When the overall economy gets shaky, you want to minimize the impact on your job prospects and your finances. Below are five tips I've learned in my work as director of career services at the London Business School.
1. Focus on You
In times of economic uncertainty, remember to focus on what you can control, not what you can't. In essence, this means focusing on yourself. Make time to take stock. There are many self-assessment tools available -- attainment tests, personality inventories, interests and motivations inventories, behavior profiling -- which can help you to develop a personal business vocabulary.
These tools can start you on your way to articulating who you are and how you like to work. Self-assessment can also be a great way to identify development needs. In a competitive marketplace, taking time to concentrate on yourself and your training needs will give you an edge.
2. Be Flexible
Great opportunities are available, but you may have to be flexible in terms of geography or sector to take full advantage of them. While we wouldn't expect growth in certain areas, such as securitization, as far as investment banking is concerned, we would anticipate continuing growth. Construction also continues to be a strong sector globally.
You should also be flexible when thinking about the roles you consider. Be open to flex-working, contracts, and projects. Once you have your foot in the door, it is easier to move within an organization.
3. Be Visible
Take every opportunity to raise your profile. Give presentations, write articles, and go to exhibitions and conferences in your areas of interest, as this is a great way to build your network and to keep up with the latest developments.
The best time to network is when you are not looking for a job; so, in times of economic uncertainty, you should be proactive and start raising your profile early. You should also try to become a resource for others, as you will find that being generous with your time and connections inspires others to do the same.
4. Be Informed
Make it your mission to build your market knowledge. Commercial awareness proves credibility, passion and commitment, and it cannot be built overnight so start reading up now. Subscribe to the Financial Times, The Economist, and the Wall Street Journal as a starting point.
5. Be Positive
In a competitive market, it's important to stay positive and believe in your talents. Surround yourself with positive people. While the news may be full of stories of an economic downturn, remember that markets are cyclical and will recover.
At London Business School, we are seeing organizations recruit for the inevitable recovery. "Institutional memory is strong after what happened in 2002," says Lara Berkowitz, associate director for finance in Career Services at the school. "This time around, companies seem to be taking a long-term view and are maintaining their ranks of associates in anticipation of a market recovery."
Diane Morgan is Director of Career Services at London Business School, the No. 1-ranked business school in Europe. Diane leads a team of professionals that facilitate learning of skills and expertise for future career development of students and alumni while developing relationships with top global companies looking for talent to drive innovative leadership.
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