Nigeria has officially been declared to be in a state of financial recession.
This is due to many factors such as GDP (Gross Domestic Product) decline; inflation; dip in oil prices; bad debt over time; Forex (Foreign Exchange) scarcity; decrease in consumer spending; and drop in Government spending. As a result of this, many Nigerians will be affected personally, professionally and in relation to business. Due to this adjustment will need to be made to both economic and lifestyle. There is high unemployment; drop in income; increase in the price of goods and services – food/commodities; closure of companies and reduction in industrial production due to manufacturing cost increasing.
Some of the measure being taken includes devaluing the Naira in the hope that it will reassure investors and attract FDI’s (Foreign Direct Investments), reduce imports which also affects FOREX creating a domino effect whereby we are encouraged to patronize Made in Nigeria products improving the business climate. You must have heard of stories of Banks, Financial institutions, Technological firms, and Telecommunication firms i.e. MTN sacking or cutting their employee salary by half, especially contract staffs, even the government can’t pay salaries.
So how can you full proof your job during such a terrible economic downturn even without doing eye service to your boss? Below tips will help you.
- Value Creation
Employers want value and if you are able to do that in your role, then you have a higher chance of retaining your employment.
- Save Money
Find a way to help your employer save money. For example, instead of taking the company car or Taxi for a business meeting, why don’t you offer to drive your car at no cost to the employer.
It is important to be up to date with your skills and qualification so you are perceived as an asset who will bring new ideas to the company. So even if you lose this current job, it won’t be long before you secure another employment.
Be present at all times and also be punctual. The aim is to give your employer little or no reason to want to lay you off. Even if you are going to be late or absent due to unavoidable circumstances, ensure you inform them in advance.
Be willing to rescue colleagues and employer even if it’s at your own inconvenience. They will thank you for it and your attitude won’t go unnoticed in times of trouble.
Aside trying to save your job during a recession, you should also cut back on spending and live as humble as possible. Don’t go and buy a new luxury car or other items. The aim is to save for the rainy day as we don’t know how long the recession will last for. Be careful which type of businesses you invest in or taking a loan as there are likely to be higher interests rates on them.