The idea of specializing in one career or working in one institution or a corporation and getting promoted until you retire with a decent pension has become an outdated concept. Very little is guaranteed in life. Look at how COVID-19 has impacted the lives of millions of people and millions of businesses across the world in a few months. So. even if you accept a static life in a comfort zone, that static life might not last for you anymore, because the world is not that stable place anymore.
Have you seen the number of job losses in the world because of the pandemic? The numbers are horrific. The pandemic had—and will continue to have—especially severe effects on millions of lives. A report issued by The United Nations International Labour Organization (ILO) estimates that the equivalent of 655 million full-time jobs globally was lost in the first half of 2020. Another ILO report indicated that working-hour losses in 2020 were approximately four times greater than during the global financial crisis in 2009. In the U.S. alone, job losses in 2020 were the worst since 1939. More than 9.37 million jobs were lost, almost double the number after the global financial crisis in 2009. Europe and Central Asia have suffered a total loss hour of employment equal to almost 10%. Some industries such as tourism and travel have lost millions of jobs in 2020 due to COVID.
How many people do you know who were forced to leave their jobs and had families to support? Even if you don’t like change, it is happening anyway. That’s why it so important to predict it, prepare for it, and even embrace it. Here are five reasons why you should have plans B, C, and Z for your career.
1. Always Plan a Way-out
Always plan a way out, even if you don’t need it. You never know when your current place of employment will downsize or become a working environment that is no longer helping you grow professionally. Wise businesspeople frequently advise that you should always be exploring yourself in the job market, even when you’re thrilled with your job. Check what are new skills needed to grow in your career. Look at the certificates that are valued in jobs ads. Get yourself aware of all the new updates. Attend seminars on your industry or educate yourself about a new career. When you plan your way out, you build a powerful blueprint to have different career plans that would suit you, if you need them.
2. Always Look Ahead
Often, people get stuck at their jobs long after it is time for a new challenge. Make sure you have an idea of your 2, 5, and 10-year plans so you have an understanding of the direction you’re going. You can then keep an eye out for positions that can help you get to your final professional goal. Visualizing where you want to see yourself 5 years from now, will help you focus on what is necessary to get you where you want to see yourself in terms of your future career and your dream lifestyle.
3. Always look around for side hustles.
Your plan B doesn’t just have to be a different job. You can also look for ways to generate passive income or start other sources of income. By having another option, you can save more, potentially make something your full-time position, or have something to fall back on in case of termination from your current job. These days side hustles are much easier to launch than most people think. You don’t need any money to start one, only a laptop and online store, a simple product to launch, and a half-hour every day. In several cases, we coach our clients on how to build side-hustles that can bring a steady cash flow that supports their living.
4. Always Stay Curious
You never know what else is out there unless you look. There are so many different professional opportunities that aren’t advertised well to people who are looking to start their first job. Maybe you took a job right out of school that aligned well with what you studied, but you missed out on a career that would suit you better. Keep an eye out for opportunities that can teach you something new. Remember that the best job offers are not the ones advertised in job ads. They are the ones that you visualize, build and then apply for. More on this in our future blog posts.
5. Always Know When It’s Time to Move-on
Your job may not be serving you well anymore. Perhaps it’s a job that you’re comfortable at, but it doesn’t challenge you. You feel as though you’re doing the same thing every day. Having a backup plan can be helpful for the moment you decide that you’re ready to find something new to do. It is like building a portfolio of careers or turning your career into a hedge fund that keeps funding your expenses and your dream lifestyle. Just because you’re looking at other jobs or networking, doesn’t mean that you want to move to a new position. Having several backup plans is helpful in providing you with security and more comfort than you think.