Is a recession on the horizon for 2023? The Wall Street Journal recently conducted a survey of economists, and more than two-thirds predict a downturn will happen this year. Bloomberg’s most recent poll of economists also puts the odds of a recession this year at 70%. At HerMoney, we’re trying to prepare your wallet for the tough times ahead: We’ve tackled how to manage your budget during a downturn, how to invest, and how to stay on track for retirement. And in this podcast episode, we’re focusing on another important avenue for making sure your goals and your personal economy are recession-proof — your career. How does a recession impact jobs in different industries? What do you do if you’re laid off? And how can you turn a career break into a career opportunity?
Lauren McGoodwin joins us to answer these questions and more. She’s the founder and CEO of Career Contessa, a career site for women that offers advice, coaching, online courses, and an anonymous salary database. She’s also the host of the Career Contessa Podcast and the author of the book, “Power Moves: How Women Can Pivot, Reboot, and Build a Career of Purpose.”
Lauren shares all the lessons she’s learned from graduating college and starting her own career during the Great Recession. She tells us how she was able to pivot from her first post-grad job into the industry she really wanted to join — recruiting. Her passion for connecting people with jobs ultimately led her to found Career Contessa.
Jean and Lauren also get real about layoffs. Forbes estimates that nearly 125,000 workers lost their jobs in mass layoffs in the second half of 2022, and those layoffs are continuing into 2023. Tune in to hear how you can tell whether your employer is struggling in the current economy, as well as all the steps you should take to get yourself in the best financial position before and after a layoff.
Lauren also shares advice for job searching during a recession. She talks about how you can network with people you don’t know, and why so many online job applications are unsuccessful. (If you’ve sent out dozens of applications through LinkedIn and haven’t heard back, there are extra steps you should take to stand out — like sleuthing for the hiring manager’s email and sending them your resume directly.) Yes, it might take extra time, says Lauren, but it’s vital that your resume is being seen by a real human being instead of getting lost in the digital applicant pile.
“I do think we’ve done this disservice where we’ve made it so easy to apply for a lot of jobs online,” she says. “The key is, you don’t actually need to apply to 1000 of the wrong jobs. You need to apply to one or two of the right jobs, where you put 110% effort into it.”
In Mailbag, a listener wants to know the best way to manage a lump sum her husband will receive upon retiring from his volunteer firefighter position. In Thrive, the difference between investing and trading. You can also learn more about all things investing by signing up for InvestingFixx, Jean’s ongoing investing club for women.
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