Weathering an economic downturn

Results from a recent Talent2 survey suggests that Gen Ys are getting nervous.  The current economic uncertainties have got them thinking about potential employment insecurity – something they haven’t experienced in their working careers.

Y Genners in Australia are worried about their jobs and one-third believe employers will lay off staff. 

But Gen Y wasn’t the only category of workers concerned about their jobs – more than half of the 2,700 survey respondents expect downsizing within months.  And of course, if unemployment does rise, Gen Ys, Xs and Baby Boomers will all be vying for fewer positions.

So, what does this mean for the Gen-Ys that are yet to experience such a downturn? Put simply, it just means you need to work hard.

Smartcompany has a list of survival tips to ensure long term success in an economic downturn:

  • Head down, bum up – this is the time to knuckle down and contribute. Forget the demands for more Friday night drinks and staff discounts – just do your job to the best of your ability.
  • Teamwork – team players are vital, particularly in times when morale may be down, so keep up your spirit and think of the team, not yourself.
  • Communication – stay close to what is happening in your business, areas of opportunity and areas for improvement. If needs be, put your hand up for the difficult tasks. People want to see employees roll up the sleeves, not run and hide.
  • Lead – not in a style reminiscent of Mussolini, just lead by example.
  • Exceed expectations – deliver what you say you will and even a bit more. If that means you have to put in extra, then do it.

Of course, anyone serious about their career should already be doing these things.   And if you are, then your company will be looking at ways to retain such a valuable employee!


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