What is the impact of the Coronavirus on you career over the next 6 to 18 months and how should you respond to it? There are a few facts you should keep in mind and steps you should take as you look at the possible implications and options concerning the Coronavirus and your career. We’re in uncharted waters regarding this pandemic and no one knows for sure the exact implications. The situation will ebb and flow so any detailed information can become quickly dated. As it stands today there is a lot of confusion, concern and fear.
To assess the implication the Coronavirus pandemic on your career we have to look at both economic and physiological drivers. There are two things certain you can hang your hat on. First, this is a significant event with major consequences, and second, it has a limited shelf-life and it will eventually end. Therefore, it’s important to make sound decisions, take action and be prepared to minimize risk and seize opportunities. A “dear in the headlights,” response, panicking or overreacting will be extremely counter-productive. By examining some facts and theory’s we can come to some reasoned conclusions concerning your career so you are optimally prepared for any scenario to reduce risk and optimize opportunities.
WHAT ARE WE DEALING WITH?
The Coronavirus is real and there are clear risks to everyone’s health to varying degrees. Being vigilant and taking prudent precautions as the CDC and others are suggesting should be taken seriously and followed precisely. As a result of the pandemic, there is major disruption to the world economy affecting market channels, travel, entertainment, hospitality, healthcare, manufacturing and other key industries. It will get worse before it gets better and this evolving condition will be disruptive for the next several weeks to perhaps several months until disease spread slows and is ultimately controlled. The physiological and economic impact has a chicken and egg aspect to it, one drives the other and it is having a great impact to our society.
Fear and anxiety levels are spiking, sometimes beyond reason, but nevertheless is a fact and resulting behaviors are concerning. Fear is driving much of the response in the market and in peoples buying habits. Hording toilet paper when it is not a disease that significantly impacts the intestinal tract goes beyond reason. In many cases, fear driven behavior is actually False Evidence Appearing Real. In other words, a significant level of over reaction is clearly taking place, at least psychologically. This is not Armageddon, The Great Depression or World War II. My parents lived through the Depression and World War II where the threat of tyranny and strict rationing was the norm and people handled it remarkable well. If they were alive today, I’m sure they would say be calm, stay strong, help one another and good days are ahead. But we have to acknowledge there are real risks, especially to certain vulnerable groups and regions in our society and we need to remain diligent to minimize their risk and set ourselves up for a rebound.
Because we are dealing with a disease that is not indefinite and does has a shelf-life, it will grow, flat-line and decline like all of the other infectious deceases that have come before it. It will plateau and subside because it has reached its saturation point and because seasonal change, human separation, therapeutics and likely a vaccine that will bring it under control. From a historical perspective this will be the cycle until the next infectious disease comes along and we will suppress it as well. Hopefully we will be better prepared next time. As we examine all of the information, there are short, intermediate and long-term implications that are highly relevant to career decision-making.
IN THE SHORT TERM, over the next six months domestic and international business will continue to decline as the virus grows, perhaps dramatically. Business will be reduced to primarily essential activity due to media, governmental and health officials’ pressure to take maximum precaution. Demand will decrease and investment and capital expenditures will decline. Hiring at the pace we have seen over the past three years will be interrupted and broad layoffs will occur. I’m not yet convinced long-term layoffs will occur across the board because many companies have experienced significant profits and have accumulated adequate cash reserves to hedge their bets that the free-fall will be relativity short-lived and they can weather the storm. Certain obvious industries and companies will be slower in come back and some not at all. Travel, hospitality and entertainment are examples. Small businesses and their owners will be very hard hit, especially if they are in a service business that requires gathering lots of people in central locations. Some retail sectors will actually accelerate for a period of time.
FROM AN INTERMEDIATE PERSPECTIVE over the next 9 to 18 months seasonal breaks, less contact, hygiene, therapeutic treatments and vaccine discoveries will coalesce and greatly reduce occurrences of new cases and the disease will be brought under control. The virus will likely lose steam over the summer months and possibly will regain strength again in the fall until a reliable vaccine is produced and distributed. Channels will reopen and business will begin to recover, and perhaps do so aggressively once fears subside and the sound underpinnings of the economy are reignited. It’s quite possible we could return to a path of very strong growth like we have been used to. There are some reports out of China that people are already returning to work which will methodically crank up manufacturing and channel distribution. No question, we will again level-set.
THE LONG TERM will likely see our economy begin the gradual shift away from a high-risk dependency on China to other promising democratic countries like India, as well as bringing more manufacturing back to the United States. The degree that this happens depends greatly on who is in the White House. This will especially be true if Trump remains in the White House because of his aggressive trade policy with China. It is not coincidental that he recently traveled to India to discuss trade. Ideally, I’m sure he would like to increase our relationship a major democratic trading partner with a large population like India, while prudently limiting our dependent relationship with a Communist country and basic enemy like China. With the new trade agreements such as China Trade Deal Phase 1, the U.S./Mexico/Canada agreement, the South Korea and Japan deals, and to soon to be European deals, the future is promising.
INFORMATION RESOURCES
As we look deeper into the economic side of the Coronavirus equation, McKinsey & Company outlines three different scenarios in a March 9th, 2020 COVID-19: Implications for business report that lays out data-driven rationale for three paths that the U.S. and global economy could go. I’ll place my bet on scenario #2 to avoid being too optimistic even through my gut tells me scenario #1 is just as likely. I recommend you check in often to the McKinsey report as it appears they will be updating it on a regular basis while the Coronavirus remains a threat.
A coalition of 500 (and growing) CEOs and leaders is asking fellow business and civic leaders around America to #LeadBoldly and #StoptheSpread of COVID-19. Please read this summary of an immediate civic plan that leaders can implement to stop the spread of COVID in your community. Current data suggests COVID-19 is spread to at least 2 additional people by each impacted individual and that Italy’s crisis was magnified because they did not act fast enough. This group is asking you to Join us by signing up as a leader and send this to your leadership list.
IMPLICATIONS TO YOUR CAREER regarding all of this Coronavirus chaos is significant. In short term, the implications will likely include promotion and wage limitations, job openings put on hold, more work from home options, restricted travel, lower budget allocation to departments, projects and key hires, and selected layoffs. There will be some new job opportunities with companies and lines of business that will profit off of Coronavirus as they join the battle manage and suppress it. I also believe there will be a gradual transformation of our economy and the re-engineering of who we do business with, and the conditions upon which we do business, will create new market segments and emerging job opportunities. Research and keep your eye on those trends.
MAKE SURE YOU ARE “MARKET READY” and KNOW WHAT MARKET READINESS REQUIRES. My mother always told me “this too shall pass, just don’t mess up in the midst of the mess.” Prudent action is required in these times, while avoiding taking action and “hunkering down” is highly risky. We have been living off of the fat of the land with the booming economy and many professionals are not well prepared for a season of slowing economy, limited career growth and pending layoffs. Many are “out of shape” in that regard and the robust job market has caused too many to let their guard down and make incorrect assumptions that transition is easy. I can assure you it is not, even in good times, much less slower times. This pandemic hit us very fast and left workers vulnerable as a result. Many professionals are not well branded and they are not market ready to pursue a competitive search should they be forced to. Layoffs often comes like a thief in the night so you should protect yourself and be prepared. Even if you feel you are safe, or to the contrary, you feel a declining market will limit your ability to find a good job, get market ready anyway and don’t be inclined to settle for less than you are qualified for.
SO, WHAT SHOULD YOU DO?
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- Don’t panic, but be prepared. “Get and Remain Market Ready.” Don’t be caught off guard.
- Pursue your original plans. If you want to change jobs, look; if you want grow, enhance your skills and go for it realizing it may take a bit more time.
- Objectively assess your situation. Conduct an objective SWOT analysis of your role, job security, and your personal strengths, weaknesses and goals.
- Keep your network active and growing.
- Stay focused on adding value to your current employer. Even if you think your job is short-lived, you can leverage your accomplishments to help you get your next job.
- Practice good Change Management behaviors within your organization and with you personally.
- Seek periodic feedback from your manager to monitor your value and evaluate potential disruption to your career.
- Create and post content on your LinkedIn Profile any other social media platforms that demonstrates your knowledge on issues relevant to your career.
- Evaluate and address knowledge or skills gaps by accessing coaching, training, certifications or formal education as required.
- Visualize and define your desired/optimal role and the responsibilities that go with it.
- Clarify and build your brand to align with your desired role. Including:
- Craft a clear and precise Branding Statement (elevator pitch)
- Develop a resume with a “Branded Resume” format. (more effectively brands you)
- Develop a LinkedIn Profile with a “Branded LinkedIn” format. (more effectively brands you)
- Prepare a document that outlines your Value Proposition and be able to verbalize it.
- Design a thorough Marketing Plan that you can execute at any time.
- Activate your plan.
As I stated earlier in this article, we don’t know for sure how the Coronavirus pandemic will play out. What we do know is you should be prepared, agile, active and calm. Other articles regarding transition and development listed on my Cornerstone Website Blog will be helpful as you consider these Market Readiness issues. If you want to have a chat about your situation and your “Market Readiness Status” you can schedule a free 15 minute assessment conversation by accessing this Book an Appointment Link.
Remember what mom Rolf said, “this too shall pass, just don’t mess up in the midst of the mess.”
Rex Rolf is proven Executive Career, Leadership and Performance coach that serves national and international clients. Rex has successfully coached hundreds of private and corporate sponsored professionals seeking change, growth and balance. For more information and to connect with Rex visit www.Go4Cornerstone.com.
