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Economy

Anxious About The Economy? ‘Career Cushioning’ May Be The Answer

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Layoffs and worries about the economy may be eclipsing your enjoyment of the holiday season—and even hopes for next year—but you can stay ahead of the game. One way to do that is by career cushioning—taking a proactive approach to explore the job market and start looking for a new job before it’s absolutely necessary.

It’s crucial to be cautious about career cushioning, though. You don’t want your employer to mistakenly believe you’re not committed to your current role, and you don’t want to get distracted or spend limited time chasing opportunities you’re not necessarily interested in. There are ways to be both cautious and active in a pre-emptive job search.

Job Insecurity and Recession Fears

If you’re feeling a bit unsettled about the future or your career, you’re not alone. In fact, 66% of respondents think a recession could cause layoffs at their organization, according to a study by Clarify Capital. In addition,

  • 81% of people are personally concerned about losing their job.
  • 37% of respondents don’t believe they could handle being laid off either emotionally or financially.

Potential recession is impacting the ways companies manage as well. Fully 70% of people say potential recession has impacted raises at their organization, 65% say it has impacted productivity and 61% report it’s had an effect on hiring. People are most concerned within the business and information industry (66%), the finance and insurance industry (61%) and the education industry (58%).

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The threat of recession also has an emotional effect as 45% report feeling stressed, 36% say they’re scared or depressed and 25% report feeling demotivated.

Given this data, it’s exactly the right time to motivate your next steps and start career cushioning.

Getting Empowered

Fortunately, you can take action—and just by doing so, you’ll contribute to your wellbeing. In fact, when you’re stressed about something, you tend to feel happier and healthier when you take proactive steps to respond. The reason: You’re taking control and reminding yourself of the ways you’re capable of creating your own future—and these are very good for you.

When you’re thinking about taking proactive career steps, you’ll want to consider growth and security which comes from both inside and outside the organization. If you get laid off, you’ll want a strong contingency plan outside your current employer, but if your job is in jeopardy, you might also find another role internally which could be a great next step. Don’t assume security will come only from outside the company.

#1 – Reflect and Assess

One of the first things you can do to be proactive about your career is to reflect on your desires and assess your situation. Consider what you love to do and what you have to do in your current role. Look for as much alignment as possible. Also assess your organization. Is there strong direction and purpose provided by leaders you want to follow? Do you have an opportunity to influence? Are there clear practices which make it easy to get things done? Can the organization adapt over time? And are there opportunities to grow with colleagues you appreciate? All of these are ways to evaluate whether your job or your company are places you want to stick around.

#2 – Develop Your Network

This tip won’t come as any surprise, but how you develop your network—more than its size—is perhaps the most important consideration. Networks work best when they’re based on reciprocity. People want to help you, but they’re most motivated to do that when you’ve also helped them, or when they can expect you will support them in the future.

As you’re taking action to cushion your career, it’s the perfect time to reach out without asking for anything. You can just check in with people you respect—with no agenda—just letting them know you’re thinking of them. You can share an article or an idea with someone because you think they’d value it. You can have coffee (virtual or otherwise) just to stay in touch. The point is to nurture your network and keep it fresh by adding value for others and staying on people’s minds—and to do this with contacts who are both internal to your company, and external.

As you’re strengthening your network, be sure to cast your net broadly. A study by MIT found most of your opportunities come not from your primary network of your closest connections, but from your secondary or tertiary connections. This is because with more distance from you, people have access to information you likely don’t have—about new opportunities or emerging potential for new roles.

#3 – Volunteer

Volunteering may seem removed from career development, but data demonstrates those who volunteer in their communities have higher salaries and benefit from more job growth over time. In particular, a study published in Social Science Research found volunteering tends to give people a bump in their salaries and a study by the Center for Economics and Policy Research found links between volunteer work, higher wages and improved likelihood of employment.

When you volunteer, you build your skills and develop your capabilities. If you’re doing the books for the nonprofit focused on refurbishing bicycles for the underserved, you’re continuing to develop your financial and analytical skills. Or if you’re swinging a hammer, building homes for people in your community, you’re also developing team and communication skills.

Volunteer work is also great for building relationships with people who can help you along the way. The person weeding the community garden next to you may be the president of a company or the person serving next to you at the soup kitchen may be an influential recruiter.

#4 – Stay Informed

When you’re being proactive, it’s also wise to stay informed about trends, dynamics of the labor market and companies which interest you. Stay current on the industries which are growing and thriving so you know where to focus an external search if you need one. Be aware of the kinds of jobs which are in higher demand so you can build skills in those directions. And consider the areas of the country where jobs are most prevalent. All of these will help you be ready if you need to go from proactive exploration to actively looking for your next role.

The most resilient people do three things. First, they stay informed. Next, they make sense of what they’re hearing. And third, they respond, improvise and solve problems based on what’s happening and what it means to them.

If you learn the market is hot for workers within the tech industry in North Carolina, you might expand your network in the industry, sign up for alerts about jobs that become available in the field and learn more about what it’s like to live or work in the area. You might even put your ear to the ground and seek information about a new focus your current company has on digital innovation—so you can position yourself in that direction.

When you’re more knowledgeable, you’ll be more confident and able to respond and take action, but you’ll also be more articulate and impressive in an interview as well.

#5 – Be Present and Engaged

Perhaps the most significant thing you can do to cushion your career is to perform brilliantly in whatever role you have currently. Demonstrate commitment, invest energy and give your best in whatever you’re doing. Colleagues and leaders will value and respect you when they see your contribution and experience your engagement—and these will set them up to support you in getting to the next step whenever the time is right.

The Next Opportunity

Recession, layoff and job changes can be scary. But they’re less frightening when you’re prepared and when you’re making your own decisions—taking action to have not just a soft landing, but a forward bounce which will allow you to grow and develop your career in the midst of challenges.

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Economy

China Economic Activity Rebounds With Reopening From Covid Zero, CNY Holiday – Bloomberg

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China Economic Activity Rebounds With Reopening From Covid Zero, CNY Holiday  Bloomberg

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Economy

Canada's economy slowed down in November, but still eked out growth – CBC.ca

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Business

The Canadian economy grew by 0.1 per cent in November as higher interest rates began to slow spending toward the end of the year.

Service sector expanded even as goods producing industries contracted

Canada’s gross domestic product expanded by 0.1 per cent in November, Statistics Canada reported Tuesday. (Ben Nelms/CBC)

The Canadian economy grew by 0.1 per cent in November as higher interest rates began to slow spending toward the end of the year.

Statistics Canada’s preliminary estimate for December indicates the economy stayed flat, suggesting the economy grew at an annualized rate of 1.6 per cent in the fourth quarter.

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The economy grew at an annualized rate of 2.9 per cent in the third quarter.

In November, growth in real domestic product was driven by the public sector, transportation and warehousing and finance and insurance.

Meanwhile, construction, retail and accommodation and food services contracted.

Statistics Canada says economic growth for 2022 was an estimated 3.8 per cent.

ABOUT THE AUTHOR

Nojoud Al Mallees covers economics for The Canadian Press. She’s based in Ottawa.

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Economy

IMF Raises World Economic Outlook for the First Time in a Year – Bloomberg

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IMF Raises World Economic Outlook for the First Time in a Year  Bloomberg

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