Studies show that the UK economy shrank at its fastest rate since the 2008 financial crisis, in only the first 3 months of 2020. This significant 2% decrease forces us to evaluate its impact on our own lives: what does this mean for me? How do I recession-proof myself?
For those who rely on their own paychecks to make a living, recessions can have varying effects. For some, it may paralyse them with fear. For others, it jolts them into overdrive, doing everything and anything to keep their jobs. While the troubled economy continues to bring on hiring freezes and lay-offs at many companies, anxieties are running high all around. While panicking doesn’t do any good, avoiding the feeling is easier said than done. The most important thing to remember in these times is that to a certain extent, you can’t control what will happen to you, but you can control what you do about it. We’ve got you covered with 3 different things you can do right now to prepare for whatever may come in the next few months.
Keep working hard, but lighten up
Anxiety and tensions at work are higher than ever. Managers are on edge, patience is running thin and everyone is working extra hard, wanting their efforts to be noticed. Yourself and your coworkers will be working a bit harder than usual, staying in touch with your manager and networks within the higher ranks, and communicating in subtle ways your value to the company. In other words, it is important to make yourself indispensable – to prove your competitive advantage. However, what will take you further beyond that is your attitude. Do your best to stay positive, cheerful and motivated. Be the person who is keeping morale up when others can’t. In tough times, the leaders step up and shine, so be that leader. Show your employer that you thrive in difficult situations. No matter what happens after that, you’ll know that you’ve done all that you can.
Diversify your income streams by picking up a side hustle
The fear of losing your job is intensified if your job is your main, or only, source of income. During these trying times, a great way to create a financial cushion is to diversify your income streams. How can you do this? You can easily sign up for opportunities for remote work like freelance writing, acting as a virtual assistant, or website design. Whatever your skillsets are, there’s work for it on websites such as Upwork or FlexJobs. Find what you’re good at and find a way to monetise it!
Update your CV – before you need it
Despite your best efforts, you may still end up losing your job, and that’s out of your control. At the end of the day, it’s simply business, and many employers will reach out for rehire when they’re back on their feet, or at the very least, offer stellar letters of recommendations to future potential employers. Your job to prepare for this is to have your CV updated before you need it, so that you can hit the ground running on your job search if the time comes.
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