The DOW is at record highs, the Fed announced a rate hike last quarter, and signaled that subsequent rate hikes could occur later this year. To the untrained eye, it appears the U.S. economy is healthy.
Consequently, most professionals believe their job is secure and some feel it is safe to start looking for a better job.
Unfortunately, the stock market is hiding the fact that the United States is 9-18 months away from a major market recession, on the scale of 2008-2009, during which over 5 million jobs disappeared and $6.9 trillion of shareholder wealth was wiped out. In the Spring of 2008, I sold my business after finding the same indicators I see now.
I hate to be the bearer of bad news, but the economy is not good, and your job is not safe. Despite the current stock market hype, another serious economic crash IS coming. Mark my words, hiring will start to slow in the third quarter of this year, and will steadily decline as the market deteriorates.
The question is: As a working professional, who may not have the savings to endure a job loss, what can you do?
If you’re not passionate about your work, you will be vulnerable if another recession impacts employment levels. There is a time to make a job change now, but rather than finding “a better job” why not use the time to search for “your thing” (the job that’s right for you.)
How do you know what the right job for you is?
Passion is at the heart of meaningful work. You
There is no one job that will protect you from another recession. It will be a rocky period just like it was in 2009. Jobs will be lost, but companies will need passionate talent to ensure they survive. I’d bet my fortune that these companies will seek the most talented individuals, who are also the most passionate about being a part of the solution. In this case, passion WILL rule.
Maybe you are passionate about your role, and want to be a part of the solution, but your company is not prepared for a recession. Which means you may still lose your job.
Give thought to your leadership, and your company’s market position. Is your company well positioned for a market correction? Are they prepared? You may love the role, and love your management team, but if the firm is not prepared for a recession, your job is vulnerable.
Starting in 2010, we conducted extensive research on the talent marketplace, and identified what we called Career Personas. Career Personas explain what type of work you’re naturally suited for.
Career Personas allow us to understand the role best suited to our personality. With this information, professionals can strengthen
their value in the talent marketplace.
Career Personas are a valuable tool to determine the type of work you are passionate about, as well as the value you provide. If you want to be successful during a recession, KNOW your value. Armed with Career Persona, determine the types of roles that suit you best. In addition, you can better market yourself to companies who need that type of Persona.
I’ll end with this: you know I tell it like it is, even if you don’t want to hear it. Folks, we are headed for another major recession, and millions of jobs will be lost. Again.
Get prepared. Don’t be caught off guard.
With the soulfulness of Wayne Dyer and the entrepreneurial spirit of Richard Branson, Terri is a world-class business growth expert, social impact investor, and serial entrepreneur whose purpose is to inspire potential. With her own money, Terri built a portfolio of purposeful companies, Share On Purpose, Inc., and now invests in and creates mission-driven start-ups.
In a career that spans more than 25 years, Terri has launched, owned, sold, rebranded or turned around more than 40 companies. She is known for her game-changing business models and personal transformation frameworks.
Everything she built came directly from a wellspring of perseverance and soulful resiliency, which she openly shares through her first purposeful brand, Succeed On Purpose.