Arm Yourself with a Recession-Proof Mindset

By Dr Victor SL Tan

oday, the world is facing T an unprecedented change driven by the tiniest adversary – the novel coronavirus, also known as “Covid-19”, wreaked havoc on companies, businesses, economies and countries. To date, more than 11 million people were infected worldwide with more than 500,000 deaths, as of 8th July 2020. This number will keep increasing by the day.

Offices, entertainment outlets and factories are shut down while the malls and food outlets are almost empty. Major business sectors that are badly hit include airline, banking, energy, hotel, retail, transport, tourism and travel.

Many economists are in concurrence that the world will face a recession in 2020. The Secretary-General of United Nations had said that a global recession – perhaps of record dimensions – is a near certainty due to the Covid-19 pandemic. The International Labour Organisation predicted that as a result of this pandemic crisis, there will be a spike in global unemployment as high as 24.7 million, which would be higher than the 22 million increase in the global financial crisis of 2008-2009.

During a recession, many companies would certainly initiate cutbacks. Employees would live in fear of losing their jobs. There is a better way to work in such perilous times without fear and worry. Employees can develop a recession-proof mindset by practising positive and productive work behaviours.

DO WHAT OTHERS ARE UNWILLING TO DO

Having worked in the past 3 recessions as a consultant, I had privy information on the key criteria companies use to select staff they want to retain during tough times. Many leaders singled out the attitude of the staff; in particular in doing the tasks others are unwilling to do.

During a business slowdown, some companies practise non-replacement of staff when they leave, resulting in existing staff having to do more work. While many would complain about doing more work, this would be a good time for them to stand out from the workplace by adopting a positive work attitude towards the added work responsibilities. Those who continue to practice such good work behaviour during these challenging times will have little difficulty retaining their jobs. Every employer would value such staff and would do everything possible to retain them.

PRODUCE EXTRAORDINARY RESULTS

When the economy is booming and the company is doing well, excellent performance by individuals attract less attention. That is because many other individuals are also doing well. However, during a recession, when many others are showing poor results, the one who produces excellent results will shine in a distinctive manner. Go ahead, put in the extra effort, make more sales presentation and exceed that sales target. Win over that difficult customer and bowl your boss over! Indeed there has never been a better time to produce extraordinary results than now.

SOLVE PROBLEMS THAT MATTER MOST

One hallmark of a valuable employee is his or her ability to adapt to changes. An economy in recession can alter the priorities in companies. For example, a company which once used to emphasise workplace cleanliness, now shifts towards focusing on business development. It will serve employees well to start prioritising their work to address the company’s current concerns. Find out what matters most to your company and start actively to play a role to help solve them. Such an