Times of inflation and fear of recession can be difficult career-wise. Employees may feel unsure about various career-related topics, including performance, compensation, salary projections, layoff fears, work backlog, customer satisfaction and ever changing corporate and consumer sentiment, and the emerging use of artificial intelligence.
SAEA Leaders recommend the following top tips for success during inflation and recession:
- Keep your faithfulness to your current employer – although it may be tempting to hop around to another job, times of inflation and recession call for a risk-averse approach. Retain your security in your current job where you have experience, have built relationships, and potentially have some seniority. Your loyalty will work in your favor if the employer should need to make tough decisions
- Look for Opportunities Cautiously – if you do need to seek a new opportunity for whatever reason, do so with caution. Only pursue opportunities which are truly elemental to your career growth and have a strong sense of security. Otherwise, it’s best to retain your current employer.
- Significant Changes May Occur – in inflation and recession environments, change is a guarantee. Good things can turn bad overnight, whether it be the status of a market, a product, an investment, or a job position. Prepare for significant change to occur by saving, diversifying your investment portfolio, and doing what you can to ensure immunity from layoffs in the workplace.