7 ways to recession-proof your career

7 ways to recession-proof your career

With the markets being down, inflation on the rise, and the ongoing Russia-Ukraine conflict, it seems like things may not look up for a while.

In his May Day Rally, PM Lee also highlighted the possibility of a recession in the next two years. The only positive is that the recession is not here just yet and there is still some time to prepare for it if it comes.

Here are some ways to recession-proof your career:

1. Invest in yourself

Make time to learn something new, instead of adopting the mindset of “I will do it when I have time”. The best investment in life is to invest in yourself. Tap on your SkillsFuture credit or UTAP benefits if you still have them, or you can even take up free courses on Udemy or Coursera. Who said you needed to pay to upskill?

2. Update your CV

From time to time, update your CV and take stock of your career. Understand your skills and review if you have got transferrable skills. In this digital age, one has to be prepared for new industries and the sunsetting of old ones. Transferrable skills will be key to opening up new opportunities for yourself when the time comes.

3. Make your skills known – catch up with your boss

It’s never a bad decision to keep records of your achievements or to showcase your value to the company. In catch-ups with your boss, be sure to sound out how things are going in your company, understand the risks, and find out how your boss is evaluating your performance.

4.      Maintain interview skills

Received a DM from a recruiter on LinkedIn? You might not be looking to move anywhere yet, but it wouldn’t hurt to speak to them. Take the opportunity to refresh your interview skills and find out where you stand in the market!

5.      Stay informed on industry developments and network

Read the news, talk to your colleagues and friends in the industry. Drag yourself to engagements and network. You’ll never know what you’ll find out about the industry and it never hurts to create more connections that you may leverage on. However, remember that relationships are a two-way street and do play your part to help others when you can.

6.      Join the civil service (only if it aligns with your aspirations)

It comes as no surprise that jobs in the government sector have long been touted as an ‘iron rice bowl’. However, a switch between sectors is never for the faint-hearted. Be prepared for a stark cultural difference – after all, the purpose of public organisations is entirely different from private companies. Do consider seriously if the path is for you before making the switch! Otherwise-

7.      Join the union!

Perhaps a less-invested measure is to join the union. Besides providing support for job matching, the union can also come in resolve, and negotiate disputes with your employer. The union has had a history of stepping in to help workers negotiate retrenchment packages and prepare for job search.

Find out more about the union here .