How To Keep Your Job In A Recession
During a time of economic uncertainty and a bear market, there are many things to worry about. Nothing should be as high of a priority as keeping your job. Your income is everything and you must do everything you can to keep it. Here are some tips to ensure you keep your job during a recession.
If you work for a large company that is affected at all by an economic slowdown (just about everybody), there is a huge chance that there will be cuts at your company. The key is to position yourself so that when their are cuts in your department or position, your name is at the bottom of the list.
First off, you need to increase your visibility. This is very easy if you are just pro-active. Scheduled an informal meeting with your supervisor and simply ask what else you can do to help out. Tell your boss that you understand that each person might be expected to do more at a time like this, and you are definitely willing to take on additional projects, responsibilities or tasks. Don’t say you are willing to do this because you don’t want to get fired, but say you are welcome to additional responsibility to help out the company and to get additional experience.
IF you become more visible, you better back it up with your performance otherwise you might have been better off not being so visible. Do what it takes to do excellent work on every task or project you do and even go the extra mile when possible.
The 20s Advantage
The reality of being in your 20s is that you make less money that people older than you on average. You are at an advantage during a recession because you cost the company less. If you can do the above things and make yourself visible as a high achiever that costs the company less than some of your peers, you will definitely not be one a likely target to get cut.
Furthermore, once the economy picks up you will have positioned yourself to rise in the company and achieve higher status and higher compensation. Use a time when others are getting cut to continue to add value so that when business picks up you are ready to take on a big role. A slow economy can really result in you positioning yourself better within your company and gaining a fantastic reputation as a high performer. This will pay off big in the long run.
Do you have any additional tips for avoiding a job cut during a recession? Add your comments below.