Although the United States has been experiencing rapid economic growth over the past few years, economic downturns are inevitable. Recessions are part of the normal life-span of an economy, so it’s important to take the necessary steps to protect yourself and your career against financial disaster.
Learn Practical Skills
In order to weather the storms of tough finances and competitive job markets, it’s essential to become as versatile and adaptable as possible. One of the best ways to become a valuable job candidate is by spending time and energy to learn practical skills.
In some industries, practical skills are valued more highly than graduate degrees. According to the AACU, practical skills and experience are more transferable between different jobs, companies, and industries. You might consider attending a trade school or pursuing an online certification program. However, a college degree may be required for your specific career. Don’t hastily abandon your plans for formal education; instead, you should focus on gathering as many relevant, versatile skills as you can.
Work for Yourself
According to Franchise Gator, one of the only ways to actually achieve job security is to own your own business. Starting your own business, even if it’s a solo business, can help you take control of your career rather than be at the mercy of one boss. Many business owners have found a greater sense of peace, happiness, and confidence after they took the leap to start their own business.
Do not be deceived; starting and running a business is not an easy venture. There will be a number of challenges and obstacles to overcome in any career, including one in which you work for yourself. But if you have enough courage and tenacity, owning your own business is a great way to protect yourself in the event of a recession.
Build a Strong Network
In almost every industry, employees are familiar with this unspoken truth: it’s not what you know, but who you know that matters. A recent survey published by LinkedIn revealed that 85% of all jobs are filled through networking. For this reason, it’s essential to build a strong career network, both online and in-person. Be eager to jump outside of your comfort zone. Set a goal to meet new people each month to expand your network. Doing so will help create a safety net which you can fall back on during a recession or financial distress.
As you make an effort to learn practical skills, work for yourself, and build a strong career network, you will have the tools you need to keep your career afloat in any financial weather.
Read this next: Careers in Finance That Don’t Require an Advanced Degree
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