How to handle ‘Recession’
Global Recession-Impact on careers
It is in news everywhere. Is there a Recession? Many reports suggest that we are heading towards a deep recession evident by the global slump in automobile industry, impact of automation, trade wars, Brexit outcome, unsold real estate, war on terrorism, oil crisis in middle east, Chinese economy slowdown, Iranian sanctions etc.
Well, that is for the economists to deal with and see that there is no impact on our jobs. Fairly so.
Do we need to worry?
Generally, everyone should be concerned and not necessarily worried. Yes those who invite the impact, unfortunately most of us do, knowingly or unknowingly, need to be worried.
Due to recession, as the economies slows down, the business gets impacted with lower revenues. This results in reduction in cost and finally there will be loss of jobs. As there will be threat of job loss or actual job loss, there will be less spending which decreases the demand further. This results is further strain on business which make the recession go deep. There will be a domino effect.
To reduce the effect, the governments may give some impetus by some measures like tax reduction, infusing markets with more liquidity etc, which may reduce their income and effects the public spending on projects like infrastructure, which will further reduce the employment and takes the recession to the rural areas. This is how the impact of recession spreads.
What ever it is , the current recession seems to be a bigger one and much deeper one as predicted by many economists.
Yes, we need to be concerned and be cautious about the recession.
But general wisdom says, ‘prevention is better that cure’ as this is beyond any individuals control.
Ways to face the recession
So the question is how to survive and keep the jobs in a recessionary environment. Let the economists and the people in power work to correct the situations, you have to look at options to save your jobs.
If you watch the global recession in 2007-08/09, I am sure that you will agree with me if i say that those who add greater value to the organizations will generally not impacted by recession as the organizations survive on these people’s contributions.
Remember the golden rule, ‘anything/anyone that is replaceable will eventually be replaced‘. The organizations will think twice to take a call on a value adding resources but not give a dime to take call on non-value adding.
But how to prove that you add value to the organization? There is a way.
Only way possible with us will be “making yourself recession proof with world class certification“. Up-Skill yourself and also, let your organizations know that you are learning and that this learning is beneficial to the organization.
Should you go for higher education?
If your are thinking of options like doing a full time management programs from reputed B-schools, please be aware that these reputed programs will make a dent in your bank balance if you opt to self fund the course.
***Recommendation- Go slow on this– Need to assess how much value the organizations associate with these people with higher degree…Higher degree vs High skill
The other valuable options?
There are many technical and non-technical certifications you can do.
Management Certifications
You can do the following management certifications;
***Recommendation- Go for it
Newer technology related certifications
Along with the above certifications, it is better to upskill yourself in the following areas as well-
***Recommendation- Go for it
There are many permutations and combinations basing on individual situations, but i suggest that you better balance your status between survival and big ticket spending.
Conclusion
Critical is that you try not only be safe in current situation but be ready for the future also with newer technologies and being ready for wider employment opportunities.
Remember, as the saying goes- ‘new waters will replace the old ones’, you also need to apply that to yourselves- ‘new skills will replace the old ones’ .
Recession Recession go away, little Johnny wants to work…
Hasta La Vista.