How to navigate being a working parent in a tanking Economy!

 

How to navigate your career and being a parent in a tanking Economy 

If you have been remotely paying attention to what is going on in our country, you will notice gas prices soaring and food prices are at an all time high. Despite them saying everyone is hiring, big companies are laying off and even shipping of goods of essentials are not coming in on time.  Even Amazon is struggling to get you 2 day delivery. You may be feeling some panic like how can I deal with these rising prices if my work pay does not go up? How do I pay for gas, food and essentials but still have money left for my kids to get to do things like sports, fields trips, and more.  And if you are hearing the word "recession" and your not quite sure what that is and how does that affect your job? That is ok. I am hear to fill you in on what a recession is and how we working moms deal with it. After being in business for 21 years I have had my share of all of this happening. What I can't believe is that I am talking like my parents used to when they referred to previous decades in history. But yeah, hitting age 45 surviving 21 years in business and 2 of those with pandemics almost shutting my businesses completely down. I got the tips on how you can survive this upcoming recession. Yep, plan that it will happen because well... it will. And in all of this yes, you will have some strong emotions like anxieties about your career and the stress of such uncertainty in this economic situation. You might even think maybe I need to look for a new better paying job or ask for a raise. Well if this is causing your stress and anxiety or even keeping you up at night I am here to ease that stress with some advice. And let me add in I have been balancing running 4 companies, two kids, a hubby, 2 dogs and until recently 2 guinea pigs but we won't go in into what happened to the pigs. 

"The National Bureau of Economic Research (NBER) Business Cycle Dating Committee—the official recession scorekeeper—defines a recession as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.” The variables the committee typically tracks include real personal income minus government transfers, employment, various forms of real consumer spending, and industrial production." 

Ok, I know some of you just said huh, what? So in laymen terms I like how the WallStreetmojo defines it  "Economic recession is defined as the phase in which economic activities of a country become stagnant, leading to a disturbance in the business cycle and affecting the overall demand-supply balance. Though the recession is a negative economic phenomenon, it is still appreciated when it occurs, as it instills a sense of vigilance in the individuals and administration of the economy, making them keep a check on the possibilities of recession."

The most common example of this is the global recession of 2008 financial crisis and of course the Great Depression of the 1930s but if you're on the younger side here reading this you might not have knowledge on either of those. 

Should I get more education, will it help me with the recession?

This is a great question, now I find often women in particular are constantly getting more education because well we always feel we need to prove our worth and often I'll find women on a 2nd Masters and I ask them what is this second one going to do for you that the first one didn't? And my second question is will this 2nd degree give you a considerable jump in pay or some type of advantage over your other peers? Most of the time both answers are no, it just looks good. Well if you are going to upskill let's upskill strategically. You don't always need another degree, often times it's just a single course in a certain areas you might need some education or training for. For example, your boss wants you to take over the social media for the org but you are really not a social media person, taking a class on this would be a perfect upskill. Let's say you're being moved into a leadership position well then some leadership courses, or training may be appropriate but ladies please, if you have a BA and MA don't go get more degrees, that won't change much, unless you are in a profession that requires you to have a specific certificate. I'll send you to two of my favorite places for upskills groups to work with and yes I am bias because I help build these courses on a regular basis. My college I own Synergy Learning Institute has some great upskill courses and our partner Envisage Global has close to 1500 university unit courses, which they house our university courses as well. All online and fast and easy to access and a transcript when you are done. So if you upskill do it with purpose! 

Should I worry about my current job?

Looking for a job with intention is important. Often times people get lost in the title and pay. They see big pay and big title and overlook the actual job. Today, jobs offering big pay have a long list of expectations. First thing to ask yourself after looking at the job description and skills list is how would this job benefit me, is this something that can move me forward in my career? Is this a jumper job meaning you need to get this level of work in before you can move to dream job which sometimes we have to do. Or are you just going after the job for the pay? We never want our job hunting to be the intention of just a big pay check because you will never be happy, the more pay, the more hours, the more responsibility, and once again is this job moving you in a direction that fits the career path you want? If it is not then don't waste your time, even if it is great pay. I have done that before and it never ends well, the pay is never worth it when you hate the job. And remember part of a good job is good mental health. The last time I took a job for just the money, my mental health really suffered. Finally when searching for the job write down your 1 year, 3 year and 5 year goals and see if this job pushes you in those directions. 

Should I worry about getting let go?

Well here is the deal you can be the best person at that company and still be let go because the recession is not fun and often companies have to clear house down to just essential personal. But here is my motto that I have had for 20 years, I always make myself a commodity that they can't live without. When you are that type of employee you're usually are the last to go. Because if the company thinks they can't do it without you then you may secure your job even more. But we have to look at COVID as an example, many companies forced to shut down had to clean house. I had to as well, I let everyone go with the promise if we were up and going and bring in cash flow I would bring them back in a moment. But here is also one of the things I always do, I have a backup plan and then a back plan to my back up plan. I am not a one trick pony and with all good gig economy people we have our hands in several different things, so if one thing does not work out I have 5 other back up jobs in the works. So it never hurts to have your hands in a couple things so you always have a back up and somewhere to shift into if one of your jobs does not work out. If you're not sure where your genius is I suggest you check out my very good friend Amilya Antonetti's course Finding your Genius great course to help you dive into where you really should be from one of the most sought after human behaviorist experts. You will realize you may not be maximizing your potential. 

And if you're thinking this is a good time to get your credit rating right, in case your worried about needing credit cards, loans or more, then I encourage you to check out my friend Rondi Lambeth's course Credit 101. He shows you all the credit hacks as Rondi is one of the top credit analysist in the nation.

Remember live, love laugh, and always be your authentic self. 

Dr.  Julie DuCharme