Tips to Keep in Mind if You’re Working in a Declining Industry
What happens when your job performance is outstanding, but your field is on life support? In the last couple of weeks, several organizations have closed their doors or dramatically reduced their workforce through layoffs. If you are working in a declining industry, it is challenging to earn a living, and you may feel uncertain about your future.
While different kinds of businesses have come and gone throughout history, the pace is picking up. A recent study by the employment website CareerBuilder found that 121 occupations in the U.S. are expected to lose jobs this year, and middle-wage positions will represent 58% of that total.
If you want to enjoy financial stability and a rewarding career, preparing for such fluctuations is essential.
Study these tips on what to do if you’re working in a declining (or shrinking industry) or hoping to stay in high-growth fields.
Tips for Working in a Declining Industry:
1. Embrace change. Accept the situation and try to look on the bright side. Being hopeful will keep you motivated and make it easier to take action. Direct your energy toward dealing with the transitions ahead instead of resisting them.
2. Gather recommendations. Create a file of testimonials and endorsements. That way, you’ll have documentation you can use in a future job search, even if you lose touch with some of your contacts.
3. Warm up your network. Reach out to others while you’re still employed. Look for ways to be helpful, like making introductions or forwarding helpful articles. Your contacts will probably be more receptive to a request for job leads if they’ve heard from you recently.
4. Focus on skills. Highlight your transferable skills. You have personality traits and essential talents that could be valuable in many contexts. Maybe you’re a math whiz or a superstar at sales.
5. Be flexible. Many industries transform themselves rather than shutting down. Today’s trip advisor was yesterday’s travel agent. Keep an open mind about how you can take on a different role with your current employer or in a new setting.
Working in a declining field can be challenging. However, you may find opportunities to take on greater responsibility if you find yourself at the center of a significant transition. You can also protect your career from downturns by sharpening your skills and strengthening your network.