Surviving the Financial Crisis, Protect Your Income
Say the worst occurs and unemployment levels reach 15 to 20%. Two out of 10 people will be out of work? but eight out of 10 won't be. Make sure you're one of the eight who keep their jobs.
The key to ?employability? is to ensure you provide value to your current and to potential future employees. How do you provide value?
?Broaden your skills by completing additional, relevant professional development.
?Find ways to be more productive by improving systems and eliminating waste.
?Know your role. Middle management positions are typically most at risk during a recession. Why? Middle managers tend to do less supervising, taking on strategic, long-term planning and development tasks. In tough times, long-term considerations are often sacrificed for short-term survival. If you're in a vulnerable position, consider shifting to a less vulnerable position? or at least watch carefully for any sign that your position or department is in jeopardy, and be ready to act.
?Find ways to win new (unexpected) business and retain existing business. Bringing in additional revenue during tough times is guaranteed to boost your status.
Just in case, spruce up your resume and keep it up to date, and maintain contacts with friends and colleagues who may be able to help if you do lose your job - in other words, brush the cobwebs off your network.
And while you're at it, consider developing a second income. Part-time work, consulting, even converting what is now just a hobby into a profitable sideline. Not only will you earn additional income, but it could lead to a different, more profitable career. Check with your accountant first, though - make sure you take advantage of any tax deductions available and also you understand the tax repercussions of additional income.
The key is to be proactive, especially during an economic downturn. Don't wait until you find yourself unemployed to take action - even if you do keep your job, improving your performance, building your network, and upgrading your skills will still pay off.
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