Flexjobs' top 10 tips for surviving a recession

Take matters into your own hands: Flexjobs' top 8 tips for surviving a recession

November 21, 2022 5:30 AM

For months, employees and employers alike have been gearing up for a possible recession, yet as the economy gets worse, many are still feeling lost on what they should do to position themselves for the future.

Seventy-nine percent of business leaders expect there to be a recession this year, according to a recent report conducted by insurance company Aon. And yet just 35% of those leaders feel prepared for an economic downturn — which could spell disaster for employees.

"Employers are reducing their overall spend — [which means] they're reducing headcount," says Michael Burke, global head of human capital solutions at Aon. "We're seeing them focus on their employee value proposition a little more. They're looking to be a bit more targeted and tailored with their spending to make sure they get a better ROI."

As it is, 73% of U.S. workers said concerns about a recession are impacting their career decisions, according to a recent survey conducted by Flexjobs, and 39% of respondents are worried about their job security. This has left many workers to contemplate their options — whether that means searching for new jobs or attempting a salary negotiation for higher pay.

But in the face of an uncertain labor market, can employees really make themselves "recession proof?" It comes down to preparation, says Toni Frana, career services manager at Flexjobs.

"Preparation is key," Frana says. "As employees, we should be keeping track of [what we can do] as changes in the market happen so that in the event that something big changes — a promotion or negotiating salary or a layoff or a recession — we have already laid the foundation for success to ease into that next phase, whatever it is."

Frana shared her top tips for employees to take control of their circumstances amid a possible economic downturn — whether you're facing a layoff or just want to build up your career confidence.

Think like an entrepreneur

"You are the manager and director of your career," Frana says. "So if you can keep a good pulse on your profession and the career path that you've gone through and would like to go through, that can help you continue to move forward in the direction that you want, even when there are bumps along the way."

Focus your job search

"Identify or narrow your job search, which may mean looking in different industries than you've worked in previously," Frana says. "Do some research to see if the type of work that you do is available in industries and sectors of employment that are actively hiring. That way you can explore that a little bit more and that will help as you navigate some uncertainty that might be coming your way."

Get your finances in order

"Having your financial health in order means that there might already be some semblance of savings to help get through the leaner times," Frana says. "Another thing to focus on with inflation and recession concerns is to find a side hustle or a part-time gig that might be available to you to help you bridge the gap."

Highlight your achievements

"There's a lot of people who are out of work who might be looking for jobs and there's going to be so many job applicants," Frana says. "If you are able to really highlight some key things that make you stand out amongst other applicants — your strengths, the greatest attributes that you have — this is really important in terms of how you present yourself on your application materials and during an interview. This achievement piece is an important area to focus on and it can help propel you forward, especially during a job search that can take time, given the economic circumstances that we face."

Prioritize your mental health

"Uncertain times or layoffs take a toll and you have to give yourself space to grieve the loss of a job, or walk through the emotions that come along with uncertainty," Frana says. "If you don't do that, it can build up. In order to go forward with confidence and believe that there are opportunities out there, you have to put one foot in front of the other to get there while honoring the challenging feelings that come with this uncertainty."

Keep networking

"You don't want to be shy about what you are looking for," Frana says. "The more people that know what it is that you're looking for and your strengths and the things that you can offer, it's like having more eyes and ears out there working for you. When we are in a period of uncertainty, always find a way to develop and start building additional relationships that can help you get to the next place."

Give back to the community

"This ties to the mental health piece as well, because when you are able to give something back to somebody or an organization, it really does help alleviate some of the stress and anxiety you may be feeling personally," Frana says. "This time of year, for example, there is a higher need for volunteers in food shelters. This can really help manage the emotional piece of what goes along with navigating through these uncertain times."

Keep learning

"Any time that you can build a skill and expand your knowledge is a tool that you will be putting in your tool belt," Frana says. "This is a good time to participate in some activities or build skills if there's something you've always wanted to try to do or if you have some courses that can help beef up your resume for the jobs that you want to apply for."