The economy is booming and talented employees are a valued asset in today’s competitive job market. However, history tells us that economic growth is usually brought back down to earth, and sometimes the subsequent crash is colossal. From the Great Depression to the 2008 financial crisis, some variation of the boom and bust cycle seems guaranteed. While hindsight is 20/20, it’s difficult to see the signs of an incoming recession before it hits. Having your resume ready in the wake of a crisis gives you a substantial lead against other scrambling job seekers, and you should think about the following points when assessing your disaster readiness.
It always pays to be prepared.
Even when economic times are good, you never know when a great opportunity might fall into your lap. During a recession, those opportunities become miracles that will evaporate if you aren’t prepared. Keeping an updated resume on hand is an excellent way to bolster your prospects in the best of times and the worst of times.
Would a recession lead to a layoff?
Companies large and small are impacted by recessions – layoffs, bankruptcies, and other unforeseen consequences indiscriminately afflict business across industries. How much might revenue slow down? Does your company have the capital to sustain operations? Don’t assume that job security is a given, as economic crises force the best-laid business plans to fall off the rails. Even when hoping for the best, it never hurts to be ready for the worst.
Are you confident in your company’s leaders? Are they savvy enough to weather the storm?
Some businesses will scrape by in the face of economic catastrophe; countless others will perish. Regardless of how large your employer is, consider corporate contingency plans and the business’s ability to adapt. Moreover, evaluate how long the company could withstand reduced revenue levels. Maybe 6 months is workable, but what about 12 or 18?
Will your skills still be valuable as businesses tighten their belts?
Is your resume showcasing your most valuable assets? Does it convey the unique contributions you can make in emergency situations? Assess your resume and the skills you’ve chosen to highlight. Make sure that you stand out in what will certainly be an over-crowded field. Don’t be afraid to augment your abilities with professional development and other training programs while you still have expendable income. If you’re struggling with this point, contact Employment BOOST and work with one of our Certified Professional Resume Writers (CPRWs).
How recently were you hired? How dispensable are you to the company?
When businesses are forced to trim the fat, the newest employees are often the first ones to be axed. The fewer people under you, the more at risk you’ll be when things go south. Be realistic about where you stand in the corporate hierarchy and plan accordingly.