3 Ways To Recession-Proof Your Career In An Economic Downturn
Remember, it’s never too soon to be prepared.
Layoffs have been on the rise at alarming numbers. They’ve been announced one after the other across LinkedIn and in news headlines. In recent weeks and days, we’ve heard about layoffs at Shopify, Peloton, Wayfair, and now Ford. Yet, while our country is in the middle of an economic downturn, the legal market continues to see increases in hiring.
Despite a growing legal market, I always recommend being prepared because you just never know what the future can bring. I’m also willing to bet that no one had “pandemic” on their bingo card in 2018 or 2019 or anticipated we would be two-plus years into this situation.
As we head into the tail end of Q3 and approach Q4, take note of how your industry is doing and how your company is doing financially. That also means paying attention to your own marketability, increasing your value and skills, and building those relationships (as well as nurturing them).
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In this week’s column, I want to explore each of these areas and provide you with actionable advice that will keep you recession-proof even if you experience a layoff at your company.
Increase Your Professional Marketability
I always say this to clients: never get too comfortable at a company where you give up or forget to market yourself. Simply put, your resume should always be kept up to date, along with your reference list, deal and transaction list, as well as your LinkedIn profile. There is nothing worse than being caught off guard and having to sit down and update your career marketing collateral at a stressful time. This also includes having an updated headshot so your best professional foot is always facing forward.
In a competitive job market, you want to be sure all loose ends are tied up “just in case.” While you can’t predict or control financial unknowns at a company in a tumultuous economy, have all your ducks in a row when you’re in that focused and proactive mindset, not a reactionary one.
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In 2020, I had senior executive clients (lawyers and nonlawyers) who were part of major layoffs and downsizing because of COVID-19 — these clients were at companies for 10, 20, and even 30 years. They had zero inclination to begin a job search and were starting from ground zero.
Whether you’re at a company for a year, 10 years, or 20 years, don’t get caught off guard. Your personal brand matters more than ever in the digital world. Keep it updated and relevant.
I’ve written numerous articles in my column on how to perform quick updates to your resume, make fast tweaks to your LinkedIn profile, and increase your job search strategy.
One last piece of advice: look to past performance evaluations as they will provide good insights into projects and transactions you’ve led and how you’ve effectuated growth within the company or firm. Don’t forget to practice that 30-second elevator pitch.
Increase Your Skills And Value
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The best way to increase your skills and value is to do things that boost your own professional development. Consider attending webinars from local and state bar associations, annual and online conferences from organizations such as the Association of Corporate Counsel (note: the ACC’s 2022 Annual Meeting is at the end of October), and industry events that can continue to grow your skills, advance your knowledge, and put you in front of the right people.
If you’re a corporate generalist, consider expanding your horizons and getting deeper experience and training in cybersecurity (one of the hottest areas right now). A recent PwC survey (which interviewed 720-plus C-suite executives from public and private companies in large industry sectors) noted that cyber is the No. 1 business risk currently. That same survey also noted that 50% of respondents are reducing their overall headcount — a staggering statistic. Remember, it’s never too soon to be prepared. Consider seeking out leadership certificates or other online programs that will boost your resume and LinkedIn profile.
Build And Nurture Relationships
Now is a great time to focus on building and nurturing that hand-curated network. It isn’t about posting on LinkedIn and getting vapid comments. The real magic happens in someone’s inbox and scheduling the 20- or 30-minute coffee chat. Now is a great time to connect with recruiters and do a Q3 touch-base email and follow-up call. Stay on the radar of recruiters, even ones you haven’t spoken to in months.
Have a question about being prepared just in case of a looming layoff? Connect with me on LinkedIn and send me a message.
Wendi Weiner is an attorney, career expert, and founder of The Writing Guru, an award-winning executive resume writing services company. Wendi creates powerful career and personal brands for attorneys, executives, and C-suite/Board leaders for their job search and digital footprint. She also writes for major publications about alternative careers for lawyers, personal branding, LinkedIn storytelling, career strategy, and the job search process. You can reach her by email at wendi@writingguru.net, connect with her on LinkedIn, and follow her on Twitter @thewritingguru.
