How to recession proof your career

We have a guest blog today from David D' Alessandro, former CEO of John Hancock Financial Services. 

How not to get the axe in this economy

Despite what some of television’s talking heads are saying, if it smells like, sounds like and looks like a recession—it is a recession. Look at some fundamental facts. Oil prices have skyrocketed. The Dow is down dramatically from its 14,000 record high. Unemployment has moved to its highest level in years. Companies like Siemens, General Motors and Washington Mutual are hemorrhaging jobs.

With a recession should come the fear that your job is in jeopardy. If you think that is not true, and you are too valuable to your company, too essential and the company would never be the same without you, then you are sadly mistaken.

But there is a way, in these questionable times, to increase your chances of maintaining your position and perhaps even getting promoted while your peers are inactive. In my new book, Executive Warfare, I discuss what it takes to stand out in organizations today. If you are smart, quick and agile, you can provide the company and the senior management with some much needed relief from part of their dilemma and at the same time improve your own circumstance. Here are three quick tips:

1. Walk into your management office and offer a series of costs reductions in your area. Show initiative and imagination. Demonstrate you can still accommodate the company’s needs within these constraints. Do it in two layers. One with out of pocket expenses and an additional one involving lay-offs. Not replacing jobs and limited new hires. Be aggressive and prudent so you do not seem disrespectful or simply unable to distinguish when you are cutting into the “bone of the organization.”

2. Now is the time to propose low-cost new revenue. A company affected by a recession is like fixing an airplane in midair. It must continue to fly even though it is need of a repair. If a company can show resiliency under these circumstances, not only do its constituents reward it. The company usually grows stronger. If you want to be part of it, look for new distribution systems and products you can sell quickly and profitably. Open up new sales territories.  Fuel the organization with new dollars. No one ever fires somebody generating new revenue sources.

3. There is always a way to propose and gain new profits. Pricing changes, product changes, cost changes—you name it. Make them happen fast without compromising product and service. Prove you can squeeze profit and well as generate sales.

During these difficult times it is easy for people to moan, “woe is me.”  But leaders emerge from adversity. The recession provides an opportunity to break out and really show what you are made of.

If you want to “run with the pack, you need to howl like a wolf.”

Comments

[savvy]

First, we are NOT in a recession. The definition of a recession is two or more quarters of a decline in GDP. We have not yet experienced that. So, is the economy bad? Yes. Are we in a recession. No.

Secondly, while those "quick tips" may help those in executive positions, they do nothing for most 'rank and file' employees for whom the economy will affect the most.

[Coco]

Definitely executive level tips, but as a member of the rank and file, I think they can help me identify what types of projects/people I need to align myself with.

[The Frugalista Files]

What I get from David's advice is that people need to take initiative. You can't hide your head in the sand when you experience adversity. Even if your ideas aren't put into practice, at least your employer sees that you are still in the game. I'm all for thinking big. I think his third tip is the most useful for rank-and-file workers. You have to move quick. No one has time for ponderers anymore. It's all about action. My blog has been running since February, and everyday I try to bring something fresh to the table that doesn't cost the company anything, but generates more hits/page views to the blog.

[Product Junkie Diva]

I agree Frugalista, that is exactly what I walked aways with as well. An employee may have much to offer but if that person fades into the background while everyone else is sharing ideas and being vocal about their ideas it is likely that the quiet employee will get the boot. If they don't remember you when times are good it is not likely that they will consider you when times are bad and they need to make a cut. Maybe the ideas listed for tip one will not be the exact thing that you say to your supervisor but if you make sensible suggestions about a project you are working on or anything else you may move to the top of the "valued employee" list. Hey it's worth a shot.

[Natalie]

Oh my heck -- blame it on the media. A few months ago, you were blaming the media for scaring the public.

The def of a recession is two neg. quarters -- so we're not. That's why the media can't use the word -- Nat -- you know that!

I definitely think now is the time for companies to think about reorganizing. To think about how they can be better at what they do. I don't like thinking about layoffs, because I am a rank and file employee. I spoke to my boss about it yesterday and he said, if he ever had to think about that day, he'd cry in front of us because he knows how much we need our salaries.

[chic not cheap]

I think this advice is useful. I know that I need to keep my skill set sharp. This is done by staying on top of my industry and relevant technology. For me, this does not always mean shelling out a lot of money for training. Sometimes getting ahead is as simple as treating a more knowledgeable coworker to a few lunches in exchange for tutorials on new software.

[The Frugalista Files]

Namesake-I just said recession proof, I never SAID we were in a recession. I left that up to David. heheh.
Chic-Thanks for posting. I bet you are the teacher's pet at your job.

[Mary Elizabeth Bradford]

Excellent article - top executives and professionals always look for positive action in times of adversity and challenge. Personally I think David was being modest in the picture he painted of our current US economy.

[Vanessa]

Ok, soooo we have to spend our own money in the midst of all this inflation and see who we can get tanked instead of us? Sounds like the American Way to me.

But I'm fully taking on the online side because we have the equipment and software and I have the time.

[Natalie]

True, true, Nat. My "oh my heck" was rected at David, not you. I just get so frustrated sometimes workin' for a biz paper and all! I hate calling up sources and hearing, "well this economy is the media's fault." It's like, yeah, sure it is. We're struggling like everyone else!