Top 3 Ways to Hold Your Value as an Employee While in Recession

Although no one has admitted it publicly, a recession is imminent in the United States. The process of laying off employees has begun, but details are being kept secret by upper management. How do you protect yourself from being the next person to lose their job?  

There has been much discussion regarding the possibility of, or actual existence of, a recession. Layoffs are happening in every sector as a result. In June, Uber, Tyson Foods, and Spotify each stated that they would be laying off around 200 workers, while KPMG predicted that it would lay off nearly 2,000 workers this year. That’s a tiny sample of the job cuts scheduled for 2023.  

In addition to the layoffs, employers’ worries about Generation Z employees have been on the rise. Recent data suggests that three-quarters of managers think Gen Z is the most challenging generation to manage. Sixty-five percent of businesses think they are more likely to fire members of Generation Z because of this.  

Ok, so you’ve recently completed your degree. You expected hardship in the real world, but not this much. How can you secure a job when funds are limited and companies are wary of your generation?  

The good news is that when it comes time for layoffs, your company isn’t just looking at your generational reputation. Other factors such as income, performance, and the relative importance of various aspects of the work will be considered. The people who were laid off made significantly more money than the people who kept their jobs, according to a study conducted by Revelio Labs.  

When your company starts issuing “pink slips,” what should you do? If you want to keep your value, stop worrying about things outside of your control and start working on the things in your control. The following actions will help you become a more valuable employee, even if you can’t change your boss’s thinking about your generation or the economy.  

  1. STEP OUTSIDE OF YOUR COMFORT ZONE AND DO SOMETHING  

When looking for ways to reduce costs, companies often evaluate each position and division first. Taking the initiative is essential if you want to keep your value. Do things on your own without waiting to be told to.  

• Full-time jobs allow you to dedicate more time to each project, cultivate more meaningful connections with coworkers, and take on more challenging duties. Make it a habit to go above and beyond in anything you do. When time is of the essence, focus on one item to the fullest. Always keep your manager apprised of your progress and priorities.

  • In part-time or temporary positions, you may need to show that you can make the most of your time and effort within the constraints of a smaller workweek and a shorter deadline. Companies would prefer to keep you on staff rather than search for a replacement elsewhere. Society for Human Resource Management estimates that a corporation spends about $4,700 on each new employee.  

2. LOOK FOR WAYS TO GROW  

Human resource managers value adaptability and the willingness to learn new skills highly when making hiring decisions, according to a survey of tech recruitment managers.   Full-time employees should actively seek out professional development opportunities including seminars, webinars, and summits. Keep abreast of developments in your field by reading trade publications and keeping up with local workshops and training programs. Make yourself indispensable to your company and you will greatly reduce your chances of being laid off.  

• In part-time or temporary positions, companies may prioritize educating workers in several skillsets or reassigning them to new tasks within the same business. Always be willing to expand your horizons and take in new information. Find out how you can advance in your current position, and volunteer to assist out where it’s needed.  

3. BE READY FOR A DIFFERENT OUTCOME.  

Your employer ultimately has the final say in whether or not you keep your job. It’s possible that, despite your best efforts, you’ll have to settle for a pay cut this year. If you’ve been laid off, having a plan to swiftly find new work will be crucial to your success.  

Full-time workers are encouraged to pause for introspection. The psychological toll of job loss can’t be overstated. It’s important to give yourself time to think about your feelings and your professional aspirations. Think about the aspects of your prior employment that you liked, as well as the things you’d like to do in your next one. Make sure that your resume is up-to-date and highlights your most recent experiences and accomplishments as they relate to the opportunities you are applying for. Keep in mind that many temporary positions ultimately lead to permanent hires after a lengthy interview process.  

Recommendations from former coworkers or superiors are especially useful in temporary and part-time positions. To meet new individuals and grow your network, you should participate in industry events, job fairs, and professional networking events. Check out both broad and specialized employment boards to locate appropriate openings. In addition to national employment boards like Monster and Craigslist, regional staffing agencies often post openings online as well.   The post-graduate world may seem hopeless in 2023, but there’s still a chance for success. Taking charge of your own development and being receptive to feedback can help you stay in your present role and prepare you for future success. It’s all good; you’ve got this.    

If you find yourself being laid off, regardless of these tips, read more on avoiding job search anxiety.

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