If Google search results are worth considering, workers feel increasingly uneasy about the recession and its meaning for their careers. Sounds true and familiar? Read our article to find valuable tips on overcoming recession-related anxiety.
Digging into the topic, Lemon.io has examined the search results and saw impressive numbers.
In 2022, people searched “will I lose my job in a recession?” 9,900% more than a year ago, and “what to do when you get laid off” query is up 336% over the last year.
The job market is still relatively calm and shows no signs of setbacks. However, the search patterns demonstrate highly elevated anxiety levels among workers. Economists don’t predict any broad layoffs contrary to previous recession waves. But the general lines of thought are often disconnected from the actual economic situation. How can we explain them? For instance, by the media trends or the geopolitical status quo. One of the most prominent and rather influential European countries is confronting a full-scale invasion. Every kind of anxiety is perfectly judged.
Fear of potential recession is just one more challenge among employees in a long row of current problematic issues. How to care about your mental health in an increasingly entangled work environment?
Aleksandr Volodarsky, CEO at Lemon.io, considers it very likely that high-scale layoffs and slow hiring at top tech companies could provoke emotional instability in personnel. However, such turbulence isn’t always a direct sign of some global trend.
According to the Psicultura agency that helps develop mental health culture in business organizations, 40% of new freelance workers in 2021 decided to become self-employed. They aimed at mental health improvement. They want to cope with everyday life stresses and proceed with efficient work. However, no one can alter the fact that life messes can and will inevitably happen. That’s why it’s crucial to change your attitude towards them.
One of the possible coping mechanisms is routine rituals. These behavioral patterns help us keep the elements of normality in the daily schedule. Customary practices make us more resilient. They elevate our ability to deal with quotidian uncertainties and recover after blows. Resilient workers own a supportive outlook and keep in contact with the people who support them.
What are the possible ways to increase your resilience?
- To rest and pause as much as you need;
- Doing something for the process, not for the result;
- To allow yourself to distract from the working routine;
- Restricting the consumption of stress-provoking information.
If you’re feeling stressed and unproductive, maybe it’s time to assess your mental health. Do it by yourself or attend the profile specialist. Unsurprisingly, employees just can’t be 100% productive when feeling stressed. The quality of their work gradually declines as stress episodes continue. Stress opens the road to unemployment and even more stress. Time to get out of this vicious cycle.
What are the red flags signaling you to take care of yourself?
- Inability to work with interest;
- Uncommon mood changes;
- Sleep deprivation or simply sleep problems;
- Angriness and frustration;
- Social isolation;
- Obsessive thoughts make you uncomfortable.
Lemon.io CEO Alexander Volodarsky said the anxiety is changing the behavior of some onsite full-time workers.
“They can voluntarily take unwanted assignments or leave off certain benefits. But that’s not how it should be handled normally,” he said. “They demonstrate an unemployment fear. But you can’t achieve anything good by trying to stick to your job no matter what. Such a behavior compromises efficiency and productivity. It leads to frustration on both sides of the working process.”
Alexander Volodarsky gave suggestions to employees wishing to make their careers recession-proof and secure themselves from market instabilities. Here’s what he recommends.
What should you do to protect your career against recessions?
- Diversify your income streams. It seems a legit way out of future financial instability;
- Find gigs in multiple industries & countries. Such a strategy can insure against losing a job — it’s better to have a few of them;
- Research and find a venture-backed company. Companies lucky enough to find their venture angels a few years ago are now reaping the benefits.
- Talk to HRs and discover what skills will make you a valuable asset. For employers, it’s essential to get knowledgeable and inquisitive staff eager to learn.
“Every crisis is an opportunity, as they say. Even in the most challenging times, some skills are in high demand,” says Alexander Volodarsky.
Is there any positive news for anxious freelancers?
Definitely, yes. Despite the post-COVID economic crisis and the global turbulence after the full-scale Russian invasion in Ukraine, gas prices surge, supply chain shortages, and maximum inflation. The overall job market is still alive and durable.
There were 11.3 million job openings in the US alone at the end of May, with a total of 5.9 million unemployed, and layoffs haven’t changed compared to the previous month, according to the Bureau of Labor Statistics.
Three hundred seventy-two thousand new jobs appeared in June on the American job market — exceeding analysts’ forecasts.
There’s one more significant factor influencing positive job market tendencies. Many employees are starting their businesses.
According to the U.S. Census Bureau, about 5.4 million new businesses were formed in 2021. That’s 1.1 million more than in 2020. The job experts explain such a surge by the influence of COVID pandemics and post-recession upheaval.
Here's a FAQ for you!
What is recession anxiety?
Recession anxiety is a worry or concern about the possibility of a recession. It can be caused by various factors, such as economic indicators that suggest a recession may be on the horizon, personal financial concerns, or a general sense of uncertainty about the future.
Should I panic about the recession?
It is understandable to feel concerned about the possibility of a recession and its potential impacts on your finances and overall well-being. However, it is important to remain calm and not panic in times of uncertainty.
There are steps you can take to prepare for a potential recession, such as reviewing your budget and making any necessary adjustments, building up an emergency savings fund, and considering ways to increase your income. However, it is also important to remember that recessions are a normal part of the economic cycle and do not last forever.
What makes most beginner freelancers fail?
Many factors can contribute to the failure of beginner freelancers. Some common challenges that new freelancers may face include the following:
Lack of experience: Starting a freelance business often requires a steep learning curve, and it can be difficult for beginner freelancers to gain the necessary experience and skills to succeed.
Limited resources: Freelancers often have to juggle many responsibilities and may have limited resources, such as time, money, and support, to devote to their business.
Difficulty finding clients: Finding and retaining clients can be a major challenge for beginner freelancers, especially if they lack a strong network or portfolio.
Is recession good for freelancers?
It is difficult to say whether a recession is “good” or “bad” for freelancers as a whole, as the impacts of a recession can vary greatly depending on the specific circumstances of each individual freelancer.
During a recession, some freelancers may find fewer work opportunities, as companies may cut back on hiring or reduce their budgets for external contractors. On the other hand, other freelancers may find that they are in high demand as companies look for cost-effective ways to continue operations during a downturn.
How do freelancers gain confidence?
Gaining confidence as a freelancer can be challenging, especially if you are starting in the freelance world. Here are a few tips that may help:
Build up your skills and knowledge: The more skilled and knowledgeable you are in your field, the more confident you will feel in your abilities. Consider taking online courses or workshops to improve your skills or seek opportunities to gain experience through internships or volunteering.
Network and make connections: Building relationships with freelancers, clients, and industry professionals can help you feel more connected and confident in your work. Attend events, join online groups, and reach out to people you admire in your field to make connections.
Set clear goals and boundaries: Having a clear sense of what you want to achieve as a freelancer and setting boundaries around your time and energy can help you feel more confident and in control of your work.
Get organized: A system for managing your projects, finances, and communication can help you feel more confident handling freelancing demands.
Seek support: Working as a freelancer can sometimes be isolating, so it is important to seek support from friends, family, and colleagues. Consider joining a peer group or hiring a coach to guide you as you build your freelance business.