Staying ‘Recession Proof’: Part 1 of 3
OK, folks, it’s time to face facts. With the Dow dropping over 500 points in one day, it’s pretty clear that whatever hope we had of exiting the recession, needs to be put on hold.
Please allow me to clarify the title of this article. Nobody, and I mean NOBODY, is recession proof! But, we’ve decided to put together a couple of ground rules to help guide you through another leg of the recession:
1. Stay Put: Just relax. There are a lot of women who are unemployed or underemployed, right now. Unless you’ve got a clear move to make, don’t let a bad day at work ruin your career.
2. Be Positive: That’s all. Things will improve. You just need to hang in there.
3. Go above and Beyond: Now is not the time to say “that’s not my job” or “that’s not in my scope of responsibilities.” Now, is the time to say “I’ve got some time. Let me take that off your hands!”
4. Be Prepared: I learned about what’s called an “emergency fund” when I was getting my MBA. Professors and students both called it something different. Imagine the names we used for it! But, an emergency fund is a savings account that should amount to 6 months of your current salary and be increased by 6 months for every decade you’ve worked. So, if you’ve been in the workforce for 10 years, you should have a year’s salary to sustain your lifestyle, and so on.
5. Never, EVER, get too comfortable: No sector is safe. In 2008, over 10,000 lawyers and CPAs were let go out of the NYC demographic. These are highly employable people.
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Christopher Salute is a business professor at Molloy College. He is currently pursuing his PhD and is also a collegiate career counselor.