As we are all aware, there is a recession looming above us currently. World Bank President David Malpass has said that “for many countries, recession will be hard to avoid.” There has been quite a lot of uproar in the media recently regarding whether we will face another recession, and what countries would be affected by it.
As a candidate, the decision between having to stay in a job you are not happy in and taking a risk by leaving is a difficult situation to be in. It is hard enough finding a job that you love during a normal day, let alone during a recession. It is important to make sure as a candidate, you do everything that you can to have a secure career.
We can never be certain of when a recession can be upon us, but luckily nowadays we are able to have some knowledge of when a recession can take place. At times like this, it is important to prepare.
If you are not happy with your current job, you need to put yourself out there and make sure you are applying for as many jobs as possible. You need to ensure that whilst you are looking to move, you also need to be saving money to secure yourself if you lost your job unexpectedly. The repercussion of a recession cannot be determined until the recession takes place.
There are 7 important tips that can allow you to be prepared for a recession:
1. Pay down high-interest credit card balances
2. Assess your individual financial situation before paying off any other debt
3. Build a substantial emergency fund
4. Identify ways to cut back on spending
5. Don’t make sudden decisions with your investments
6. Think about your career and earnings opportunities
7. Don’t panic! Recessions are inevitable and they will end eventually
As a candidate, the main tips that you need to follow are the last two tips. You need to focus on your career and consider potential earning opportunities. As a candidate, you need to network and maintain strong connections with your colleagues in your industry. Being unemployed doesn’t mean that you need to waste time, it is a golden opportunity to strengthen your skills and pursue further training. This will make you look more marketable and employable in your field as you will have advanced knowledge. You can also follow news channels for the latest updates on your industries and markets, to always stay on top of recent affairs. It is also essential to stay calm and collected at testing times. You need to prepare yourself mentally as well as financially for any changes.
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LinkedIn: Sunrock Recruitment Ltd