Make Your Job Recession-Proof Amid COVID-19
Published on Sat 11, 2020
UN labor body has predicted a wipeout of 6.7% of working hours globally, equivalent to 195 million job losses. Over a million people have already lost their job in the USA alone, and the number continues to grow. Several experts and statistics had been indicating an impending economic slowdown from as early as February 2020. However, what is worst is that until the resolution of COVID-19 is identified and made popularly available, experts cannot even start to predict the extent, length, and depth of the recession that we are already in.
Speaking on a very generic term, we can say that the asset market as a whole has crashed. TimesJobs’ survey named “Coronavirus & its impact on Jobs” suggests that:
- * 63% of people indicate that their work has undergone a significant change due to COVID-19 and the lockdown.
- * 33% of people mentioned that they had to put a hold on their business travel plans.
- * Among the worst-hit industries are the travel and tourism sector, along with several major industry sectors like IT.
- * Sales, marketing, and production are among the most hit functions in most of the industries.
To sum it all, it will not be wrong to say that the 2020 COVID-19 inducted downtime is on the path to put the 2008 recession to shame.
A handful of economists are hopeful that China’s production capacity might begin to function by late June. However, who would be there to buy the products with the world economy in the slump?
As the cause of the recession is not because of the lack of liquidity, but the lack of activities, the economic institutions’ monetary policies have been ineffective, and organizations are taking the heat.
Result: downsizing and lay-offs. While your position may appear to be crucial until today, it might not survive the hit from the global economic downtime. Amides such commotion, it is essential to identify how you can make your job recession-proof:
1. Initiate a value-driven outlook
Predominantly, everyone holds a title-driven outlook towards the job. We define our work or position based on the title that we hold. Even when we look for a new job, our job search process is based on the job title we hold and the job title we desire. On a very blunt note: this needs to change. We need to acquire a value-driven outlook where we try to identify what values we are delivering in our current role and what benefits or solutions we can provide. Very soon, you might see your title dissolve, but the value you can provide will continue to persist.
2. Invest in self-development
Identifying your value is crucial. Build on your delivery capabilities is equally essential. We need to acquire new skills, develop new competencies, and improve our overall value delivery. Identify ways to enhance your value. It doesn’t matter which industry or function you belong to; there is always something to learn. Take up certifications relevant to your field. This will not only help you pick up new skills but will also validate your value delivery capabilities.
3. Stand out from others
Everyone needs to ask themselves, “what makes me stand out from others?” If you can jot down 5 points, you are is a good position. If not, its time to take some serious actions. At some point, your superior might have to decide to let go of employees. If you have remained unnoticed over the years, the chances of your name landing in the list becomes high. So when do you stand out from others? Simple:
- * If you deliver exceptional results
- * If your contribution to the organization has consistently been higher than others
- * If you are identified as an expert on specific tasks.
This is another area where getting professional certifications will help. While the certification will establish your expertise, it will also show that you are willing to go the extra mile to deliver value, a quality highly regarded by management.
4. Become irreplaceable
The ballpoint is to make it impossible for your company to replace you. This might sound difficult, but you can steadily build towards it. Look for projects crucial for the company, and try to be a part of it. Participate in cross-team training. The more you contribute, the better it is.