Want To Recession Proof Your Career?

Want to recession proof your career? Let’s discuss how to prepare your career for a recession—or really any uncertainty—WITHOUT putting your goals on hold.

If all the terrifying headlines of looming recessions, mass layoffs, and “economic headwinds” are making you second-guess your career options, you’re not alone.

Even if you’re pretty sure you’re not at risk of being laid off, all the scary talk can make the most-valued workers concerned about how safe their job actually is and whether now is the best time to make a career move.

Manage the Risk, Don’t Avoid It

Although it’s tempting, the biggest mistake you can make in uncertain economic times is to hunker down and try to wait it out.

It gives all the power to fear and uncertainty—and whims of your employer—and puts you firmly in the back seat of your career.

Now is always the right time for proactive, intentional action.

Take it from one of the most risk-averse people out there: the best approach in uncertain times is to actively plan for and manage risk, not avoid it.

Here are 5 ways to recession proof your career:

1. What’s the Reality?

Often what we experience as “reality” is actually fear driving the bus.

Headlines are intentionally scary so that you’ll click on them.

While it’s triggering to read that Amazon is laying off 18,000 workers or hear about “contraction” in the Tech sector, it’s important to understand the reality on the ground.

I encourage you to have a conversation with your boss and higher ups about the economic realities for YOUR specific organization and team. Is there a hiring freeze? Where does your team sit with respect to the organization’s goals this year? What is your boss hearing from their leadership? Is there a “list”? (More on this in a bit.)

It’s also a great opportunity to proactively discuss what you want in your career with the people best-positioned to help you get there—whether it’s positioning yourself for opportunities elsewhere in the company, taking some time off, or even negotiating your exit.

(I’ve strategized with my bosses on all three of those scenarios, and every conversation ended up with a better option than what I went in with. It’s how I took a sabbatical, created bespoke roles, went part-time, and eventually left the company on my terms).

What if you can’t trust your boss to have this conversation?! All the more reason to proactively manage your next steps now.

2. Diversify Your Income Streams

If we’ve learned anything from the dot-com bust or the housing bubble burst, it’s diversify, diversify, diversify.

If you do it with your investments, why wouldn’t you do it with your career?

I find it fascinating that people equate working for someone else as the “financially secure” option.

No judgment; I used to believe this, too.

Working for a company that has no loyalty to you is one of the riskiest things you can do you in your career.

Even though that paycheck FEELS safe because it’s been predictable (so far), one of the best things you can do is remove your dependency on it.

I know a paycheck seems SAFE. Back in the days of pensions and working 40 years for the same company, that might have been true.

These days, having your income come in from any single source is pretty darn risky.

Having alternative sources of income not only removes the dependency on the whims of your employer, it’s also super empowering and fulfilling to learn how to earn directly.

Whether you invest in real estate or sell tchotchkes on Amazon—even a small alternative income stream is going to give you confidence in your ability to create your own earnings trajectory, not to mention being able to turn on the spigot if you want to down the road.

Waking up in the morning and knowing you can earn regardless of what happens in the economy? That’s personal power.

3. Light Up Your Network

What’s the best time to network? When you don’t NEED to network.

Especially if you’re feeling like your current situation is unpredictable, lower the stakes by planting seeds with people well before you HAVE to make a change—even if you don’t think you’ll WANT to change.

Too many people WAIT to reach out until they’re in job hunt crisis mode.

Then they have to contort themselves into the “How do I pretend to not ask for a job when I really need a job?” box. (Exactly the type of transactional approach to networking that everyone hates.)

Especially if a large slice of the workforce is suddenly doing the same.

Starting those conversations and investing that time NOW, when you can actually have honest discussions about what you’d like to create, will pay off big time when you have a steady stream of incoming opportunities and can just pick up the phone and say, “I’m ready to move.”

4. Boost Your Emergency Fund

As with all of these tips to recession proof your career, do this step even when the economy is BOOMING.

I’m not a financial advisor, and this should not be construed as financial advice, but if you have any disposable income, creating a financial safety net is a no-brainer.

I see first-hand the pressures and pitfalls of quick career moves borne of desperation.

Do yourself a huge favor and make sure you have a 1-year runway of expenses.

Yes, I said 1 year. At least.

This will not only soften the blow if the worst case scenario happens, it will give you time and space to make the next career decision from a place of intention rather than fear.

Especially if you’re a high-earner, this is completely within your power and one of the smartest hedges against uncertainty you can make.

Balking at the idea of saving that much? Giving yourself the freedom to say NO to job opportunities you don’t want is priceless.

5. Use the Uncertainty (and Paycheck) As Fuel

I get it. Uncertainty doesn’t feel great.

But delaying your move and burrowing deeper into what you know you don’t want will likely make you feel worse.

Take back your power and use this opportunity to get yourself into something better.

Don’t like worrying about losing your job or languishing in a job just for the paycheck?

Harness those feelings and use them to propel you where you want to go.

If there are lay-offs coming, and you don’t want to ultimately be there anyway, maybe you consider getting onto the list (there’s always a list) so you can fund your next career move and have the time to work on it.

Maybe you begin work with a career coach or recruiter to see what your options are outside of your company.

I can tell you from experience that it’s really hard to see all the opportunities OUT THERE from inside your organization.

When you’re dealing with uncertainty, it’s easy to assume that things are bad everywhere (headlines and social media don’t help).

But there are always always always opportunities.

Yes, even when the economy is legitimately really really bad, there are also GREAT opportunities. We built an entirely new function within a bank during the Great Recession, growing exponentially year over year even as layoffs were happening elsewhere in the company.

Bet On Yourself, Not the Job

Resist the temptation to focus on any one job or external THING as the way to recession proof your career.

No industry or occupation is immune, so rather than focusing on finding that magical job, focus on making YOURSELF recession-proof.

Jobs come and go. Companies skyrocket and fall. Just ask the people at Enron, Twitter—even the medical profession.

The most powerful—and easiest—thing you can do is prepare yourself to confidently navigate any storm, whether it’s brewing on the horizon or comes out of nowhere.

The “right” time is NOW.

You can feed the uncertainty or you can feed the certainty in your own abilities to seek out opportunities regardless of the circumstances. That’s how you recession proof your career.

If you found this post helpful, I’ve created a guide that lays out the 4-step process I use with my career coaching clients.

Ready to make money doing work you love? Grab your free 4-step career roadmap.

Author Bio:

Before becoming a coach, Caroline worked in management consulting and financial services. She's made it her mission to help people grow, contribute, and get wherever they want to go.

She’s also a tennis fanatic, aspiring Minimalist, FIRE (Financial Independence and Retire Early) enthusiast, and Aloha Spirit seeker 🤙. She loves to share stories from her unconventional life and career focused on freedom, creativity, fun, health, family, and community. If she can do it, you can, too.

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