Weathering the Storm - Part II

The report is in: the economy actually grew last quarter – barely. Economists say that the market’s 0.6 percent growth held off the recession for now. Don’t put away your umbrellas yet – we still need to keep ourselves protected from the storm of economic uncertainty that continues to loom overhead. Unfortunately, when times are difficult, job security can be a little shaky. There could be cuts in pay, or worse - layoffs.

Bring on the bacon

While nothing is really secure in a weak economy, there are things that we can do to continue to bring home the bacon – or the Spam, as the case may be.

Hang tight

As companies start tightening their belts, you may want to hang on to your current employment. It’s generally not a good time to jump ship when the economy is in a slump - you don’t want to be the lowest person on the totem pole when a new employer decides to hand out pink slips. Now is the time to be a go-getter. Put extra effort into hanging on to your job.

  • Work hard – Don’t complain about taking on extra responsibilities. Go over and beyond what your employer expects from you and do a fantastic job. “Yes, sir…would you like a mint with that?”
  • Stay current and competitive – Keep abreast on the news in your industry. Learn about the latest technology and the best way to do things. Always stay a step ahead of the competition.
  • Be willing to change – Be open to new possibilities. Maybe your boss needs you to relocate or change positions. If you are flexible, you have a better chance of hanging on to your job.

Be a Jack – or Jill – of all trades

While we do our best to hang on to our current employment, it’s also a good idea to have a backup plan. Learning a new skill or trade can help fill in the gaps in case of a cut in pay or loss of income. If possible, get training or schooling to improve your marketability. See what classes are offered at the college or take an online course. The more skills you have, the better chance you have at providing a decent income during a recession.

Keep a look out

While hanging on to your current employment, it doesn’t hurt to keep one eye open for something more stable. Acquire some skills or schooling for industries that are a little more secure during a recession. If you want to have a little more stability during a sluggish economy, experts say to look for employment in the following industries:

  • Health Care – This is one of the fastest growing industries. Let’s face it; with the plethora of junk food, fast food, and non-food-thinly-disguised-as-food at every turn, people will always need health care.
  • Energy – Seek for jobs in oil, gas, and mining in this growing industry.
  • Education – The pay may not be great, but there is always a need for teachers.
  • Environmental jobs – Global warming is a hot topic right now. If you have a passion for all things “green”, look in this industry.

Become an entrepreneur

If you have a good business mind and an adventurous spirit, look for entrepreneurial opportunities. Read business magazines and watch the market. Hang out with successful entrepreneurs and learn from them. Find investment opportunities to get your money working for you.

Diversify

The old saying, “Don’t put all your eggs in one basket” is good advice when trying to weather the storm. Hang on to your job while keeping an eye out for other opportunities. Keep yourself marketable by hard work, top-notch skills, and having competitive knowledge to strengthen that umbrella of protection from the storm.


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