Thriving in Tough Economic Times

Preparation is the key to success

There is an old saying: “When your friend is out of work, it’s a recession; when you are out of work, it’s a depression.” As oil prices and stock markets tumble, migrants flood into Europe and abroad and the 2016 U.S. Presidential campaign lurches from hilarity to horror, it’s hard to feel upbeat about the economy. How can you watch Uber destroy the taxi industry, Airbnb threaten traditional hotel bookings, mobile pay apps siphon off bank profits, and Google driverless cars tool around the neighbourhood, without worrying: Am I next to go?

At the same time, house prices continue to rise in Vancouver and Toronto, the service and healthcare sectors are strong and the tech sector is desperately seeking qualified programmers. It can’t be all bad. It depends, of course, on geography and industry. If you live in Alberta or are a Toronto taxi owner it means one thing. If you are working for a digital marketing company, Amazon, Google or Netflix, or are a nurse, skilled tradesperson, or public servant, things are not so bad. Even the retail service industry is starting to come to life as a viable career path for arts graduates, and not a dead end.

However, given the uncertainty that all of us face, whatever our circumstances, it is prudent to take a proactive stance in managing our careers in order to avoid that dreaded tap on the shoulder. Hard times can be a wake-up call to take stock of ourselves, evaluate our options and prepare to make choices. Whether you feel your job is threatened or not, change can come so quickly these days that it is easy to get blindsided. Who would have thought that a Smartphone and Instagram would decimate Canon and Nikon and put Black’s out of business?

To protect yourself in your current role and prepare yourself for future roles, ask yourself the following questions:

Am I adding value? — It is easy to fall into complacency, especially if you have been in a position for a long time. Don’t confuse role with function — you may be one of a dozen HR people, but if your job requires you to work closely with the compliance and regulatory people, you are in a safer position; but if you are in payroll, you may be at risk of being replaced by an algorithm in the cloud.

Am I visible? — Who knows how good you are? If you are in a large organization it is easy to be overlooked; if you are in a small one, it’s easy to be taken for granted. So many good people are passed over because they have failed to be noticed properly. Volunteer to be on something that nobody else wants and then own it. Health and Safety, Audit, United Way, Transition team — the weirder it is the less likely you will be challenged… “Oh, we can’t let go of Marge, she is running the cultural diversity program for our Bolivian expats!”

Can I list my accomplishments? — This is not about skills, but outcomes. Nobody cares if you can create an Excel spreadsheet. Can you find the error in it? Now that’s something. Our skills are but tools to get us to results. Focus on what you have done recently.

Get more training and/or credentials: The world moves quickly and there are many plateaus. Are you using the latest social media tools that are relevant to your job or industry? If you are a project manager, get certified. If you manage people, take a one-week leadership course.

Look for internal cross-training opportunities so you can work both the customer service desk and the technical help line.

Update your résumé: This is your calling card. It is a living document, not a museum archive. Critically review it every two years and delete anything more than 15 years old. If you are a relatively new hire, add recent activities from your current job or relevant volunteering or studies you have done.

Now that you have asked the hard questions, consider the following ways to ready yourself for potential change:

Enlist the feedback of others: You may be surprised at how others see you. Most of us underestimate our contributions and downplay our abilities. Ask people what they think you do well, where you have made a difference, and what they think you might be good at.

Polish your interview skills: Learn to talk about yourself with confidence and clarity. Develop a good “story” to guide your discussion. Listen carefully to the interviewer and focus on what they need, not on what you want.

Develop political skills: Let the decision-makers know your commitment to the company, in good times and bad. If you are willing to relocate or be reassigned to another position, tell them. Offer to work with them during the transition period to make it easier on everyone. Be seen as a supportive team player, willing to do whatever is necessary without complaint. Be seen as part of the future, not the past.

Avoid the negative vibes at work: It is easy to be sucked into the gossip and rumour mill. Go for a jog at lunch or keep your iPod glued to your ear. Stop watching the nightly news and read a book instead. Practice mindfulness.

Watch your expenses: Take public transit or carpool, bring a bag lunch, cut the decadent lattés and scale back on dining out. Read at the library, spend time with friends, go to free events in the city, have potluck dinners, drink fewer glasses but better quality wine (you gotta have some standards!).

It can be unsettling to face challenging times. The stress of not knowing what lies ahead is real and deeply felt. Think of this as a time to honestly appraise your abilities, reassess your priorities, and reevaluate your needs. Sometimes it takes external threats to get us moving again. Once the economy improves, you will be in a better position, too.