Networking – The Potential Career Life Saver During Recessions
Economic recessions can be difficult times for all involved, but even more so for those looking to stay in the job market.
On Friday, Google - part of tech giant Alphabet - made the painful decision to release 12,000 employees from its workforce. Those affected were taken by surprise as some had just been promoted or held long-term positions at the company. Unexpectedly cut off from their corporate privileges, these disheartened staff members are now seeking answers regarding selection criteria for layoffs that have left them reeling and uncertain about their future.
Microsoft has announced that it will lay off 10,000 workers by the middle of the summer as the tech giant looks to cut costs in the face of growing economic uncertainty.
Some of society's most influential professionals and highest-performing executives seem to take their job security for granted, leaving them vulnerable should the unforeseen happen. Often without a plan, they rely on recruiter contacts or online postings in hopes that something better may come along.
However, there is one method that could help you navigate a recession and maintain your career; networking. Networking can help you not only find potential jobs but also help you stay connected to the industry and be prepared when the economy recovers.
Leaders who invest in creating strong relationships with their peers understand the enormous power of these networks. Not only can we learn from each other, but there are immense benefits to our careers as well. When facing unemployment or another career challenge, having a trusted group of contacts within senior leadership roles often proves lifesaving and far more effective than sending out resumes blindly into an unpredictable job market.
Let's take a look at how networking during a recession can be a lifesaver.
Maintain Connections in Your Industry
Networking is about maintaining connections in your industry and having conversations with people who are working in the same field as you. Keeping up with current events and trends within your industry will enable you to stay informed of upcoming opportunities or changes that could affect your career path. Furthermore, these connections can lead to new opportunities such as internships or even other job roles within the same company if they have multiple openings. These connections provide invaluable resources and advice if you ever face unexpected layoffs due to economic downturns.
Powering through business pitfalls and successes is easier when leaders have a rock-solid community of peers to rely on. However, having a reliable network of executives can be invaluable in times of job insecurity. Instead of counting solely on recruiters for the next big opportunity, cultivating relationships with colleagues has been an essential factor in many individuals' success stories!
Build new connections in other industries
Growing your network doesn't have to stop within the same industry - exploring connections across multiple industries can help bring fresh perspectives and ideas.
Connecting and forming relationships in other industries that are not exclusive to your own is a great way to open exciting new doors. In addition, having these connections will be especially beneficial for those times when misfortune strikes - like the worldwide recession! Having a cross-functional network allows for flexibility when you need it most, ensuring that even if one avenue needs recalibrating, another option could be available!
Stay Ahead of Your Competition
Another benefit of networking during a recession is staying ahead of the competition by being informed on current news and events within your industry. It is essential to know what skills are required for certain positions or what certifications employers are seeking when recruiting new candidates into their companies. Having this knowledge ahead of time will give you an edge over other competitors who may not have been networking during the recessionary period. Plus, it will make it easier for recruiters to find the right fit for their company since they won't need to search through hundreds of resumes trying to uncover those key qualifications or certifications that match what they want from potential candidates.
Update Your Resume
Finally, networking during recessions helps to keep your resume up-to-date by providing essential information about new developments in the industry or even advancements in technology that could affect how work gets done in certain areas. This information can then be used to revamp sections of your resume so that it remains relevant and attractive throughout any economic downturns or recessions. Additionally, attending industry events or conferences related to your field can provide great content for expanding on experience sections of your resume giving recruiters further insight into why you would make a great addition to their team!
Conclusion:
Overall, networking during a recession could be just what you need to get yourself back on track with regards to finding employment or maintaining relevance within an industry when times get tough economically speaking. Furthermore, building relationships with those within similar industries allow for resources and advice should layoffs become imminent due to recessions.
Forge relationships that go beyond your industry boundaries to create opportunities for growth and pivoting into new roles. Take a step outside of the box – you never know what amazing connections are out there waiting to be discovered!
Finally, updating your resume based on current trends within an industry gives recruiters extra insight into why exactly they should consider hiring you over other applicants. Networking is definitely worth considering if you're looking for ways to remain competitive during recessions! Please get in touch with us if you’d like to join one of our groups. We would love to welcome you into our community.
