In today’s episode, I would like to share a topic with you that has come up quite a bit in recent conversations.
I was recently asked by a client what I would recommend to individuals to help them prepare for the next stock market correction. What should people be doing today to help weather a similar market slide as 2008? Market corrections periodically happen every so often regardless of what's happening in the world, and it’s smart to start sharpening your pencil and developing the abilities today that will help you avoid being laid off, or at least make finding a new job much easier.
Today we’ll talk about the best opportunities to pursue so you can come out of it with as little struggle as possible.
To start out, let’s review a common story that many employed individuals experienced. When the market sank in last 2008, the value of many companies eroded overnight. All of a sudden their pockets were no longer deep enough to continue employing their entire workforce. As businesses struggled, so too did the individuals that depended on them for income. Consumers had to work on tighter budgets and were suddenly spending much less, thus magnifying the cycle of strugcgle. Unemployment grew at an astounding pace.
As the market slowly started recovering in 2009, businesses began to hire again and for those that were seeking employment, applying to jobs was more competitive than ever. Even seasoned veterans with decades of experience, perfect resumes, and colleague recommendations had to fight for jobs that were a demotion from where they were before. It took many more years before everything began to stabilize again, corporations began hiring in large volumes, and unemployment gradually returned to steady lows.
Let’s take a moment to learn from history. Even those that were well positioned and comfortable in their roles struggled to find work during the recession. Maybe that was you, or maybe you’re counting on your current experiences to help you weather the next storm. Does this still sound like a good idea?
I’m not a predictor of doom, but let’s face it- today’s markets are severely overvalued and a reset is again imminent. What will trigger it? Who knows! …but when it does hit, how can you minimize the amount that it impacts you? How can you reduce your chances of being laid off? Or, god forbid, how can you minimize the amount of time that you spend searching for new employment?
To make matters worse, automation is making more jobs obsolete every day, so by the time a market correction hits, the challenge of finding new employment will only be worse than in the past.
Let’s think about what companies need the most both today and during times of struggle. Businesses exist for the sake of making a profit. Some have more-noble causes that they support as well, but ultimately they wouldn’t exist without bringing money in the door. If they want to increase their profitability and efficiency today, they’ll appropriately try to attract more customers and increase the amount of money they make on each sale.
A quick google search about the “skills gap” will quickly prove, many jobs in tech are in high demand and there aren’t enough people trained for these jobs to fill the demand.
Did you catch that? There are more job postings for certain jobs in tech than people to fill them. The market demand is skewed in your favor for getting hired!
- Businesses can improve their operating efficiency and decision making based on the work of data scientists
- Companies can reach larger audiences through the work of digital marketers and mobile app developers
- Employers can drive larger sales volumes through effective messaging and user experiences on their websites
- Firms can reduce their operating costs through the outcomes of IT professionals
- Artificial intelligence and machine learning engineers create equipment that can think for itself
- have 24-hour up time
- doesn't require healthcare
- doesn't take sick days or other things that would cause productivity to be washed in those companies.
When companies are struggling financially, they will do whatever it takes to
- minimize their costs
- maximize outcomes
- attract new customers to the business
Translation– when times get tough and corporations need to tighten their belts, prepare yourself for the best opportunities that
- are essential to making the business more efficient and profitable AND
- those roles that have the least amount of competition for getting re-hired
Any job in the digital space that can enable them to do any of those things will be in demand regardless of how the market is doing. The key is figuring out how you can capitalize on the opportunities that the skills gap enables, and determining which role is right for you.
I have posted an extensive list of these in-demand careers and their necessary transferable skills at WehnerEd.com/coaching/ and have spoken previously on this podcast about web development, IT consulting and data analysis…to name a few.
As if having a career that could help you weather the storm wasn’t good enough, there are even more advantages to pursuing a career in any of these positions.
- You can learn them online – more quickly and more affordable than ever before. College diplomas are no longer a requirement for these positions. Instead, your experience and what you have to offer speaks louder than a piece of paper
- Many of these skills are very transferrable- meaning that you can use the same abilities to work in an industry that overlaps with your passions and helps you work happier and live more fulfilled.
What are you passionate about?
- The outdoors?
- Health and wellness?
- Gadgets and technology?
Regardless of where your interests lie, you can find a role at a company that fits you and needs your newly-minted tech skills
For example, I recently worked with a client who trained to be a website usability expert through several online courses and two personal projects. He is very passionate about sports and ended up gaining a role at his dream company working for a major sports media agency. He learned a transferable set of skills and practiced his craft during his evenings after work to escape his dead-end job and open up a new world of greener pastures. What’s more? Sports was one of the markets that was least impacted by the financial decline of 2008. His career is now more stable than ever even while earning more and being happier with his job.
My advice is for individuals to start preparing now for the jobs that will have the most openings for the foreseeable future. You will have more job flexibility today and will have an easier time getting hired now than when times get tougher.
While markets are still in good shape today, start your journey to find a new skill set that can provide you
- peace of mind,
- can help you kick aside having to work two jobs,
- build up your savings account for retirement,
- or achieve whatever is most important to you.
As a bonus, you can make yourself more recession-proof, or persevere with as little downtime as possible.
From this point, you need to determine which set of transferable skills is best for you and which outlet is the right way for you to learn your new trade. Some online schools are faster than others, some are more expensive, some are more forgiving of your schedule. We’ve discussed these options a bit in prior episodes so I won't dive into it too much here, but ultimately now’s the time for you to find the opportunities that can get you job-ready in the next year so you're prepared when the markets change and times become more challenging. It’s better to start now than when you’re up against the wall, right?
Now I know from experience that learning online isn't easy. It's hard to work a full-time job, maybe raise a family, stay active in your community, and still keep up with your social groups and commitments. Adding online courses on top of this isn’t for the faint of heart.
A stock market correction in the next 5 years or more is unavoidable.
The reason I'm so adamant about helping people learn online to create these new opportunities is that a stock market correction in the next 5 years or more is unavoidable. It’s a fact automation is rewriting everything that we've known about industry and jobs faster than we could have predicted and faster than we can adequately prepare for it and train the next generation for the jobs of the future… it's happening now. I'm not predicting doom I'm sharing fundamental changes to what we call normal and am providing solutions for how you can tackle it head-on and be prepared for when these changes happen.
I encourage you to think about what's coming whether it's with the markets whether it's with automation or whether you're just ready for a change. Simple and affordable methods can help you level up your career and leave a lasting impact that actually matters. A legacy that you can look back and be proud of.
WehnerEd is here to support you through every step of this process and we have services designed for each step of changing careers. We also have a complete package that will walk you through step-by-step and give you support along the way to hold you accountable and to make sure that this change is simple, efficient, and most importantly, gets you exactly where you want to go.
Give one of our power-ups a try if you just want to dip your toe in the water and see what's ahead in our valuable one-on-one coaching sessions. Our prices are very fair considering the massive upside that a new job in tech can provide. 10, 50, or 100 dollars today is nothing compared to the earning potential that you can make just in the next year. Once you begin one of these jobs this year or in 2019, you're going to wish that you started this journey even sooner.
When I interviewed Fernando Hidalgo a couple of episodes ago, he shared his drastic career change from being a special ed teacher with no foreseeable development or career path… to where he is now applying the best of his skills in meaningful ways. You could tell from the way that he spoke that there wasn't an ounce of regret in his mind for taking the leap. He was advocating for every single one of you out there to make a change like his
- to find what you're passionate about
- to spend your nights and weekends making it happen
…so that you can be proud of your accomplishments today and in the future.
This is seriously impactful stuff and it's not nearly as unattainable as it might seem.
Coming from a non-technical background, he now works in one of the most demanded careers in data science. You know what? If he can do it, so can you …and if you have doubts give us a call let's talk through it! When we understand your situation, our team can make this your best year ever and get you on the path to a better you.
Whether it’s the market overvaluation or your own personal desires, make the change to a better you and a more-sure future!