How to protect your career this coming 2023
2022 has been a tense year: it’s the aftermath of a global pandemic, there’s a new European war, and inflation rates make cost-of-living expenses seem terrifying. This is arguably one of the worst years to face retrenchment or an unplanned job change. Here’s how to ride-out the year in greater safety:
1. Diversify your skill sets
It’s best to avoid being too narrow in your skill set; that’s the proverbial act of putting all your eggs into one basket. If, for example, you dedicate all your skills development to one particular programming language, then you find yourself out of a job if it ever goes obsolete.
Try to pick up sufficient skills to do jobs that are tangential to your existing occupation. If you’re an accountant, for example, you may want to consider picking up a bit of coding, to write algorithms to help your job. This is a key element in having a growth mindset, which is absolutely vital in 2022’s disruptive environment.
That way, even if your employer closes down or you somehow lose your position, you might be able to join another firm in a different capacity.
2. Build transferable skills
The best skills are the ones that continue to apply, regardless of market conditions. For example, having good communication and leadership skills will always be crucial to most jobs – it doesn’t matter whether you use it to lead a construction crew, or to calm panicked clients as a financial representative.
Some universal soft skills include empathy (able to sense what others are feeling), team management, expression and communication. Often, having the right soft skills might be what spares you the axe when your company downsizes.
In a worst-case scenario, having transferable skills makes you more employable in your next job; even if it’s different from your current one.
3. Pick a career in an inherently recession-proof industry
Some examples of this include healthcare, finance, and education. There will almost always be a demand for these businesses, regardless of the current economic state.
During the Covid-19 pandemic, for instance, there was more demand for healthcare workers, not less; and the demand for educators is almost constant in Singapore, regardless of the economic climate. Likewise, financial services – such as insurance claims and portfolio management – are needed in almost any kind of market.
A nice added advantage is that, in lines such as insurance, you’re well positioned to deal with rising inflation rates in 2022. This is because your pay will scale with the amount of customers you take on: unlike a regular employee, you won’t have a static income that is outpaced by the rising cost of living.
The more essential-to-life a business is, the less it’s impacted by a market downturn. If you’re uncertain about the right industries by the way, the best approach is to talk to people who are currently working in them.
4. Minimise your use of the “job description” defence
The “job description” defence is used to get out of doing extra work. In essence, you argue that something is “not in your job description”, and hence some other colleague should do it.
This may get you out of some extra work; but consider the wider implications. In a recession, do you really want to be remembered as “the employee who said no”?
Your employer may respect your wishes to stay strictly within your job. But later on, when there’s opportunities for promotion or a raise – or they have to pick who to retrench – they’re more likely to remember you in a negative light.
This isn’t to say you should be bullied and forced into overwork, of course. But if what you’re asked to do is manageable, or might even expand your skills, then it may be worth going ahead.
5. Express your willingness to learn new things
Don’t just keep it to yourself. Ask for training opportunities, or chances to upskill in other departments. Be proactive, as your employer may have a “don’t ask, don’t get” policy.
Remember that, the more useful you are to multiple departments or projects, the more difficult it is for an employer to replace you. And if the worst happens and you do get retrenched, you will at least have a glowing CV to land your next job (along with a range of new skills you’ve picked up).
A recession is not the time to hide behind your desk and keep a low profile – it’s the opposite. Now, more than ever, you need to be visible and make your value known.
6. Be realistic and temper your goals accordingly
In some cases, a recession may make certain goals – such as closing more clients – unlikely.
In these cases, it’s important to be realistic and adjust your expectations. If you stubbornly refuse to adapt your goals, you take on a high risk of job burnout – the repeated sense of failure could ruin your motivation and interest.
If your company provides mentorship, seek out a mentor to review your current goals – a more experienced eye can help you to understand what is or isn’t probable, given the market conditions.
7. Keep up to date with market disruptions
Pay attention to new technology, new job types in your industry, or new business models. Sometimes, the disruption proves so great, it can wipe out large swathes of the industry at once (e.g., when private hire vehicles first came to Singapore, it greatly affected the livelihoods of several taxi drivers).
If you can see this coming, you can get ahead of it – pick up on new skills to become one of the disruptors, instead of the disrupted.
Alternatively, you can be the first to suggest measures to adapt for your employer. At the very least, this will set you aside as an employee who has a handle on things.
If all else fails however, we’re ready to help you at Midcareers.sg. Whichever background you came from, we can help you to adapt to a new role and prospects in Singapore’s thriving finance industry.
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