What is a Recession?
In economics, there are two terms that are essential, they are – boom and recession. Boom is a period where the economic condition is blissful, there are many job opportunities and the investors are earning a high return on their investment, GDP (Gross Domestic Product) increases, etc. On the contrary, Recession is a phase where the economy of a country or more than one country is/ are declining. There is a loss in jobs, low returns on investments, a decline in Gross Domestic Product (GDP), etc. When there is a continuous decline in the economy for six months or two consecutive quarters, it is declared that the country or region is suffering from a recession.
How to protect your job from a recession?
There are many theories available that explains why the recession occurs and how it impacts the economy of the country. Despite this, a recession period still occurs. Here are some tips to protect your job from a recession period.
• Be an Asset for the company – You must-have skills that make you an indispensable part of the organization. Try to do things that others are not able to do. Be a multi-purpose person. Make sure you are able to perform your best and if you have targets, then achieve them on a daily basis. Be versatile and impress others with your skills. Having this quality can be difficult but slowing and gradually you can develop this skill.
• Understand your boss – You must have a good relationship with your boss. Try to understand the demand and needs of your boss, what are the goals he or she want to achieve for the company, what are the ways he or she want to use to achieve these goals? Understand your boss in a way that nobody understands. This does not mean to do buttering and praise or flatter your boss unnecessarily. Just make things easy for them. During a recession, due to a lack of profit companies terminate a lot of their employees. To keep yourself safe-sided from this termination, it is essential that you have a good bonding with your boss as he or she can save you from been terminated.
• Have an excellent skill set – Possessing skills like multi-tasking, problem-solving, critical thinking, etc. would be great. If you are able to solve and provide solutions to many problems of the company, you will definitely be saved from the termination. Try to do more work in less time and bring accuracy and efficiency in your work. You can also come up with solutions and ideas that require less expense or investment and delivers or yields more profits, outcomes and positive results. If you are an employee that is equivalent to more than one employee and there is no chance that you are losing your job.
• Be prepared for the worst-case scenario – It can happen that despite your plenty of efforts, you are still being terminated. If you one of those being terminated, it won’t matter that your boss loves you or you are an efficient employee. You must keep your economically strong. It will save you from sudden unemployment. It is not possible to get the job quickly, hence being financially strong will help you to survive the recession.
• Look for other jobs – If you sense or come to know that recession can occur, start hunting for new jobs. You don’t get a job overnight, hence, you must start the research beforehand. If you don’t look for a job beforehand, it can happen that in order to earn and survive the recession, you will have to do jobs outside your niche. For example, suppose you are good at writing skills but professionally you are an engineer but lost your jobs in a recession. Circumstances can occur where you are not able to find an engineering task. In such a situation you will be forced to do other work like helping a student in their essay writing or assignment help. Hence, to avoid this keep looking for a job and keep your options open.
• Have a strong LinkedIn profile – LinkedIn is an excellent platform to make a profile. It is a good practice to keep your profile updated. Make sure you include all your key achievements, internships, certifications, etc. Also regularly update your employment status. It can be really beneficial for you to update your profile. You can also mention your small startups. For instance, if you have started a program name write my essay, where you provide essay help to students or if you start a clothing business named XYZ ltd., etc. you must definitely mention them. Demonstrate your leadership and entrepreneurial skills, they can also be fruitful in strengthening your profile.
These are some of the essential methods that you can use to protect your job in a recession. Most importantly, you need to be financially strong as despite your numerous efforts, you can still be terminated. So to save yourself from this recession, keep these tips in check and implement them.