How Can You Recession-Proof Your Career?

Are we in a recession? I don't know -- I'm no economist. Many of you know I am a CNBC-junkie. And, there have been many guest experts debating this issue on air. What I do know is that we should be taking stock of how the "R-word" might impact our careers (and businesses, for my fellow entrepreneurs) in 2008 and beyond.

It seems to me that now would be a fine time to focus on the Know Your Market (KYM) principles of the Competent Advantage TM model. Why?

Staying on top of key trends and job forecasts in your industry will help you navigate your career if you want to make a change (or if a change becomes necessary as the market forces impact your current employer).

Do you know where are the growth opportunities within your industry? Are there pockets where companies make money regardless of a downturn in the economy? There has been some research on Careers with "Staying Power" -- there are likely suspects such as Healthcare and Internet-Based Services. Would you know how to leverage your skills and talents in these areas?

KYM also suggests that you understand how your current employer functions so that you can best prepare for internal shifts and adjustments. What do I mean? Do you know what your company does -- really? Do you understand how it makes money?

Sure, this would all be easier if you had a crystal ball and could see what lies ahead. I was asked at a recent seminar, "What should I do if I know my company plans to outsource aspects of my function?" While I would not want to underestimate the fear and other emotions that come with this realization, I would like to suggest that knowledge is power. The more you learn about your industry (e.g., growth opportunities) and your company (e.g., aspects that will be kept in-house) the better you can position yourself for the pending changes.

And, can you articulate how your strengths and contributions add value? I'll talk soon about how Creating a Buzz can be another recession-proof career strategy.