If your role was impacted by the coronavirus—either through a layoff, furlough, or pay reduction—you might be wondering what this means for the future of your finance career. Whether you’re actively job searching or not, this age-old career advice still applies: building resilience in the workplace is key to success, especially during an economic downturn. So, how does resiliency fit into today’s market trends?
According to the American Psychological Association, resilience is your capacity to deal with stress, adversity, and uncertainty. In simpler terms, it means your ability to roll with the punches and bounce back. In a more competitive landscape, like today’s, this can be what helps safeguard your career against dips in the market. Continue reading to learn how to build resiliency into your finance career and prepare for a post Coronavirus job market:
Keep your skillset sharp
Recessions may force employers to make cuts or be more selective when hiring, so you want to make yourself as indispensable as possible. To do this, proactively make the effort to learn new skills and keep up with industry trends. “The intersection between finance and technology is always growing, so your tech skills are a great place to start,” says Joey Pigot, an Associate within The Execu|Search Group’s Financial Services division. “In addition to learning new software systems and coding languages, you also want to demonstrate you can work efficiently in a remote environment. This means having a general comfort level with various communication tools and platforms.” Read also: 3 Advanced Excel and Tech Skills That Will Help You Land Your Next Finance Job
Update your resume
Everyone should get into the habit of keeping their resume up-to-date, even if they are not actively job-searching. While this is easier said than done, proactively adding your accomplishments and new responsibilities ensures your resume is able to highlight your current qualifications. This way, if you do suddenly find yourself in the job market or a hiring manager proactively reaches out, you are prepared to move forward in the process. Read also: 4 Ways To Make Your Financial Services Resume Stand Out
Tap into your network
When you are happy at work and/or busy in your personal life, it can be easy to let networking fall by the wayside. However, it’s important to play the long game if you want to take advantage of your network. “Now, when everyone is still home, is a great time to start having conversations with your network.” advises Joey. “Starting to reach out early, rather than the exact moment you need something, will help you be more prepared as we return to ‘normalcy’.”
Be prepared to make moves
It may be a sign that it’s time to look for a new job if you are no longer learning or growing in your current role. While you shouldn’t make a move unless you find the right fit, it’s important to be aware of whether you have become complacent and have the ability to secure a new job if it comes to that.
“If you are currently employed, but thinking of making a change, you should not be afraid to make a career move if you land an offer with a stable firm,” advises Joey. “There is a lot of uncertainty in the world right now, but things will return to a more normal state at some point. The timeline is a little unsure, but stable companies looking to make hires are not going anywhere. If you want to make a move, do it. This will be the right move for your finance career in the long run.”
Consider contract work
There are a variety of factors that have contributed to the growth of consulting and project-based opportunities, but perhaps one of the biggest ones was the Great Recession. Hiring on a temporary or contract basis was not only a great way for companies to pay for work only when they needed it, but also evaluate fit or their hiring needs before committing to a full-time hire. This hiring solution has stuck around, and will only grow more popular as we navigate this new era of uncertainty. If you find yourself unemployed, a contract or consulting gig is a great way to gain some experience for your resume and make yourself more marketable for future opportunities.