As fears of a global recession continue to loom, some economists are predicting an impending stagflationary debt crisis. Defined by the stark price increases and slow market growth indicators of a recession, a period of prolonged stagnation is becoming increasingly likely. A recent article in Time put it this way: “[W]e are heading for a combination of 1970s-style stagflation and 2008-style debt crises—that is, a stagflationary debt crisis.”
Understandably, these economic signs can be deeply troubling. As a result, some professionals may think it’s best to put career moves or opportunities on hold. However, this uncertainty doesn’t mean your career has to stagnate. Here are some strategies to help you keep striving and advancing, even in times of economic crisis.
Reiterate Your Value
When it comes to career advancement, there are some who subscribe to the old mantra: “Keep your head down and do your work. Someone will notice.” While this may be true in some cases, it’s actually very important to share your accomplishments with your colleagues and management.
Have you been taking on extra work assignments or going the extra mile to secure a new client? Don’t keep it to yourself! Have you noticed any specific company challenges and thought of innovative ways to address them? Share your insights with your teammates and supervisors. If one of your long-term goals is becoming one of your company’s most valuable, strategic thinkers, you have to make sure everyone knows the kind of results you deliver.
Invest In Yourself Professionally
According to Deloitte’s 2020 Global Technology Leadership Study, about a third of today’s tech workers won’t be relevant in three years if they don’t build on their current skill set. Now, more than ever, it’s vital that workers take advantage of any development opportunities.
If your employer offers training or reskilling programs, use them to stretch your existing skill sets and hone new ones. You can also consider nontraditional routes like online boot camps and certification programs, which are becoming more popular because of their modest costs and flexibility. No matter the avenue you choose, you’ll set yourself up for future success by investing in your professional development.
Don’t Be Afraid to Take a Leap
Even amid a period of stagflation, your best career decision may be switching fields. This particularly makes sense for workers hoping to enter an industry that’s poised to experience high growth.
Take the healthcare industry, for example. Over the next 10 years, the number of older adults is projected to increase by almost 18 million; by 2030, 1 in 5 Americans will be 65 years old or older. So, the healthcare industry will need to meet the increased demand for services, regardless of the economy’s status.
Both during and post-stagflation, sectors like information technology and food services will be feverishly looking for a pipeline of candidates to fill positions up and down their rosters. Workers who are potentially interested in these fields can use the current economic period to research the certification and training options that would best prepare them for new opportunities.
With so much uncertainty, it can sometimes feel more comforting to take the path of least resistance. However, every worker should remember they have the power to chart a better, brighter future no matter what economic predictions say. Our country has weathered these storms before, and we have the talent and resources to do it again and emerge even better.