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We’ve been experiencing a golden age for job seekers in Australia. There is a skills shortage and record low unemployment. With around one job per job seeker, it’s been a great time to secure a new job and step up the career ladder. However, the tides of change are here and there is now a very real possibility of a recession in Australia.

As a result, we all should be putting our minds to recession-proofing our careers. Here are our tips for doing everything in your power to protect your income source.

Four actions that will help make your job recession proof

  1. Build relationships

When we’re comfortable in a job and the employment market is healthy, many of us can become complacent. For example you may skip on voluntary meetings and work social events or do the bare minimum required in your job. This approach is never going to benefit you in the long term. With a potential recession on the horizon, now more than ever we need to be taking the actions that make us impressive and valued employees.

Building on your work relationships is an important facet to your career growth. Put simply, if your boss likes you and thinks you’re doing a good job, then your chances of being let go are reduced. Furthermore, work colleagues who respect and value you can positively influence your career trajectory. They might get promoted within your company or you may end up working with them at a different company.

  1. Develop your skills

When you’re tired after a busy day at work, it’s all too easy to reach for the tv remote and chill out with Netflix. We all need time out to relax and unwind, however we can often achieve so much more than we think we can. Further study improves your skills and can increase how hireable you are. Many industries are supportive of further study to improve your career prospects. Some companies are even willing to make financial contributions. 

Look into whether there is further study that will benefit your career. It’s also a good idea to find out what kinds of career development and up-skilling programs your company offers and sign up for them wherever relevant. 

  1. Add value to your company

There are some jobs that are more measurable than others in terms of the value employers bring. Sales representatives can mark it in terms of revenue they bring in for instance. However, there are additional ways you can be adding value to your organisation. Ask yourself in which ways you are positively contributing? Think about what further steps you could take that would make you a valuable employee. Actions such as having a positive attitude, taking initiative, being organised, being reliable and professional are all valuable traits.

  1. Have a contingency plan

Being a skilled and valued worker will greatly increase your chance of being recession proof. However, there can be circumstances beyond your control that lead to you losing your job. For instance, the company you work for could go into receivership. It’s a good idea to plan for this possibility. Steps you can take include ensuring your CV is up to date, having your finances in order and keeping an eye on job opportunities in your industry. Avoid expensive debts such as high interest credit cards and have as much savings as possible.