Jumpstart your Career in a Recession

I had a former boss, a long-time Wall Street banker, who said bear markets are the best times to position yourself for the next bull market.  At the time, he was giving a talk to those on our team who had survived a round of layoffs. I dismissed his sentiment as an effort to exhort us to work harder (for smaller bonuses) or to try to put a bit of artificial gloss on a difficult week.

Well, that man is no longer my boss, and most Wall Street banks are closed or limping along, but I’ve come to appreciate what he was saying. Challenging business environments can be some of the best times for career advancement and personal growth.  Because staffing is likely to be lean, there will be a greater chance for opportunities to learn new skills, demonstrate special strengths, and maybe even put yourself in a position for a promotion.  Be prepared to take full advantage a fast changing environment should any of the following apply:

–Offer to step into a role of mentoring or supervising colleagues if their previous supervisor is no longer around.  Building management experience during downturns can be really important in the next upmarket.
–Consider accepting the client meeting or travel assignment to that remote area or slightly exotic location. I have found that my international experience is invaluable to companies.
–Be slightly more aggressive with great ideas, especially if they are creative.  Do you have better ideas for the new ad campaign, a strategy for approaching new clients or saving money?  Speak up.
--Reach out to your clients.  Rather than panicking over whether your clients will survive this downturn, reach out to them and listen to their concerns.  When things improve, they will remember the people who called when business was down.
–Finally, if good career things happen, like a promotion or special recognition for your strong work, do not feel guilty for your good fortune. I find that many people, especially women, who were not laid off when some of their colleagues were, tend to harbor pangs of guilt rather than acknowledging that they deserve the recognition.

see more ideas on Personal Finance this week at Broke Grad Student