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The world won’t stop, even if we hit a recession.
Image source: Getty Images
It feels like we’ve been living under the storm clouds of a potential recession for months, impacting the way we work, save, and plan our careers. The trouble is that nobody knows whether — or when — those clouds will break. It’s tempting to hunker down and wait for the storm to pass, especially if you’re worried about even keeping your job.
But when it comes to getting a promotion, don’t let recession warnings hold you back. For starters, we may not even hit a recession, and even if we do, the world won’t just stop. Plus, many of the moves you’d make to get a promotion are similar to those you’d make to protect your career against a recession.
Here are four steps to take.
1. Look for ways to stand out
There are a few ways to boost your profile at work. If your company has a hybrid work model, make sure you’re in the office as much as possible. There’s a big disconnect between managers’ and employees’ perceptions of productivity when working from home — managers think people get less done when they’re not in the office, and staff think the opposite. If you’re looking to snag a promotion, that can work in your favor. It’s much easier to be visible and show what you’re capable of if you’re there in person, especially if other people are not.
Working models aside, look for problems the company faces and how you might contribute to the solutions. If the company is streamlining operations in preparation for a potential recession, perhaps you have ideas about how things could work more efficiently. Are there ways you can add value for customers and improve retention? Or maybe you can see new revenue streams that might work well in a recession. You might even talk to your boss about what challenges the company faces so you can be proactive in solving them.
2. Learn new skills
Whether it’s soft skills like communication or hard skills like improving your technical knowledge, your willingness to learn new things shows you have leadership material. Moreover, that extra training can help you come up with new ideas and improve your performance at work. Think about what skills will help you move upward in your career, and how you might best acquire them.
Professional certifications can help show your current employer — or a prospective one — where your capabilities lie. There are many free or paid courses available online, as well as in-person learning opportunities. That said, formal learning isn’t the only way. You might also sign up for industry newsletters and participate in your professional networks.
3. Be positive
The last few years have been tough, and it’s easy to get bogged down in negativity. But that won’t help your promotion prospects, especially if there may be more hard times ahead. Build strong relationships with your colleagues and try to stay upbeat about the future.
Within my business, I can think of several occasions when I’ve promoted people who are easy to work with rather than more qualified candidates. It’s much easier to train someone to do new things than it is to change someone’s attitude. If you’re having trouble being positive, take some time to think about what’s pulling you down. Perhaps you’re not in the right role, or there’s something else going on that you can address.
4. Talk to your boss
With so much uncertainty in the workplace, a direct conversation with your boss about what the company needs and what you’re hoping for can make a huge difference. Stress your commitment to the business and ask how you can contribute more. It’s good to be honest about your ambitions, but at the same time, try to keep the focus on how you can help the company get through any tough times ahead.
The question of pay is complicated, particularly if your company is laying people off. Research what other people in similar positions earn and be ready to show what you’re worth. From there, it’s a judgment call. Promotions usually come with a pay raise, and more money in your bank account would almost certainly be useful. But if the business is struggling, the cash might not be there.
Try to strike a balance between getting paid what you think you deserve and pushing for something the company can’t afford. You might focus on the promotion first and set a date to revisit the salary conversation. It’s about being assertive, yet understanding.
Bottom line
If you’re worried about what might happen to your job in a recession, try to build up an emergency fund that will cover at least three to six months of living costs. Having that money in a savings account will cushion you against the unexpected, and may give you the confidence to focus on your career, no matter what the economy is doing.
It’s true that business may not continue as normal if a recession strikes. But most businesses will move forward. If you can find ways to help yours weather the storm, a recession could actually mean more opportunities for promotion.
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