For months, employees and employers alike have been gearing up for a possible recession, yet as the economy gets worse, many are still feeling lost on what they should do to position themselves for the future.
Seventy-nine percent of business leaders expect there to be a recession this year, according to a recent report conducted by insurance company Aon. And yet just 35% of those leaders feel prepared for an economic downturn — which could spell disaster for employees.
"Employers are reducing their overall spend — [which means] they're reducing headcount," says Michael Burke, global head of human capital solutions at Aon. "We're seeing them focus on their employee value proposition a little more. They're looking to be a bit more targeted and tailored with their spending to make sure they get a better ROI."
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As it is, 73% of U.S. workers said concerns about a recession are impacting their career decisions, according to a recent survey conducted by Flexjobs, and 39% of respondents are worried about their job security. This has left many workers to contemplate their options — whether that means searching for new jobs or attempting a salary negotiation for higher pay.
But in the face of an uncertain labor market, can employees really make themselves "recession proof?" It comes down to preparation, says Toni Frana, career services manager at Flexjobs.
"Preparation is key," Frana says. "As employees, we should be keeping track of [what we can do] as changes in the market happen so that in the event that something big changes — a promotion or negotiating salary or a layoff or a recession — we have already laid the foundation for success to ease into that next phase, whatever it is."
Frana shared her top tips for employees to take control of their circumstances amid a possible economic downturn — whether you're facing a layoff or just want to build up your career confidence.