The Fed may slow interest rate hikes—but here’s how to prepare your career for a potential recession just in case

 

By Mita Mallick

Many of us are worried and confused about the current state of the U.S. economy. In November, 263,000 jobs were added while the unemployment remained steady at 3.7%, despite economists anticipating the rate of hiring to slow down. Also in November, the tech sector cut about 76,835 jobs. And while many consumers indicate they don’t feel good about the U.S. economy, a record 196 million Americans shopped during the Thanksgiving holiday weekend.

Now, the Federal Reserve is expected to slow interest rate hikes as inflation cools, but concerns about an economic recession linger

All eyes will continue to be on the economy as we head in 2023. And rather than worrying, wondering, and speculating over things we can’t control, here’s what each of us can focus on: preparing our careers for a potential recession. 

Here are three things you can do to put yourself in the best position possible:

Be flexible with assignments

As you prepare your career for a potential recession, understand that your organization may also be preparing for a potential recession. They may put in place a headcount freeze, cancel certain employee perks, or stop work on various initiatives as they look for cost savings. They also may be planning a restructuring which could lead to layoffs. They may be assessing talent, or be looking to move individuals to different parts of the organization.

Given this uncertainty and the power that organizations hold, now is the time to be flexible with assignments. If your boss asks you to stop working on something you were super passionate about, pay attention. Now is not the time to keep working on the project in secret, under the radar. If your boss asks you to move teams, or move onto another project, it’s a sign they are trying to move you to high value projects. Now is the time to ensure you are working on initiatives that are important to your boss and to leadership. This can help improve your job security and ensure that you are well positioned to help your organization weather the storm of a potential recession.

Actively pursue upskilling

You should always be looking to upskill yourself because learning new skills can help you succeed now and in the future. This becomes even more critical as you prepare for a potential recession. As you look for ways to advance and adapt in your career, think about the additional training or education that can help add to your current skill set.

Maybe you are looking to upskill yourself digitally, to learn more about digital marketing or social media. Maybe you want to learn more about analytics, to focus on business analysis and problem solving. Or maybe you want to upskill your leadership capabilities, to improve on decision making, giving and receiving feedback, and understanding when and how to delegate to others. 

There are many virtual courses available and some are even free, such as LinkedIn Learning, Hubspot Academy, Udemy Free course and Open Learning from MIT. As you upskill yourself, keep your boss updated on what specific skills you are working on developing further. Upskilling yourself will make you more valuable to your current team, your company, and make you more marketable if you need to find another job in the foreseeable future.

Build your leadership brand

Finally, focus on building your external leadership brand as you prepare your career for a potential recession. Go beyond having a LinkedIn Profile with your updated work experience; start sharing your thought leadership. 

Like and comment on posts that relate to your experiences. Post on LinkedIn twice a week on industry and marketplace trends that you observe. Consider writing an article on LinkedIn or on Medium. If you enjoy writing more frequently about your field, start a LinkedIn newsletter where you can slowly build a community of subscribers you can regularly keep in touch with. Finally, if you enjoy creating video connect, TikTok and YouTube might be good social media platforms for you to share your thoughts and to teach others about your field.

All of these actions will help you move beyond just a one-dimensional resume and create a powerful leadership brand for yourself. Over time, you will see more recruiters, hiring managers, and leaders reach out to you, to connect and engage, expanding your network. In the case you are laid off, you will be incredibly well prepared for your next opportunity.

Being flexible with assignments at your current company, actively pursuing upskilling, and building your external leadership brand, will all help prepare your career for a potential recession. Don’t wait until a recession hits to start preparing and planning. Now’s the best time to make sure you have done everything you can do to put yourself in the most successful position possible. 


Mita Mallick is a diversity and inclusion leader. Currently, she is the head of inclusion, equity, and impact at Carta.

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