Career Cushioning- Protecting Your Career During A Recession
Career Cushioning: As an employee, it’s important to be prepared for the worst – losing your job unexpectedly.
Unfortunately, this happens to many people every year.
If you’re like most people, you probably don’t have any kind of backup for your career change[1]. That’s why it’s so important to develop a rainy day savings plan like an insurance policy.
This will help you prepare for the worst by ensuring you have enough money to get by until you can find another job[2].
In addition to preparing financially, it’s also important to update your resume and LinkedIn profile regularly.
By keeping these documents current and showcasing your skills and experience[3], you’ll be more prepared if you do find yourself looking for a new job.
Networking is also key in building a career cushion.
Connect with industry professionals and stay in touch with past colleagues and mentors. These connections can provide valuable guidance and potential job leads in the future.
What is Career Cushioning?
Career cushioning is a term coined by popular American media outlets.
As the economy continues to be volatile, many of us are concerned about job security. It’s important to be proactive and have a plan in place in case of a recession. Being proactive in this is called career cushioning in this context.
The media and HR may see it as a negative but as an employee you should know better.
In this article, I’ll explore how to protect your career during a potential recession by staying ahead of the curve, creating a career cushioning, and financial planning and budgeting.
By the end of this post, you’ll have the tools you need to ensure your career is recession-proof.
Staying Ahead Of The Game with Career Cushioning
The economy is still uncertain, and it’s hard to predict what the future holds for many people in the workforce.
This includes those who are currently employed – not just those who are looking for a new job. As a responsible adult, it’s important to have a strategy for protecting your career during a time of recession.
One way to do this is by actively searching for other jobs while still employed in your current position. This may not be ideal, but it’s something that responsible adults typically do to ensure their safety and security.
It can be difficult to take this step, but if you’re determined to protect yourself, it’s something you’ll need to do.
Even though the economy is struggling, taking these steps can help ensure that your career remains safe and secure during this uncertain time.
Ease The Fear Of Layoffs With Career Cushioning
As the economy recovers, many companies are beginning to lay off employees.
This can be a scary time for anyone, but it’s important to remember that career cushioning is key in case of a recession or economic downturn.
By building your network, applying to jobs frequently, and talking to employees about their experiences at your company, you can be preparing yourself for the worst.
Below are some tips on how you can prepare yourself for a recession or layoff:
- Make sure you are constantly applying for jobs and collecting HR emails so that you’re always aware of potential opportunities.
- Stay connected with your current coworkers by talking about what they’ve done well and how staying with the organization can benefit them.
- Focus on acquiring new skills to remain valuable as an employee even during tough times. By continuing your education or taking online courses, you can stay ahead of the curve and keep your career afloat during a recession or economic downturn.
What Employers Can Do To Ease the Fear
Business leaders should also be transparent with their employees about potential layoffs. While not everyone will be affected by these layoffs, being upfront about them will help prevent any rumors from spreading and create a more positive work environment.
Additionally, HR departments should recognize that employees may be hesitant to stay at their current position and look for alternative options – even during a recession.
This means that they should provide resources such as temporary placements or job counseling services so that employees have options if they need them.
Career Cushioning- An Insurance Plan For A Rainy Day
Many may think career cushioning is cheating your current employer. Media and HR will force feed you this lie to make you completely vulnerable against their whims and wishes.
But it can’t be further than the truth.
Preparing yourself for the worst is not cheating your employer, it’s preparation for the time for a rainy day.
Financial Planning And Budgeting – How To Save Money During A Recession
If you’re concerned about your financial stability during a recession, it’s important to start budgeting and saving money now.
By creating a budget, you’ll be able to see where you can cut back on expenses and save more money.
This is especially important if you’re living paycheck to paycheck, as you’ll want to have some money saved up in case of a recession or layoff.
There are several ways you can save money during a recession.
Cut Back on Unnecessary Expenses
Look at your budget and see where you can cut back on unnecessary expenses.
This could include things like dining out or subscription services that you don’t use regularly. By cutting back on these expenses, you can save more money to put towards your rainy day fund.
Negotiate Bills and Rates
If you’re paying for things like rent, utilities, or insurance, try negotiating a lower rate.
I know this is not possible in all scenarios but many companies are willing to work with customers to lower their rates in order to keep their business.
By negotiating a lower rate, you can save money every month and put it towards your rainy day fund.
Create a Side Hustle
If you’re looking for ways to earn extra money, consider starting a side hustle. This could be something as simple as freelance work or selling items online.
By earning extra money, you can put more money towards your rainy day fund and be better prepared for a potential recession.
By following these tips and being proactive about protecting your career during a potential recession, you can ensure that you’re prepared for whatever the future may bring.
Being Proactive is the Key to Career Cushioning
Whether you’re actively searching for new job opportunities, building a career cushion, or budgeting and saving money, it’s important to be proactive and have a plan in place.
This will help you stay financially secure and protect your career during uncertain times.
It’s important to remember that a recession is just a temporary downturn in the economy, and it won’t last forever. By being proactive and preparing for the worst, you can come out of a recession even stronger and more secure in your career.
Mindset – Another Helpful Part of Career Cushioning
In addition to the steps mentioned above, it’s also important to stay positive and keep an open mind during a recession.
This can be a challenging time, but it’s also an opportunity to reassess your career goals and explore new opportunities.
By staying positive and keeping an open mind, you can find new ways to grow and succeed, even during tough times.
Finally, don’t be afraid to seek help if you’re struggling during a recession.
Whether it’s financial counseling, career coaching, or simply talking to a friend or family member, it’s important to have a support system to help you through tough times.
Key Points of This Article
In conclusion, a recession can be a challenging time for anyone in the workforce. However, by being proactive and taking steps to protect your career, you can come out of a recession even stronger and more secure in your career.
Whether it’s actively searching for new job opportunities, building a career cushion, or budgeting and saving money, it’s important to have a plan in place to protect yourself during uncertain times.
Stay positive, keep an open mind, and don’t be afraid to seek help if you need it – and you’ll be well on your way to success.
I hope these tips have been helpful in understanding how to protect your career during a recession. Remember to stay proactive, build a career cushion, and focus on financial planning and budgeting.
By following these steps, you’ll be better prepared to weather any economic downturn and come out on top.
If you’re looking for more career advice or guidance, please read articles from the free resources section of this website, I’ll be adding courses and other helpful resources that you can benefit from and create a Career Cushioning
Whether you’re looking for help with finding your passion, changing careers, or simply need some guidance and support, I’m here to help.
Thank you for reading, and I wish you the best of luck in your career journey!
2 Comments