So far, life as we know it has changed dramatically this year.
Most of us have the oddity of turning our homes into jobs, while some may worry about how long they can stay busy. Unfortunately, others were already affected by layoffs or vacations.
The current global pandemic is driving the world into a severe economic downturn, and the Monetary Authority of Singapore has confirmed that a recession is on the way – not just a slight decline, but possibly the worst recession the country has ever seen.
As the economy stalls, people fear that their careers will be rocky. Although it looks like a lot is beyond our control, there are a few ways we can take responsibility.
Indeed, now is the best time to make your career future-proof, as the full effects of the recession are not yet felt. Here are some ways you can start:
1. Think one step ahead
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Nobody wants to be surprised by a sudden change (we already had plenty of that). Do yourself a favor by preparing for a job in advance.
Regardless of whether your company is talking about downsizing, you can still take the first step.
Take this time to update your resume – taking stock of your success, best projects and skills you have developed in your current job.
This cannot hurt, even if everything seems stable at the moment. If you prepare your resume in good time, you can apply more easily and switch to a new job if necessary.
2. Identify recession-proof opportunities
If you plan to change careers or are looking for a new job after being laid off, you want to go in a direction that is safer than your last one. If your current sector is generally not performing well, a large pool of job opportunities may not be available.
There are no guaranteed “recession-proof” industries, but some sectors definitely have better chances than others.
Think of services that are always needed regardless of the economic situation. For example, industries like healthcare, grocery stores, and public utilities remain intact because there will always be people who get sick or need food, water, and electricity in their daily lives.
Photo credit: Sengkang General Hospital
Health care is a high priority in the face of this pandemic and will remain so after the end of Covid-19. A recent Fitch Solutions report found that healthcare in Singapore is expected to grow to a $ 29.8 billion market in 2020.
According to the finding, Singapore plans to build two new hospitals and twelve additional polyclinics by 2030. Three of the polyclinics are scheduled to open this year.
The demand for health care is not only in hospitals, but also extends to pharmacies, physiotherapy, elderly care and even mental health.
Photo credit: WillowTreeApps
Another area is digital innovation and technology. This doesn't just apply to tech startups as companies expand their digital skills in almost every area.
Businesses need to rethink what they would do after the pandemic ended. This will largely include an adjustment to the provision of digital services, as consumer behavior online is shifting even further.
Given the growing technology trends, consumers will continue to spend more time online despite an emerging recession. While companies can cut spending in some areas, they will continue to rely on digital marketing, social media, and e-commerce to reach their online audience.
Some companies already state that the demand for technical talent has increased by 10 to 20 percent.
3. Equip yourself with skills that remain relevant
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Going for a whole new industry may seem daunting, especially when jobs in areas like healthcare require advanced degrees and years of training.
For this reason, it is important to equip yourself with skills that remain relevant across industries, and above all, this is actually achievable.
As the most sought-after top jobs suggest, digital skills are highly valued. With technology pervasive today, skills like digital marketing, data analytics, web development and cybersecurity are seen as a good thing.
These skills can help open doors to many opportunities, as companies in virtually every industry need technical and IT talent to keep pace with the digital transformation.
Upskilling is not only useful for those who want to switch in the middle of their careers. Diversifying your skills can also make you a more attractive employee, as companies may want employees to take on dual roles to save money on tight budgets.
Learn digital skills from industry experts
We found that now is a good time to learn digital skills, but where do you start without previous experience?
The Smartcademy, one of the leading training providers in Singapore, wants to help people equip themselves in this economic downturn and improve their employability.
It was founded by founders who are passionate about helping individuals keep pace with the rapid change in the world toward technology-driven industries. For this purpose, they not only offer comprehensive courses, but also focus heavily on sought-after and industry-relevant teaching skills.
People who want to protect their careers from recession can benefit from courses such as digital marketing, user experience design, web development and mobile app development.
Photo credit: Smartcademy
The Smartcademy places special emphasis on the quality of the lessons and hires a coaching team of experts with many years of collective experience in the market.
They also believe that everyone has to start somewhere, even if this means "somewhere" that their students have no relevant background.
However, teaching beginners doesn't mean they just scratch the surface. For example, the "Introduction to Digital Marketing" course deals intensively with the topic for six days, with each lesson lasting three hours.
At the end of the course, participants will learn what influences SEO ranking, how they understand Google Analytics insights and how digital ads are displayed and A / B tests are carried out. They also get hands-on experience testing and running their own marketing campaigns.
The Smartcademy offers all courses at a flat rate of $ 2,500. If this sounds steep to you, you'll be happy to know that eligible Singaporeans and PRs can ask for financial support for up to 90 percent of their course fees (terms and conditions apply).
Do you want to further qualify or re-qualify? Find out here about the best courses to make your career at Smartcademy future-proof.
This article was written in collaboration with Smartcademy.
Selected image source: drobotdean via Freepik