How to Beat Recession for Jobs loss
How to Beat Recession for Jobs loss, As we are again in so-called recession in 2022, Though the governments of many countries still to acknowledge it in a troubled economy, job eliminations and hiring freezes seem almost routine, but when your own company’s start facing the effects of recession then the problem starts, Reduced revenue force the company to cut down on manpower which is non-essential, Its depends upon the sectors too, some sectors are recession proof like Health, Public Utility, Food, which people will consume or take service of that. Some sectors are prone to recession like Auto Mobiles, Garments, Entertainment, Consumer Technology ,Education, Real Estate.
A recession is when the economy starts shrinking as it stops growing. Among the signs that recession risks are rising: High inflation has proved far more entrenched and persistent than many economists. The clearest signal that a recession might be nearing, economists say as per news agency The Associated Press, would be a steady rise in job losses and a surge in unemployment. As a rule of thumb, an increase in the unemployment rate of three-tenths of a percentage point, on average over the previous three months, has meant that a recession will eventually follow.
We understand that downsizing isn’t personal; it’s just a law of commerce, but your heart sinks at the prospect of losing your position. While you know that passivity is a mistake, it’s hard to be proactive when your boss’s door is always closed, new projects are put on hold, and your direct reports look to you for reassurance. Don’t panic. Even though layoff decisions may be beyond your control, there’s plenty you can do. Whatever I have learned and read thru various management papers the plan I can share with you all.
1. Re Skill:
Try to learn new age skills and Management like Blockchain, Artificial Intelligence, Robotic, Forensic accounting., Computer Based Soft skills Please learn these and update your resume with these skills, As unless we learn new skills we are in no way able to stand against the GenX and the company then tends to recruit these people instead of us, So keep yourself prepared.
2. Switching Industry:
Make a plan to switch to the industry that is recession-proof like Medical, Education, or Food, I know it’s not always easy to switch sectors like that, You have to make a plan, and update your skills which matches to that industry.
3. Active on Social Media:
Increase your presence on Internet as Like be active on LinkedIn and other Job Portals as Social networks serve as great learning platforms. Consumers can instantly receive breaking news, get updates regarding friends and family, or learn about what’s happening in their community Social networking enhances user interactions by breaking the barriers of time and distance. With cloud-based video communication technologies such as WhatsApp or Instagram Live, people can talk face to face with anyone in the world and Companies may tap into social networking services to enhance brand awareness with the platform’s users, improve customer retention and conversion rates, and promote brand and voice identity.
4. Flexible:
We need to be flexible during this stage, As the number of Jobs will be less and we sometimes do not get what we want as role, designation, Company, and Pay. So be prepared to make a call on these.
5. Don’t Lose Hope
and at last done get upset if anything unpleasant happen , have faith in yourself and your capabilities and start searching.