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7 Reasons to Recession-Proof Your Next Career – Now

Let’s look at seven reasons why you’ll want to recession-proof your next career reinvention, now.

1. Moore’s Law

Named for the co-founder of Fairchild Semiconductor and CEO of Intel Corporation, Gordon Moore’s prediction that the number of transistors in a dense integrated circuit doubles approximately every two years has been used for decades as a guide for long-term planning. and to set goals. for research and development. But he can also use Moore’s Law to prepare for a down economy by using technological innovation every two years as a marker.

act now: Visit a local coffee shop or library and start building or updating your career schedule for the next two quarters. By completing this activity, you will know when it is time to start the next reinvention of your career and whether you need to accelerate (something that should start in the next two weeks) or if you can pace yourself and start the process in the next two. months.

2. Crossing the abysses of complacency

Too often, organizations allow complacency to seep through the cracks in the culture, creating blind spots that produce outdated products and services. This is how business leaders and managers kill innovation, slowly and almost methodically ignoring the death of creativity while punishing personal risk-taking within their roles.

It is quite easy to expose complacency within your organization if you choose to take off your blinders. In fact, by strengthening your peripheral vision, you develop foresight to anticipate problems before they happen. It’s like having the ability to see around corners, a kind of sixth sense, where you see red early warning flags waving before they’re raised on the flagpole.

Due to the importance of peripheral vision, especially in personal development risk taking and innovation capabilities, we delved into this topic in two of our sowing change online shopping 30 days to a recession-proof reinvention Y The Scrappy Corporate Entrepreneur.

act now: What have you done to advance your career in the last two years? If he hasn’t taken courses, workshops, or classes, at least every quarter, it’s likely that he’s becoming outdated in his current position. This would also be a good time to update your resume as the job market continues to change.

3. Tipping points matter

Just as companies cannot afford to ignore strategic inflection points, neither can professionals afford to miss out on strategic inflection points. four critical signs indicating that it is time for a professional reinvention. By proactively managing your Personal Inflection Curve (PIC) remain alert to career opportunities and attentive to organizational undercurrents that signal early changes in business and the workplace.

You want to avoid missing your personal turning point and the red flags that warn you of imminent risk heading downhill. The amount of energy and effort required to reinvent yourself when you’re in the doldrums is far greater than proactively reinventing yourself ahead of the curve.

Four Signs of Your Personal Inflection Curve (PIC)

  1. Intuition as a key navigation tool
  2. OCC- the optimal time for you to change
  3. Connecting the Dots: Uniting the Old You with the Reinvented You
  4. Peripheral vision: see around corners.

act now: We guide you through these
oven signs in our recession-proof reinvention online course. Take a look to see if it’s right for you!

4. Innovation advances

Technological advances did not stop during the Great Recession and will not stop during the next recession. Business R&D units may not be fully funded for a while, but innovation cannot be stopped or contained for long.

In fact, groundbreaking breakthroughs often occur at times of great stress: fear walks a fine line between stimulating our creativity or shutting it down entirely.

Atlantic senior editor Richard Florida suggests in his 2011 article for the magazine that we view recessions as an opportunity to “reset” as innovations emerging from hard times will once again fill the landscape of economic decline. Restarts can be seen as replay opportunities.

In the case of the US auto industry, the Great Recession turned out to be a laboratory for innovation.

act now: Innovating on demand is a differentiator and companies want to harness the entrepreneurial energy and creative thinking that can make this happen. On a scale of 1 to 10, how innovative would you say your performance has been in the last 12 months? Map your short-term (3-6 months) and medium-term (9-12 months) plan to build on your existing capabilities and improve your business skills.

5. Economic recoveries take longer

Let’s not forget that it took the US economy five to six years to fully emerge from the Great Recession that officially only lasted from 2007 to 2009, mainly due to households and institutions having to financially climb out of economic debt.

One of the topics I deal with in my book Innovation in a reinvented world: 10 essential elements to succeed in the new world of business (John Wiley & Sons, 2011) is the idea that the wider gaps that exist between a recession and an economic recovery can negatively affect both potential employers and employees due to skills misalignment and thus , possibly prolonging the employment recovery.

The companies I profiled in my book recognized that skills gaps existed just as the economy was emerging from the worst recession since the Great Depression and hiring was beginning to pick up.

Seeking professionals with advanced technology skills and experience after a two-year gap in employment meant that a large portion of unemployed career professionals were no longer seen as competitive in a rapidly changing field. So unless a professional was able and willing to finance their own enhanced training, they would be out of luck given the limited government resources available.

For some generations, it may be hard for people to imagine another prolonged economic recovery given that in 2019, the US and other countries are now experiencing low unemployment numbers. This could be why “ghosting” has become such a big phenomenon in recent years, as hiring companies deal with being snubbed by candidates who initially accept an offer, only to back down or not apply. absolutely.

According to recent research of 1,202 US managers by recruiting firm Randstad US, more than 43 percent of Gen Z employees, those 22 and younger, say they have misled a recruiter or employer . This figure drops to 26 percent for millennials (ages 23-38) and Gen X-ers (ages 39-54), perhaps because these generations remember the economic pain of the Great Recession. Millennials are likely to face GR spillovers and pay disparities for decades to come. On the other hand, the ghost effect of baby boomers (ages 55 to 74) was only 13 percent.

There is no hard data on whether ghost behavior will have a negative impact on professionals after the next recession hits, especially for Gen Z workers who were too young to have experienced the pain of unemployment after the Great Recession.

act now: Build relationships in areas that pique your curiosity: new role, new project, or even a new industry. Rebuild relationships where you may have burned a bridge or your reputation may have been sullied, for example, misled a potential recruiter or employer.

6. Leaps in technology

Returning to Moore’s Law, let’s take a look into the near future and consider how industries, businesses, and organizations might change if technological leaps occurred every two years. Advances in artificial intelligence, automation, and robotics are already disrupting the way businesses operate today and will transform the way functions are performed and the way professionals collaborate within the workplace with intelligent humans and machines. .

We hear about how millions of jobs will be lost due to these advanced technologies and many more jobs will be created. But the biggest challenge right now is that no one can say for sure what skills these replacement jobs will require.

This makes planning to close “job gaps” and planning for the future a bit risky, unless you’re dealing with more obvious tech roles like AI engineers or machine learning designers. A good rule of thumb, regardless of how fast these technologies are advancing, is to strengthen your core capabilities, such as adaptability and complex communications, as well as develop or hone skills associated with project management and change management.

act now: Check back for reason #5 about economic and employment recovery taking longer during deep recessions. You want to be as prepared as possible for potential training gaps as emerging technologies take hold. Would you be willing to fund your own training to remain competitive? Does your employer offer you opportunities to to improve Prayed reconsider? If so, have you taken advantage of this training? What are the industry trends for your line of work? If your work disappeared in sixty or ninety days, what would reinvention look like for you?

7. Career pivot planning

Don’t underestimate the amount of time career pivots could require if economic conditions quickly go south. Optimism will serve you well in most situations; however, pragmatic optimism will serve you even better. What-if planning is never a bad thing, and if you’re a project manager or change professional, you can never go wrong by having a Plan B, a Plan C, and, if the complexity warrants it, a Plan D.

Planning for the future is not the same as being afraid of the future. You don’t want to be so careful about your choices in life that you never take chances or take smart, informed risks.

Professional success in today’s fast-moving environments and ups and downs of today’s market is about reinventing yourself before the next economic inflection point and ahead of yours. Personal Inflection Curve (PIC).

act now: Time to go back to #1 about visiting your local cafe to work on your reinvention schedule, and while you’re at it (it might mean another cup of your favorite coffee or tea), you’ll want to start developing a more comprehensive reinvention plan using the act now activities in this article.

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