Lately, (Aug 2019), we are hearing more and more economic “experts” forecasting an imminent recession. Are you ready for it?
Here’s a few questions to test your recession readiness and hardiness:
- Are you of sufficient importance to your company to survive probable job cuts?
- Are your benefits topped up? Do you even know what, if any benefits will be accessible to you, if any, following a termination?
- Do you have at least 6 months living expenses saved as a cushion for unemployment?
- Have you built a sufficiently strong network of contacts?
- Is your resume current?
- Have you been upgrading your job skills?
- Have you been paying off your loans, bills, credit cards, mortgages?
- Are you in physical shape to handle the stress of unemployment?
For those of you who are currently employed, you’d better be “praying” that, amongst his many tweets, President Donald Trump has a sufficiently strong plan to keep the USA economy growing. If he doesn’t, the mere fact that companies coming back to USA is not going to be sufficiently robust enough to keep the top line at companies growing at about 5% that they need to continually cover their increased costs. In other words, though companies are coming back home, they still need a global marketplace in which to sell their goods. Right now, the global economy is on life support.
In my opinion, [of course–since I am writing this], POTUS Trump has only two job-creating strategies ahead: a massive infrastructure upgrade and federal legalization of marijuana. Both strategies will create millions of new jobs and inject trillions of dollars of earnings into the consumer sector, that, in turn, will have a positive financial impact, on the economy, that will last from 2 to 5 years. That should be sufficient time for the rest of the world to come through the global recession and get back onto its feet to re-invigorate global growth and, thereby, feed that top line sales number that corporations need so badly in order to continue to employ workers, hire new workers, built new plants, etc.
If POTUS TRUMP fails to implementation those two strategies, above, or some equally powerful, broad-based employment re-ignition strategy, then you’d better get yourself ready. Company top lines are already beginning to stall. Inventories are already beginning to build and get stuffed. After that, companies will jump into severe cost control mode. Among the first costs to be trimmed will be employee headcount. They’ll need fewer employees for the foreseeable future.
No one likes to hear this kind of bad news. However, your life will go much easier if you are ready, meaning, PREPARED in all respects, just in case this kind of bad news hits home to you. My wishes are with you and your success. Just remember: being laid off due to employment cut backs is NOT a sign of your failure. Even if you are laid off, keep your chin up and keep charging forward looking for the next job…or even start a business of your own.