How to be Recession Proof if you are Employed
In economics, a recession is a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock).Wikipedia
A period when the economy of a country is not doing well, industrial production and business activity are at a low level, and there are many people unemployed:Cambridge Dictionary
A recession is coming! We’ve heard this warning since the middle of 2022. Some people may have been aware even before this.
Have you ever wondered why the lower executive people. The people in the higher positions who are taking salaries worth at least 5 executives are usually the last to be asked to leave. It is so easy for lower executives and lower management to calculate that if one of the top management guys leave, the salary that he leaves behind could sustain 5 executives. That’s not how management thinks. Parag Agarwal? CEO of Twitter.
What is your plan B?
Make yourself more employable. Re skill, up skill. Brush up your resume.
Side hustle? Multiple income streams. Stock and crypto investment cannot be everything you have. Side hustle cannot be demanding. Weekend jobs ?
Freelancing? The whole Wipro controversy of working for others in own time – Moonlighting.
Be the best and irreplaceable. Be punctual. Attend all meetings. Be the go to person in terms of updates. The bosses must believe that you are very serious about your job. For them letting you go should be like cutting off an arm.
Know about the market. what is trending. Keep an eye out and not become comfortable in your current job. Up skill. be on social media. maybe start an entrepreneurial or professional side hustle.
Build on aptitude and skills including communication skills.
Don’t get stressed and start overeating. Keep exercising. Anxiety can make you do things. Mental and physical health.