EMPLOYMENT: HOW RECESSION-READY ARE YOU?
I’ll say it right out of the gate: this post is not meant to be negative. It is not meant to be alarmist. It is designed to help people take (employment) control now versus reacting later. No one has a crystal ball that can predict our futures, let alone the future of a country. BUT, if I’m to listen closely to the economists and if I’m to pay attention to the current state, I’d say the reality is pointing toward a high likelihood of a recession in 2023. And being aware of (and prepared for) a potential reality – even if it’s undesirable – is better for us.
Oh, and as an aside, we’re not in a recession right now…might just feel that way.
To combat runaway inflation rates (we’re feeling this – right?), central banks have assertively increased interest rates. It’s an effort to make daily living more affordable and to re-ignite economic growth. In this effort, the crunch gets passed down the line in a way; rising interest rates make it far more expensive to finance larger ticket things: homes, cars, travel, etc. Carrying debt increases. Inflation lessens, but so does the ability to acquire certain goods and services.
WHAT DOES THIS HAVE TO DO WITH MY EMPLOYMENT
(AND WHERE DO I HAVE CONTROL)?
If a recession occurs, businesses have no choice but to cut spending to ride the recession wave and remain viable. Organizations reduce headcount, they might reduce hours, or they can lay off employees. Unemployment rates rise dramatically in a recession.
TAKE THIS SHORT QUIZ TO HELP ASSESS YOUR LEVEL OF RISK AROUND EMPLOYMENT SECURITY IN THE EVENT OF A RECESSION.
Ample historical data shows that if you have answered "yes" to any of these questions, your employment may be at higher risk during a recession. Like I said before, no one has a crystal ball. However, the reality is that being prepared now, while you have the stability and finances to invest in yourself is a good bet. Having high-impact up-to-date job search tools and a clear view of your opportunities and challenges (and how to overcome them) in the event of job loss is critical. It allows you to act quickly and confidently. This is where you have control.
SparksResults is offering a comprehensive, tailored-to-you Recession Readiness package designed to get you ready for whatever may (or may not!) come your way. There is never a wrong time to be positioned for a change in work - whether planned or unplanned. In an unstable market, this is a guaranteed investment in the self.
To learn more about the RECESSION READINESS package, please visit SparksResults today.
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