How to build a recession-proof career

People Matters shares steps that you can take to advance and protect your career even in an economic downturn.

Rising inflation, pandemic-related supply shortages, and other factors increase the risk of a global recession. Typically, the economic cycle grows then slows down, and each cycle has different consequences for companies and the general public.

When the economy falters and central banks raise interest rates to regulate an overheating economy, consumers are forced to tighten their belts. Meanwhile, businesses are pressured to remove unnecessary expenses and, at times, even restrict hiring or cut staff Being open to career shifts

Often, during these worrisome times, people would want to know which jobs can survive a recession Thankfully, there are steps you can take to determine how you can advance and protect your career even in a downturn

Professor Phil Lewis, Director of the Centre for Labour Market Research at the University of Canberra, said that employers continue to look at a candidate’s educational levels, personal skills, and work experience

“These are all signals to an employer that you’re going to be a good worker as opposed to somebody who has left school at 15 and has no work experience,” Lewis said. The professor also explained that changes in society have affected the types of work available today. Jobs are becoming more and more complex that it is forcing workers to upskill and stay relevant in the job market whether in good times or bad.

For Nicholas Wyman, CEO of The Institute for Workplace Skills and Innovation and author of the…

Read more at: https://www.peoplematters.in/article/life-at-work/how-to-builda-recession-proof-career-34326