The New Tough Times
We are in tough times. After the outbreak of the virus began to slowly heal, there was an euphoric runup in stock, crypto and real estate prices. There were millions of jobs available. The mood of the nation has improved for many Americans. Then, it abruptly changed.
Federal Reserve Bank chief Jerome Powell announced the hike in interest rates. The Federal Reserve Bank, with quantitative tightening, turned off cheap cash flow and the good times were over. Now, instead of hiring, tech companies have begun making cuts. The period of reckless growth has come to an end as capital costs increase. The results are a declining stock market, job losses and a slowdown on the horizon.
The first signs started with the tech sector. According to layoffs.fyi, about 27,000 workers have been laid off. Inflation caused by the artificial suppression of Federal Reserve Bank interest rates and the Trump and Biden administrations infusing the economy with trillions of dollars, geopolitical and macro events such as the war and supply chain disruption in Ukraine, have exploded. Everything is a bubble going up.
The stock market fell. Your 401-K plan and investments can be reduced by about twenty percent, or depending on how much risk you took with your investment decisions. The pain of loss can be severe if you buy cryptocurrencies and high-flying tech stocks.
For the next three to six months, or a year or two, we can see headlines screaming about recession, stagnation, layoffs and higher prices as inflation and interest rates rise.
The key to overcome this is to develop a mentally strong mindset. Our capitalist society has a habit of going from boom to bust on a regular basis. In relatively recent history, we have endured the dotcom, the financial crisis and the early epidemic stock market explosions and then experienced a slowing economy and job cuts.
Since we have seen this film many times, you can see it on social media, cable news and the press, but there is no need to fear. You have to be calm that gives it clarity. Put things into perspective. Instead of worrying about your jobs and losses in the stock and crypto markets, think of everything you have in your life. Express gratitude and appreciation for the positive aspects you have. It can be family, friends and good health. Avoid making any rash decision based on fear. View it as a time to think about what you want to do ahead of time at work and in life.
Start with a project
When others panic, you need to prepare a plan. Most people drown in a difficult time. They can’t think straight and act with impulsiveness, which makes things worse. Use this period for introspection. Spend quiet time thinking about what you really want to do.
Remember that you have options. If you enjoy your work, design a program to make yourself indispensable at work. If you notice certain layoffs in your organization, you may feel the need to update your resume and LinkedIn profile. Resist the urge to change jobs immediately. Just because there are layoffs doesn’t mean you will be impressed. Sometimes it clears the field and you can really benefit.
If you think you should quit, trend carefully. Do your homework on work, company, its reputation, financial situation and any pending issues. You don’t want to jump from one bad situation to another.
Implementing a game plan
You want to be indispensable. Keep yourself as a person who is calm under pressure and can do things. Volunteer for assignments that others avoid. Make sure your boss and bosses notice your accomplishments. Others get angry and frustrated about the state of affairs, you always want to stand out by offering a positive outlook. Go to the representative office. Proximity bias begins, and management always wants to keep you when they are dismissed for looking at you. If you are just another box in a zoom call, executives who make decisions to minimize will not always have the same contact with the person around the office.
As you manage your career, lay the foundation at once to find a new job because you need to be ready for all the options. Ask coworkers who have good jobs and their recruiters. Set up personal or video calls with several executive search professionals who specialize in your field. Similarly, find some career coaches and resume writers to help you get ready for everything you need to do if a job search is needed.
The best way to find a new job is through networking. Word gets a bad rap, but it works. You want to let people know and trust that you are free to find a new job. Ask your friends, former colleagues, neighbors, college alumni, members of your temple or church, and other people with whom you have relationships for jobs and acquaintances in the companies you would like to work for.
What to do when dismissed
Take the time to process the job loss. Once you understand what happened, take immediate action. Your new full-time job is looking for a job. Reach out to recruiters and your network. Update your resume and LinkedIn profile. Stay active in the forum to hire people who can help you draw attention from HR, find managers and find new jobs.
When you interview, don’t be afraid to ask questions. You want to make sure the position is right for you and you’re not just jumping on the first offer. Avoid insulting your former boss, company, and coworker because it turns out to be a visitor. They think you talk bad about them when you leave.
Take care of your mental health, emotional well-being and finances
With Russia’s invasion of Ukraine, runaway inflation, supply chain disruption, rapid decline in stock and cryptocurrency prices, job cuts, canceled offers, social and political unrest, with the possibility of a world war, depression is easy, anxiety and stress. Outside.
Block all the sounds around you. It may not be easy, but you need to practice self-care. Hyper focus on your short-term and long-term goals. Resist the temptation to turn to drinking, drugs, overeating and other bad habits to ease the pain. Get professional help if you feel like you are losing control.
Go to the gym, do yoga, run in the park, ride a bike or take a long walk. Try to socialize with people. Engage in hobbies and activities that make you happy. Use this time to learn new skills, perhaps go back to school, enhance your skills with online courses, and acquire new credentials, licenses, and accreditations that you are putting forth.
Keep an eye on your finances. Pay off credit cards and other debt as interest rates rise. Reigns in unnecessary spending. Put money aside if you have been out of work for a while. Find ways to earn additional revenue streams. This could include gig work, starting a side hustle, or an online business.
Hard times make tough people. This is the period you want to stay strong. It will not last forever. Stay positive and stay on course. The goal is to keep your job, find something new, or improve yourself at this uncomfortable stage.