What You Need To Do To Prepare for a Down Economy

​​Most professionals in my generation and above have already survived a few down economies. In fact, my struggle in a down economy and the lessons I learned that eventually got me back on my feet are what compelled me to eventually shift from recruiter to coach.

There are still a lot of unknowns about our current global situation. So, it’s in this time of uncertainty that I’d like to shed some light on how to thrive through it all. Below are my recommended tips for navigating this new territory.

Evaluate: Do you need to pivot?

You’ll likely notice that some sectors will be heavily hit, but others may be prospering and growing. So, should you redesign your career path around this?

I advise everyone to have a purpose-driven, passion-fueled long-term plan. It is the best way to optimize your overall career trajectory in terms of growth, fulfillment, and income. It’s also the best example you can provide to your kids.

I also recommend fully dedicating yourself to your plan. Learn and apply the best practices of proactive transitioning (taught by me at Epic Careering and Cabrini University) for at least 3 months before devising and following a backup plan.

At this time, there will be fewer and fewer people able to afford even three months in transition. You may need to adapt after two months of a dedicated transition, especially if what you learn from people in the field (not from job boards) is that hiring has stopped, or will slow down for a season. In the short-term, you may be able to easily translate your strengths, qualities, and past achievements into value for a stable industry.

I recommend choosing a strong sector that offers you an opportunity to make a meaningful contribution, such as:

  • Biotech/Pharma/Labs and the companies that support them
  • Hospitals/Healthcare are most certainly in need of clinicians, telehealth professionals, and janitorial staff
  • Health/Wellness
  • Scientists of all kinds
  • US manufacturing
  • Supply Chain/Logistics
  • Farming/Agriculture/Consumer Goods
  • Food/Grocery Delivery
  • Online Entertainment/Video Game Industry
  • Online Education/Coaching/Remote Learning
  • App Development/Remote Tech such as developers and online support
  • E-Commerce

Then there are the industries that will be hurt in the short-term, but will rebound:

  • Hospitality/Travel
  • Service-based industries that require in-person support
  • Retail – Many will not feel confident buying luxury items, high-tech consumer items, name brand clothing, jewelry, and other non-essentials while there is the uncertainty of how long life will be disrupted.
  • Housing
    • While this isn’t a market correction that will impact housing directly, the housing market has been prime for correction for awhile with pricing majorly inflated, inventory low, and demand high. The Federal Reserve, as you probably know, dropped interest rates to nearly 0%, which would normally spur growth in this area. Foreclosures are stalled in the meantime, which is not going to add to the inventory driving prices down. New construction is stalled during critical months, which will put home completion behind. All signs point to the housing market picking up mostly where it left off once things return to normal.

Finally, we have the industries that will be majorly disrupted and in need of overhaul before rebounding can even be predicted:

  • Higher Education
  • Health Insurance

If you are less than 80% certain that your current or planned career direction provides you with your best chance at financial security, schedule a consultation with a job market expert at Epic Careering.

Fine-Tune Your Brand

Keeping your résumé updated is, of course, a basic recommendation from any career coach or résumé writer. It’s the equivalent of taking your car for regular oil changes and inspections. If you want a high-performance résumé, a strong brand is still your best tool in positioning yourself competitively in a competitive market. Working with a branding expert, such as Epic Careering, will help you identify and articulate the unique value you offer above and beyond your, or any other candidate’s, qualifications. When copy, such as your résumé, LinkedIn profile, cover letters, and networking messaging, is crafted to build a subconscious sense of urgency and establish you as a hot, in-demand candidate, you can still garner competing offers, even as the volume of opportunities shrink.

Reconnect

If you’ve neglected networking, it’s catch up time! The good news is that as humans, we naturally crave connection (even introverts crave connection). Some people are still settling into a new rhythm and may not be able to commit to a time to talk when you reach out to them. They may be challenged by having the ability to structure their workday since previously, structure was provided by their leadership. In this case, practice patient persistence and empathize with the disruption we are all dealing with. As usual, don’t take lack of response personally.

“Some will, some won’t, so what?! Next!”

Many others are craving connection now more than ever. Many people are focused on the future and still have to continue with their company’s hiring. “Work with the willing,” as Cy Wakeman says. It may take you a higher volume of outreach than before, but you can still multiply your momentum by having productive conversations that convert into multiple introductions and opportunities, especially with a compelling, powerful call-to-action within your message.

Focus on Wellness of Mind, Body, and Spirit

Even during “normal” circumstances, nothing impacts your results in life more than how well you are feeling. Do whatever you can to adjust your lifestyle and schedule to incorporate alternative methods of achieving a calm mind, strong heart, clear lungs, and a positive outlook.

Even though we need connection, some of us are already emotionally fragile and need more uplifting versus more gloom and doom. Be careful not to impose your anxiety (which is justified, just not helpful) onto others. So, if you are feeling anxious before a scheduled call or outreach e-mail, take some time to exercise to get endorphins flowing or meditate to achieve a calm state of mind.

Incorporate time in your schedule to be alone and engage in activities that raise your vibration while limiting activities that induce stress. Be aware of any inclination to pick up your phone or device to check for constant updates. Recognize if looking for updates becomes a compulsion that isn’t serving your state of mind. You can find a helpful mini-hypnosis session on overcoming social media addiction, as well as some other helpful videos on this Facebook page.

Islands In the Stream

Provided to YouTube by Sony Music Entertainment Islands In the Stream · Dolly Parton · Kenny Rogers Greatest Hits ℗ 1983 Sony Music Entertainment Released on…

Karen Huller, author of Laser-sharp Career Focus: Pinpoint your Purpose and Passion in 30 Days (bit.ly/GetFocusIn30), is founder of Epic Careering, a 13-year-old leadership and career development firm specializing in executive branding and conscious culture, as well as JoMo Rising, LLC, a workflow gamification company that turns work into productive play. 

While the bulk of her 20 years of professional experience has been within the recruiting and employment industry, her publications, presentations, and coaching also draw from experience in personal development, performance, broadcasting, marketing, and sales. 

Karen was one of the first LinkedIn trainers and is known widely for her ability to identify and develop new trends in hiring and careering. She is a Certified Professional Résumé Writer, Certified Career Transition Consultant, and Certified Clinical Hypnotherapist with a Bachelor of Art in Communication Studies and Theater from Ursinus College and a minor in Creative Writing. Her blog was recognized as a top 100 career blog worldwide by Feedspot. 

She is an Adjunct Professor in Cabrini University’s Communications Department and previously was an Adjunct Professor of Career Management and Professional Development at Drexel University’s LeBow College of Business  She is also an Instructor for the Young Entrepreneurs Academy where some of her students won the 2018 national competition, were named America’s Next Top Young Entrepreneurs, and won the 2019 People’s Choice Award. 

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