How to Make Recession Proof Career During Recession ??
The economy goes up and down in the cycle once in a decade. This leads to a standstill of the economy or even leads to recession at times. This recession has multiple causes and effects from people losing jobs to industries adopting automation.
Like recent lock-down due to the Corona-virus, research mentions that this lock-down has brought in automation advancement ahead of 4 years. This is how fast automation is progressing in the field of technology. It is said that in the next 10 years 50 percent of the current job will be lost to automation ranging from accounting to marketing. While on the other automation will also give rise to other jobs like recently in the field of data science.
If you observe the market, it will always give signs about the bear market or the possibility of a recession. If you can plan for recession well in advance and act upon it you can make yourself recession-proof. In the time of recession, the market gets divided into two categories namely recession-proof companies and recession affected.
Recession-proof : These are the companies that do have any impact on their business but at an instance, these businesses grow in times of recession. Eg OTT platforms like Netflix, Amazon videos, etc while on the other side the digital learning platform also witnesses growth in business as people look to up-skill themselves.
Recession Affected : These are the sector which take the hit in business during the recession. Industries in this sector are the one which start downsize on the staff and further furlough staff.These are done in respect to cost cutting and keep to companies up float. These companies are from the sector of Real Estate, Manufacturing , Automobile etc.
In this article, we have the top 3 tips to make yourself recession-proof.
Up-skill with Data and Logic
You may ask what is this ?? Here you find out with data which companies are recession-proof and which are non-recession proof. As mentioned these will be tech companies and basic goods & services. These are sectors like pharmaceuticals, Food Stores like Dmart, Walmart, etc.
One of the signs that you are working in the recession-proof sector or industries is you are still being paid full salary where the rest of the people are having to take pay cuts.
Once you have the data about which companies are going to be strong. It is simply a logical decision to up-skill yourself with the skills around these sectors.
One must always have around 6-8 months of savings in their bank to support themselves in emergencies. Stop all the unnecessary expenses and do not do anything for which you will need to take an EMI.
If in the event you lose the job and you don’t have a salary to support the payments of EMI then eventually the next step would be asking your parents.
If that is not bad enough in turn events if they lose the job then you will be sucked in the vicious circle of EMI payment and the amount of debt will keep on increasing just due to the interest on it.
Research about the Course Curriculum
As per the latest survey conducted online, it is estimated that the online course completion rate has only about 13%. This gap is huge and mainly because some courses are just like one way street of interaction.
At times the monotony kills the interest and further leads to in-completion of the course. Always try to find the upskilling resources which have partly practical learning which makes learning interactive and killing the monotony.
Learn a new Software or Programming Language
Industries are continuously being revolutionized by the introduction of new technology. Start learning about the new software or language which looks promising in the future to gain the first-mover advantage.
Learning new softwares in your domain or the coding language will always put you ahead of the game. As the adoption rate of new software or language increases the demand for the interface operator will be increased.
At this time your skill will be in demand where the rest of the peers will just start learning.But along the ways don’t forget to learn and explore your interest. These tips are for the people who want to have instant benefits of upskilling. Learning and upskilling your interest at times may not guarantee monetary benefits but will surely feed your soul.
Eventually upskilling is always going to be a long-term journey. Some up-skill give you instant results while others take a period of time and have a compounding effect. But rest assured that upskilling will definitely help in your career or the other aspects of life. Keep learning. If you want to read more about career progression click here.