Being recession-proof in times of coronavirus

NEW DELHI: While the Coronavirus is the most trending topic on news and your family Whatsapp group, it is next going to impact your financial status and job.
Notice the business headlines and market crashes from Tokyo to New York. If the economy tanks into a recession, you and everyone else are at risk of losing job. Finding a new job will be a massive challenge and hence you need a battle plan.
Less is more
In good times, you apply to all relevant job openings.In bad times, narrow down to companies that you want to work for and then find a reasonable opening in that firm. Thus, you direct your energies towards a few quality job applications that stand out from the hundreds of mediocre job applications from seekers who have spread themselves thin applying everywhere in the market.
Selecting the firm
When jobs are scarce, look at industries that are growing, hiring rapidly or are recession proof. Within those industries look at firms that have robust financials. For instance, in startups, education technology players continue to hire and show growth currently.
Outside comfort zone
Tough times are all about survival and less about choice. Apart from switching industries, look at switching geographies. Go to cities where the jobs are and where business is brisk. Similarly, you may be specialised at handling customer complaints on telephone. Now, create more opportunities for yourself by trying other roles even though you may not have done it earlier.
Multi-channel approach
To find and reach out to the best opportunities possible, do not rely on job boards alone. Explore job fairs, reach out to and work with recruiters, tap into your college and school alumni networks and leverage your LinkedIn profile to set up meetings with your first and second degree connections. Invest the rest of your time in cold calls and reaching out to decision makers who are not part of your network.
Different strokes
Once you have narrowed down on a vacancy in the company of your choice, understand the requirements from the JD and from employees in the company. Restructure and re-word your resume to highlight points relevant for the role.
Flexibility and fit
When the job market is down, there are fewer jobs and more applicants. To adapt to this environment, you need to be flexible in expectations from role and salary. Similarly, to beat the competition you need to demonstrate a better aptitude and fit for the role and convince the employer about how you will deliver better and faster results than anyone else. To do so, prepare hard and put your best foot forward in the selection process. Do multiple rounds of mock interviews to sharpen your interviewing skills.
Seek income not job
When jobs are tough to find, change your definition of a job to an income earning opportunity. Thus, in a recession, imagine everything that can put cash in your pocket. Freelance assignments, contract work, project work, internships, pure commission-based sales, online tuitions or any other activity that either leverages your skills or time.
Relationship time
Even though this is a tough time, take out time to build stronger relationships. While you are looking out for jobs, make sure you connect opportunities with people in your network who might need those openings. Your network will pay you back in kind. When you join a new job, keep relationships and open opportunities warm for at least 3 months until you are confirmed as a permanent employee and have settled down.
(The writer is founder and CEO at QuezX.com and HeadHonchos.com)