Category: careers

As the cost of living continues to rise in many parts of the world and spending steadily slows, companies are bracing for a recession and it is time to think about how to make sure you are recession-proof. 

A time of significant and widespread economic decline often leads to businesses going bankrupt and people losing their jobs. However, there are things you can do to ensure that you can withstand these difficult times, whether you are a business owner yourself or an individual keen to expand your employability. 

1. Broaden your knowledge base

Having a wide range of skills is a good way to ensure you are recession-proof, for both employees and employers. Those with broad knowledge bases are highly valuable in the workplace and being able to apply your various skills to your work or business is a recipe for success. 

Whichever sector you currently work in, being able to develop your skills in other areas ensures that if a recession were to hit your sector hard then you can branch out and find other work in different areas.

For example, if you are currently working in fashion retail or travel – two areas which are already seeing a huge drop in sales – then exploring other qualifications or undertaking professional courses helps expand your career portfolio. 

Careers in IT, law, healthcare, trade, utilities and education, however, are deemed by most experts to be recession-proof, as they are essential jobs no matter where the country is economically. Although government cuts can lead to job losses in some public sectors, your skills in these areas will still be needed and relevant to a variety of other job roles.

2. Stay on top of technology and project management

Having an up-to-date knowledge of the latest business software can help you stay on top of managing your business, as a leader, or simply having an understanding of the core aspects of business as an employee. Project management is one of the key elements of business and being able to streamline projects through software means more time available to consider other business aspects, such as finance. 

The main software tools you need to know about are:

• DevOps: This software combines software development and operations, making it a streamlined way to manage different aspects of business. Business owners can ensure that they are not losing sight of the bigger picture when faced with recession-focussed financial decisions, as it allows companies to provide for their customers quickly and easily. 
• Agile Development (Agile): This provides a simple way for teams to manage projects and work together towards project goals. This is one of the most popular software-building technologies with around 71% of US companies using it. 

Agile and DevOps encompass a forward-thinking, modern thinking for business management, which allows businesses to learn and adapt quickly. This means that not only are they ideal for day-to-day operations and regular business updates, but also in times of crisis when the wider economic environment is forced into rapid change. Using DevOps and Agile could mean the difference between surviving a recession and losing your business entirely.

3. Manage Your finances 

Paying off high interest loans as soon as possible, making a realistic budget and ensuring that you are keeping an eye on rising costs to see where savings can be made are all great ways to ensure that you don’t end up worse off during a recession. When the economy is steady, and especially during the times when your financial situation is positive, putting more money into secure savings accounts is a great way to prepare for a recession.  

As a business this will mean seeing where savings can be made across all areas. By assessing spending now and critically assessing where savings could be made, companies can avoid later financial losses and redundancies when a recession is in full force. Making smart investments when the economy is stable can also help you prepare for the future. However, if a recession is speculated to be on the way then you will want to stave off large investments for now to ensure that you have the finances to carry your company through a recession should it occur. 

4. Stay in the know and adapt 

Even the most financially intelligent people can be caught off guard when a recession strikes, so staying up to date with the latest economic news is essential. Keep track of what’s happening in the financial sector and make sure your plans are adaptable when things change. Planning for a recession is great but having adaptable plans depending on the economic climate is the best option to ensure you are truly recession-proof. 

In terms of business, this can mean adapting to new ways of working, for example using new digital platforms, or needing to source products from different places depending on the current global economy. For individuals, this can mean adapting to new working environments such as working remotely or taking on different roles. This you can prepare for in part using step one, by broadening your skillset and updating your CV with a diverse range of skills. 

5. Network with the experts 

Finally, networking with other business owners, or with those in your industry can help you gain inside insight into what’s really happening and how other people are preparing for it. Seeking advice from the experts, networking with other people in your industry and getting input from others can help you decide the right course of action and when to take it. 

Networking can also ensure further job security, as well as support if you are hit hard by a recession. The term ‘strength in numbers’ comes to mind, as when a group of businesses or independent workers within an industry band together and support one another, they are far more likely to recover from a recession than if they are alone. 

In times of recession, everyone is impacted. However, there are ways to make sure that you are not struggling as much during the hardest times. By keeping a keen eye on finance, finding savings and paying off any loans as soon as possible, you can face the obvious issue of rising costs. Through broadening your knowledge base, streamlining your business and keeping up with the latest business software you can also become an invaluable employee or a shrewd business owner whose career can withstand the hardest of economic times. 

Devin Blewitt is CIO at ITonlinelearning.

There is a school in Bali that has to ‘thrive with purpose’ as its statement and to ‘create a global community of learners to make our world more sustainable’ as its mission.

What is the purpose and what is the sense of sustainability that is championed by its business students? And is it working? I believe there is an awareness that the traditional way of building business, with a few at the top earning most of the money and often with little regard for the long-term impact, is losing its glow.

Yet the bankers, energy companies, pharmaceutical businesses and car manufacturers, to mention just a few, continue to create wealth for shareholders as a priority. The evidence of the suffering of the majority of the population, heightened by climate change, becomes more apparent and yet we seem to cling to the safety of the economy. John Perkins, author of Confessions of an Economic Hitman, continues to expose how governments have ravaged, and continue to ravage, the natural world in less developed countries at the expense of the health of the societies that live there.

Can we still, then, knowing all this, satisfy the purpose, above all else, to make money? And for how long and for whom? Can we continue to champion the economic world’s sustainability at the natural world’s expense? How much room, after all, is there on Mars?

Polarisation and philanthropy

A new thinking is emerging but is it developing fast enough? When Covid-19 hit, our complacency of a predictable future was shattered. We feared that our death could be more imminent than we hoped and our life plans for the immediate future were dashed. It feels to me as if the result of the pandemic has polarised the world. Many of us have reviewed our life purpose and many are not returning to unsatisfying jobs, while others joyfully herald the rise of ‘getting back to normal’. There is, as the Buddhists say, a middle road. Perhaps we negotiate this middle road through the creation of a new normal, a desirable route since the old version was herding us to extinction.

We had a taste of another way during Covid-19. Nurses and other health carers were elevated to superhuman levels as they appeared to risk their lives for us. Pharmaceutical companies were heralded as the new saviours until the outrageous profits made at the expense of world health were exposed. With travel at a standstill, neighbours welcomed neighbours for the warmth and company unavailable from friends and relations too far away, with the Covid restrictions, to visit.

Now, in hospitals, doctors’ surgeries and on public transport, I see signs displaying that violence will not be tolerated, weakly encouraging patients and visitors to be polite and caring. We wonder why the service industry is failing, but who would want to be a part of it when, because we are being paid to care for people, or travel on public transport, we are open to abuse? When did I last see a sign like that in a successful corporation? Never.  

But businesses know the value of being seen to care. Those with huge profits donate to charity. Financial giant Bank of America pledged a whopping $181 million to various charities in 2017, but this was only 0.6 per cent of its pre-tax profit that year, according to according to a Chronicle of Philanthropy survey. This is just one example of many, including individuals such as Bill and Melinda Gates, that donate billions, which is great, but it is just a tiny drop of their fortune. It is theirs to do as they wish but how amazing it would be if the converse was true and they retained that small percentage for themselves.

Imagining a different approach

Imagine a world where the majority of success was measured and rewarded by the amount of care and love we bestowed on others and our Earth. Where most of our investment was in promoting and benefitting from positive and sustainable values rather than falling for the shallow, short-lived promises that benefit a brand’s profit.

McDonald’s inspired the Ronald McDonald House charities with a mission to create, find and support programmes that directly improve the health and wellbeing of children. McDonald’s donates about 20% of the funds needed to run these and it does not go unnoticed by the more cynical that they are helping kids’ health on one hand and damaging it on the other with fast food. Imagine what would happen if the main focus was on improving the health and wellbeing of children.

Imagine if we saved all the money spent on weaponry and defence training – defence is a profit-hungry business – and used our armies to deal primarily, with disasters. Their current training would allow them to deal with the latter efficiently, engaging in teamwork, following orders and carrying out structured solutions. What if this was the primary objective of these forces rather than preparing for an invasion with deadly weaponry in case a potential enemy arises?

Sparking change from the ground up

What can we, as individuals, do to spark change in the world? Perhaps this change will start from the ground up. It is challenging for our big brands to make this shift. Like a supertanker trying to make an unplanned turn, it is likely to run aground or take so long that it can be impossible to avert a crash. But as individuals, it is much easier for us to turn our lives around much faster. If Covid taught us anything it is the value and finiteness of life.

I spoke recently with a very successful businessperson. We are launching a new venture together and it is one built on heartfelt success. We both realise the value of working with a heart as well as a head and with a broader, caring approach as well as the more single-minded, profit-at-all-cost business template. We need both mindsets. She shared how there are so many graduates that want to work for the good of the planet, with charities or similar. But what if we could turn around some of the huge organisations that virtually run our world?

With so much depression around, it has been found that money does not buy happiness; simple acts of gratitude and love are more effective than antidepressants and the reward is that we are happier, more creative and can make a better world. It starts with each of us.

 Headline image credit: Kristopher Roller on Unsplash