Economic Recession: Spring Back in Times of Action

Economic Recession is an opportunity for Career Advancement Pink Slips and pay cuts, things employees often receive as gift vouchers during a recession. Apart from the two categories, there is a large pool of fresh graduates who find ‘no vacancy’ signboards along their way. Zeal and enthusiasm dips to an all-time low and panic waves deluge the environment. Should one panic? Curse the troubled times? Do what? Well, there’s a silver lining to all dark clouds. This one comes with a promising one too.

Remember, economic recession is just a phase and going by the economic history of the world, good times, economic boom to be exact, will be experienced after the sullen phase is over. If one happens to belong to the ‘no-job’ club, comprising of fresh grads and pink slip owners, there is an opportunity in disguise for them to upgrade their skills. And the ones with ‘pay-cuts’ (and even those who are holding on to their position with minimal or no pay cut) should work towards ‘recession-proofing’ their careers. For the former type, a prudent and imperative approach is required to understand the present industry conditions and the skill-set that might be the need of the future.

Upgrading one’s skill-set is always going to favour career objectives in more than one way. With a better skill set, when the recession slumps and companies start recruitment, one will have an edge-over others. The time invested and the process involved in upgrading the skill set should be sought keeping future career aspirations in mind. Those who received pink-slips, remember, it was because the company saw them as a liability and their presence was not important to the company. They should identify the key areas where they can develop and enter the ‘most wanted’ club of a corporation. Work commitments and busy schedule might never have sprung the opportunity to upgrade and re-skill, once shown the door it’s time to turn the table on one’s side and convert the pink slip into a ticket to the next level. The former group needs to be extra cautious. Now that the companies will look for every opportunity to cut the cost, just hanging on with a pay-cut won’t suffice. This group should focus on good work and enhancing multi-disciplinary skills as well. Knowledge of one’s domain is necessary but this is what everybody has even those who did not get recruited at all. The knowledge of other areas of business is what stands one out. This group could delve into re-skilling and adapting to the new challenges. By investing into up gradation of skills along with the good work (that probably saved one) becomes mandatory. This “recession-proofs” ones career. The other attributes of the employee are seen as potential contributors in the turbulent times. Once the recession is gone and happier times are back, remember, the up graded skills are still with one and it is now that they pay back in enhancing the career like never before.

So, enjoy the going back to school for a while. The investment is going to pay sooner or later.

Manish Thakur

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