Is it time to prepare for the worst?
Governments, companies and people around the world are all hoping that the recession ends sooner rather than later. Like many others, I am an optimist as well and despite the gloomy news and data, I keep thinking - “How long can it last, things will start looking better soon.” However, given the strength, depth and breadth of the recession, I think it might be wise to prepare for the worst case scenario.
The recession is likely to stick on for a while and when there is a turnaround, recovery could be slow. Job losses typically lag a slowdown in output and given the recent economic data, many more jobs will be cut. While people in the United States are feeling the pain already, I don’t think the full effect of the recession has been felt in Asia (or Europe for that matter).
So the worst case is that we in Asia will soon see larger job cuts and governments can only do so much to cushion the fall. Also, as mentioned in the recent issue of the Economist, “The booming industries of recent years, from construction to finance, will not bounce back. Millions of people, from Wall Street bankers to Chinese migrants, will need to find wholly different lines of work.”
In such a scenario, I think it is important to plan ahead and take some of the following steps:
- Look at your finances and try to make arrangements, assuming that you could be jobless for up to 6 months
- Evaluate your skills and interests and select a few different industries/positions where they might apply
- Update your resume and prepare cover letters, targeting each of these positions
- Practice interviewing
- Talk to people in these industries and get a feel for their hiring needs and what they look for in employees
- Consider taking some certification or other courses, to fill big gaps in skills/knowledge, which are needed for your new career options. Online/distance courses are often an attractive options
Competition from other job-seekers will be fierce and jobs will be few. Being better prepared can put you ahead of the pack.
Source: Sandbox Advisors, Economist
