Check the news online and the headlines are often the same: more job cuts coming, layoff notices issued at local factory, firms forced to cutback in hard times. It's a recurring theme and it doesn't seem to matter whether you're an auto worker or if you toil in a bank - the depressing news is gloomy and ongoing.
Nearly every worker has likely thought about that 'what if I'm next?' scenario as experts predict the economy will stay depressed, possibly into 2010. What can you do to maximize the chances you'll be a survivor in this massive monetary meltdown?
No one solution will work for everyone but there are ways to make your job more recession-proof.
One is to advance your education. That's the approach student Raj Bhavsar is taking.
"Just having a regular university degree, it's a dime a dozen, everyone has one," he said.
That's why he's working towards earning a certified Management Accounts designation, or CMA, to stay ahead of the game.
"I think it's a lot harder nowadays if you look at how many layoffs are happening, and now you're in this giant pool instead of a baby pool...and you've got to stay above water and the only way to stay above water is to educate yourself."
Getting a professional designation or going back to school is one way you're more likely to avoid the job axe and another is to broaden your skill base and refine skills that are useful for the future
Here are some more suggestions that could allow you to keep your job while those around you are losing theirs.
Be Creative
Finding ways to help your company make money or cut costs could leave you in the driver's seat. Look for ideas that don't require much capital outlay but that could result in badly needed profits. Making sure they get to the front office will increase your value and even if they're not implemented, they at least show you're thinking about ways to improve the bottom line.
Let Them Know You're There
Too many of us can often become faceless drones, especially if we toil for large corporations. Companies are more likely to keep the employee who regularly shows up on time, works hard and has few absences. Find a way to stand out, by upping your sales numbers or your output. The better you do for the firm, the more valuable you are and the less likely you'll be considered for the chopping block if that time comes.
Also make sure your boss is aware of your added efforts. Don't assume hard work alone will get you to the finish line. Many managers have their own huge work load and may not be noticing the extra time you're putting in.
Talk To Your Boss Before The Cuts Come
Almost every employee hears about layoffs in the wind before they happen. If you suspect they're imminent at your firm, talk to your boss before the axe swings. Ask him or her how you can be more productive and what it will take to ensure you'll still be part of the team after the unkindest cuts come.
Find A Field That's Expanding
Maybe the most practical advice if you're caught in the layoff web. While auto manufacturing, for example, may be on the decline, other areas are only going to boom during the bust. Among them:
Health Care: Aging baby boomers and continual advancements make this an area to watch, with many specialties expanding
Food: No matter how bad the economy may get, you still need to eat. With food shortages, organically grown crops and the controversy over genetically modified foods, this is an industry that may be worth cultivating.
Environmental Sustainability: Going green may be a good way of earning green, as concerns over the environment and global warming heat up.
Keep The Complaints Down
Everyone suffers in hard times and many people are asked to do a lot more with less. But whining and moaning about it to others in the office could get you noticed in a way that really hurts. Constant complainers sap morale at a time when it's already down and those people are often the first to go. Be positive at the office - even if you don't really feel it.
Update Your Skills
Many larger companies offer improvement courses you can take to learn new jobs. Or you can take courses on weekends or over the Internet. The more versatile you are, the better your shot at staying put - or at least winding up in another area that isn't being hit quite so hard. And make sure your company knows about your efforts to upgrade yourself. Your willingness to work a bit harder will only impress your employer.
Keep On Good Terms With Your Co-Workers
Being likeable is often as big a skill as knowing how to perform various tasks. Personality is more important than you might think when it comes to the list of who goes and who stays.
Keep Up Your Networking
It doesn't matter how good you are, sometimes the axe falls anyway. But if you have contacts in your industry and good relations with others in it, you're more likely to hear about that opening at another company that you'd be perfect for. Many people got their last job because someone told them about it and recommended they apply. And those you've told about a job in the past may well be happy to return the favour.
Keep Your Resume Updated
If worse comes to worse, you need to hit the ground running. Many take a few weeks - or worse yet, months - off, looking to regroup. But jobs won't wait for you and you could be missing the best opportunity by not hunting right away. Having a polished resume you can forward out immediately after hearing about an opening can get you in the door that much faster. And getting back in the hunt will make you feel better about yourself. Even if you're rejected at first, doing something is better than doing nothing.
Other Resources:
How to make it through the recession
Making yourself recession proof
Recession-proof your finances