How to win during a down turn

The ongoing COVID-19 pandemic is throwing the global economy out of gear. It has already disrupted the global supply chains and it will take time for global trade to come back. For global economy to comeback first the contagion has to be stopped at the same time a medical cure has to be found. Remember this situation is a global health crisis and not financial crisis. However global markets respond to events which disrupt economic activities and hence we are seeing this world wide carnage on stock markets. On an average Indian markets are down by 30% in a month. Similar is the case with other global indices. The current event is shocking since the markets crashed steeply in a short time. Investor confidence will be at its lowest.

This global crisis will impact growth of global economy which will finally impact individuals directly. Jobs will be at stake.In general an economic recession is bad news for jobs. Typically plants are shut down and production slowed, demand for services will fall, companies will not invest in new products there will be wage cuts and all sorts of cuts. Coming from an IT services space i have seen the impact of economic disruptions in the years 2000, 2008 and potentially now in 2020.

While a recession is not yet announced top economists have declared that the world is in recession prior to Covid-19.

The question on top of every one's mind is how to save his/her job. The cut can be on anyone, economic distress does not choose people it will be arbitrary - high cost, low cost, poor performer, some times top performer,location based or any other parameter. Companies resort to layoffs or trimming staff due to - 1. reduced customer demand 2. customers cutting down on projects 3. customers postponing projects etc.

How does one get ready for a possible recession-

1. The good days are over be regular to work

2. Ensure you are in a relevant role - line function - you must be in a billable role

3. If you are not in a billable role get into one

4. Improve your productivity

5. Make your work visible to your managers and above

6. Don't panic learn new technologies - remember economy will bounce back and clients will invest in new tech always

7. Be proactive in taking up new responsibilities

8. Pay off your credit card bills and save cash

9. Cut down expenditure

10. Work with your bank on reducing EMIs in worst case

11. Be a good learner and respond to taking up different roles

12. Work with your clients and share ideas on improving efficiency of their business, understand their pain and share business solutions

The views expressed are personal.