If you stay ready…you don’t have to get ready!! Whether or not a recession occurs, certain personal actions will be beneficial for your future.
Job loss is the most common effect of a recession. This can occur due to a layoff, furlough, or company failure. With many people all experiencing job loss, finding a new job is difficult. For those who keep their jobs, they may experience pay cuts, reduced benefits, and no pay raises. Another major concern is the decline in value of stocks, bonds, real estate, and other assets.
To be ready to cope if an economic downturn occurs, consider these financial strategies:
- Monitor your monthly expenses. Know what it costs to live so there are no surprises. Be ready to pay items that occur only once a year.
- Cut unnecessary spending. Look back at your spending to see what you could have done without. Add up what you could have avoided to make sure you spend less than you make. Possible areas to cut include cable TV, streaming services, gym membership, online music subscriptions, and a less expensive cellphone plan.
- Start or expand your emergency fund. No matter how small, be sure to set aside funds for poor economic times. To build your fund, have an amount automatically deposited in a saving account each month.
- Budget everything. Telling your money where it will go keeps you in control.
- Avoid debt. Just like saving, paying off debt can start small.
- Be in contact with others to discuss possible late payments, reduced costs, cancel services, and other actions to cope financially.
- Maintain retirement savings. Keep contributing to your retirement fund so it will be there when you need it.
For career planning during times of recession, consider the following actions:
- Inventory your skills, especially those that relate to essential work for your current employers and other organizations.
- Expand your skills through online certifications, courses, and training programs.
- Be adaptable. Step up to take on tasks needed within your company.
- Network for freelance work. Connect with others in your industry for consulting opportunities.
- Be prepared for the unexpected. Despite taking these actions, a layoff may still occur. If that happens, expand your skills, update your resume, and connect to others through LinkedIn and community service activities.
For additional information on financial planning during a recession,
- Have students research current economic conditions to determine the status of employment and inflation.
- Have students create a podcast to encourage others to act on the suggestions in the article.
- What are the benefits of these actions during every type of economic situation?
- Describe actions a person might take to better understand potential career opportunities.
As young people get their first full-time job with a substantial paycheck, their money management activities need to be reconsidered, which include:
1. Automate your savings. For unexpected expenses and major purchases, set aside a specific percentage or amount of your income from every paycheck. These funds should be directed to one or more dedicated accounts.
2. Make use of different accounts. This money management strategy can help you plan for different savings goals and can prevent spending money planned for a specific purpose. Consider using a checking account to pay regular expenses, along with one or more savings accounts.
3. Start retirement saving. Start with 3 to 5 percent of your gross income, increasing to 15 percent as soon as you get raises and bonuses. These funds may be in a company-sponsored 401(k) or a personal IRA or Roth IRA.
4. Pay off debt. If you have college debt, create a plan to pay it off, especially credit card debt. Set a goal to become debt free in your 20s.
5. Practice wise spending. Minimize your transportation, housing, and clothing expenses.
For additional information on money tips for your first job, click here.
- Have students talk to others to obtain money management suggestions to implement when completing college and starting work.
- Have students create a personal plan for improved money management.
- Why do people start taking on more debt when starting work?
- Describe money management actions you might take as you complete college.
Lock-downs, sheltering in, and remote working have increased online and virtual interviews. To prepare for this activity, consider these suggestions from career planning experts.
- Some things haven’t changed. Maintain a professional appearance. Wear solid colors; stripes and patterns can be distracting.
- Plan a quiet environment. Keep the door and windows closed; silence your cell phone. Close other sites on your computer to avoid pop-ups and maintain focus. Remove pets and children from the area to prevent distractions.
- Select an appropriate background. Clutter and other home items should be out of sight. Set up a blank background that doesn’t clash with your clothing color.
- Use a small chair. Check your lighting to avoid shadows and glares. Natural light is usually best, but beware of direct backlighting, like a window behind you.
- Choose an appropriate camera angle so the interviewer can clearly see you. Avoid using a phone for a video interview.
- Test in advance and practice. Try out the software, and install a backup copy on a second device. Do a test run before the interview day to verify that audio, video, and lighting are appropriate. Record your practice session to view how you might improve.
- Check your time, especially if in a different time zone.
- Maintain eye contact with the camera. Set notes on the wall behind the screen with reminders of key points and questions to ask.
- Show energy and enthusiasm. Move around and do light exercises before you start.
LinkedIn has introduced software when preparing for a virtual interview. Artificial intelligence programs give feedback on practice answers for common questions. The critique includes an assessment on pacing, use of filler words, and phrases to avoid.
For additional information on virtual interviews, go to:
- Have students practice their interview skills for a virtual interview.
- Have students talk to others about methods used to prepare for an interview.
- What are the main differences between an in-person and virtual interview?
- Describe benefits and drawback that might be present when using artificial intelligence to prepare for a virtual interview.
When considering a career change, the following financial suggestions are offered:
- have an appropriate amount of savings for unexpected expenses during the transition.
- create a budget to live frugally; cut living costs to be prepared for sudden expenses.
- reassess your investment portfolio to reduce risk exposure and possibly eliminate fees.
- seek advice from a financial advisor.
- determine how a career switch might impact your ability to save.
For additional information on financial advice when changing careers, click here.
- Have students talk to a person who recently changed jobs to obtain information about their experiences.
- Have students create a video presentation with suggested actions when planning to change careers.
- What relationship exists between a person’s career choice and money management activities?
- Describe additional financial planning actions that might be appropriate when considering a career change.
Conducting an annual review of your career situation is vital for long-term success and satisfaction. To achieve career goals, avoid these mistakes:
- Ignoring relationships within your organization. Connections with co-workers and managers is often reported as one of the most important factors for career advancement.
- Not getting proper rest. Sacrificing sleep for achieving career goals can be very dangerous, such as creating stress in your relationships with co-workers and hindering job performance.
- Becoming too diversified. Select an area of expertise to focus your efforts and energy.
- Limiting your network activities. Expanding and connecting with contacts allows you to be aware of more opportunities while also developing awareness of industry trends.
- Not being care in your social life. With social media, many aspects of your private life become public. Be cautious of what you post online.
For additional information on career mistakes, click here.
- Have students talk with friends about their experiences with these career mistakes.
- Have students suggest actions for avoiding these career mistakes.
- What situations have you heard of that resulted in limited career advancement?
- Describe other possible career mistakes that might be avoided.
“The war for talent that obsesses tech companies is intensifying and is about to spread economywide.”
This Fortune article is a must read for job seekers in today’s world, Geoff Colvin explains that after nine years of sluggish economic growth, the economy has turned the corner and creating jobs at a record pace. The hiring boom is not only creating opportunities for unemployed workers, but also currently-employed workers who want to get a better or higher-paying jobs.
In the current job market, employers are seeking talented employees that have a great future. Traits that include creativity, the willingness to work hard, and love of learning often help employers evaluate potential. Digital skills are very important, but not restricted to just tech companies. For example, many retailers are hiring workers who can use digital skills to reach customers in new ways.
Human skills are also more important than in the past. Companies want workers to feel they’re part of the organization and a valued asset. These “same people” skills are very important for workers applying for management positions.
For more information, click here.
You may want to use the information in this blog post and the original article to
- Reinforce that employers want workers who have the knowledge and skills that they need, but also are willing to work hard, become part of the organization, and keep learning once they get the job.
- How do you develop the traits and skills so that employers are willing to pay you a salary?
- If you were an employer, how would you choose between job applicants applying for a customer service position at American Airlines? What traits and skills are most important?
Nearly everyone has minor stumbles in a job interview. However, these flaws can be overcome with actions to engage the interviewer. Some ways to make yourself memorable in an interview include:
- Start the interview with a question or comment that reflects your preparation about the company.
- As appropriate, answer the questions you are asked with a question. This approach is usually only valid when talking with operating staff, but not with a human resources person.
- Remember to emphasize your awareness and potential contributions to the needs of the company, including ideas for addressing current concerns and market opportunities. Rather than a specific solution, communicate your sensitivity and awareness of their problems.
- Show your humanness through humor, openness, and vulnerability.
- Prepare with strong research on the company that allows you to better answer expected questions and to interact as you discuss your experiences and potential organizational contributions.
- Think and talk like a consultant to communicate confidence and competency.
For additional information on strong interview impression, click here.
- Have students role play situations interview situations that they might encounter when applying for a job.
- Have students create responses to potential interview questions based on the suggestions in this article.
- How might the advice offered in this article be used when you are in an interview situation?
- Describe some common mistakes people might make in interviews. Explain actions to overcome these mistakes.
“Letting Employees Work from Home Can Be a Win-Win for Employers and Staff Alike.”
For employees, the option to telecommute appeals to a vast majority of full-time workers. Research by Global Workplace Analytics found that there are benefits for employees and employers when employees telecommute and work at home. For employees, the chief advantages are
- Reduced time commuting to work
- Lower costs of commuting to the office
- Less stress of juggling the demands of work and family
There are also benefits for employers including
- Less office space is needed because not every employee works in the office every day
- Lower expenses for rent or costs associated with ownership of office space
- A new way to attract talent because employees like the option of working at home
- Increased employee motivation and engagement because telecommuting is considered a benefit
The top five companies and organizations that encourage telecommuting are:
- United-Health Group
- S. Department of Agriculture
For more information about this article and a complete list of the top 20 companies for telecommuting, click here.
- You may want to use the information in this blog post and the original article to point out the benefits of telecommuting.
- Not everyone is a candidate to work at home. What traits and time management skills are needed if you obtain a job where you can work at home?
- Are there disadvantages to telecommuting and working at home?
Career planning experts offer a wide variety of guidelines for moving forward in your employment situation. Use of the following questions can help you develop an action plan for greater career success and personal satisfaction.
- What do you like to learn?
- What do you do in your spare time for fun?
- Are you creating a career for your parents, for society, from your own excitement, or for money?
- What is your definition of work?
- What challenge excites you the most in your life right now?
- What impact do you want to have on other people’s lives or in the world?
- Do you feel confident that you are exceptional at something?
- What do you want: more joy or more power?
- Do you want to be like your parents? Why or why not?
- What do you do that builds your confidence?
- How often are you bored
- Are you proactive about sharing your ideas with your team and managers?
- Whom do you admire most? Are they passionate and purpose driven by their work?
- When you make decisions about your career, do you often consider what other people will think of your decision?
- What advice would you give yourself today about where you are in your career based on where you want to go?
- What does success mean to you?
For additional information on essential career questions, click here.
- Have students use one or more of these questions to talk to others about their career planning activities.
- Have students prepare answers to several of these questions to help guide their career planning activities.
- Which of these questions are most valuable to you to guide your career planning activities?
- What are some additional questions that you might ask yourself or others to help guide their career planning?
Several companies provide benefits that go beyond the usual to serve their employees. Some examples include:
- IKEA offers as much as four months paid parental leave to both part-time and full-time employees after working for the company for a year.
- Bain & Company sponsors an annual soccer tournament for employees in different locations around the world.
- Facebook provides healthcare coverage and free housing for interns.
- Starbucks provides full tuition reimbursement for employees for an online bachelor’s degree through Arizona State University.
- Eventbrite offers a monthly $60 wellness stipend for use on expenses such as gym dues and juice cleanses.
- Deloitte offers sabbatical programs. One is an unpaid one-month sabbatical, which can be taken for any reason. Another is a three- to six-month sabbatical for personal or professional growth with 40 percent pay.
- Southwest offers employees and dependents access to Clear Skies, which provides confidential counseling and legal consultation.
- Timberland employees can take up to 40 hours of paid time off per year to volunteer.
For additional information on unique employee benefits, click here.
- Have students talk to others about the employee benefits they believe to be most valuable for their life situation.
- Have students suggest employee benefits that would be of value for various household and life situations.
- Describe family and life situations that would be helped by various employee benefits.
- What are factors people might consider when determining whether to take a job with an organization?