Recession Proof Your Life
but the public is taking no chances. Consumers have been so adept at
keeping cash and credit cards in their wallets since last fall,
economists believe the nation might see the first drop in personal
consumption since 1991. Any slowdown could have long-term implications
for African Americans, according to the Center for Economic and Policy
Research. In a mild to moderate recession, African-American
unemployment rates could rise to 9.3 percent this year, compared to 8.3
percent in 2007. If the recession is severe, that could increase to
10.1 percent.
down time, says Susan Ascher, CEO of the Ascher Group, a human
resources contract staffing firm for professionals. Even in a tight
economy, she points out, some professions will fare better than others.
“There are certain pockets that are going to thrive,” she says. “If
you’re in the banking industry, that’s scary. If you’re a home-health
aide, that’s not quite as scary.”
where automotive and manufacturing industries rule, will see harder
times than the Northwest, where aerospace is king. No matter where you
are, or what you do, now is not the time=2
0to flinch. “People, like corporations, need to stare change in the
face,” she says. So use a combination of tactics to weather the times
ahead.
still making to pay down bills. Cut expenses and put the extra aside.
“Live below your means,” Ascher says. “It doesn’t mean you can’t take
your kids to Burger King, but it does mean you have to save for a rainy
day.”
Stephen Viscusi says most hiring and firing decision are subjective, so
your relationship with your boss can help–or hurt. ”Bosses like to
keep people who they really like to work with,” Viscusi says. “Nothing
is worse than the person who is a high-maintenance employee. The one
who is difficult to get along with, that’s who’s gonna go.”
employee relations and diversity at the human relations firm ADECCO,
urges workers to look around for a way to make themselves invaluable.
“Let’s say you’re in a call center. If you’re the one who provides the
best service, that will make you stand out from the rest,” she says.
, stay late,” Viscusi says. “This is not the time to plan your wedding at work.”
profession: Some fields are going to grow; consider switching. Health
care is a growth industry with positions that only require six months
to a year’s worth of training, Cooper says. If money is an issue, check
with the local branch of the National Urban League or with local school
districts. They often offer free or inexpensive classes that can help
you gain new skills.
sooner: Think of unemployment as a cushion, Ascher says. “Take a
menial job. Get a temp job. Then fall back on unemployment.”
drastic measures. Viscusi knows of executives who kept their jobs by
offering to take a salary cut. It’s a strategy he advises high-paid
managers older than 40 consider if they’re on the layoff list. “Say, ‘I
like the company. I like the job. Why not let me do the same job for
less money?’ At least you’re able to pay your mortgage.”
Three Tips Before You Buy a Franchise
* What am I willing to put into a franchise? Don’t be seduced by a compelling franchise concept and forget to consider how much time, money and energy you have or are willing to invest in the enterprise and for how long. Seek franchise opportunities that are in line with your lifestyle and budget.
* What are my business strengths? Carefully assess your skills from sales and marketing to management and information technology. Then compare your strengths with the skills the franchise requires and the type and depth of training the franchisor provides. Keep searching for other opportunities if you are weak in an area that the franchisor doesn’t teach comprehensively.
* Will I follow the franchisor’s blueprint? The best franchisees accept the constraints of the franchise agreement and commit themselves to the franchisor’s system. Free spirits and people who are prone to challenge authority may be better suited to launching a business outside of the franchise system.
–Maya Payne Smart
2008 Cover Model Contest Winner Sonya Lowery
