or
when-you-feel-like-doing-it activity. All successful professionals
incorporate networking as an integral and active component
of their career management plan. Tradeshows, conferences, industry
and social events, online networking tools—networking
opportunities have never been so easily
accessible.
Position
yourself
What is your value proposition? What is so
unique about you that employers will want to retain you
irrespective of what happens to the company financially? We all
have something unique to offer and if you can develop a powerful
value proposition demonstrating how indispensable you are, you will
be in a much better position that most professionals.
Invest in professional development
This is the Information Age, an environment
in which information becomes obsolete faster than fashion. Through
continuing education programs and other professional development
efforts, it is very important to stay abreast with the cutting-edge
of your profession.
Demonstrate leadership and the
ability to take on challenges
The economy inevitably imposes financial
strains on any company and under such conditions every employee is
expected to do more—take more work, manage multiple tasks,
lead projects, and epitomize “cross-functional” in
every sense of the term.
Try to volunteer on projects and take on
leadership roles. The key is to demonstrate how you can contribute
toward the organization’s success and deliver an optimal ROI
for the company.
Update your
resume
Update your resume every month, if not every
week. Highlight your recent accomplishments and create a powerful
document that will position you as the perfect solution for any
employer’s needs.
Keep your options
open
With all the above strategies, keep your eyes
open to new opportunities. Through a portfolio of job search
strategies, including networking, you should generate a steady
stream of job leads.
Effective career management is an ongoing
effort. Once employers recognize how valuable you are, recession or
growth, they will do everything they can to retain
you.
