Do this or LOSE YOUR JOB in the 2023 Recession

Summary

• To increase your job security, focus on both market conditions and your personal contributions within your job.
• Economic expansion generally means all jobs are more secure; recessions can make them less so.
• Consider the sub market you're in. For example, the boutique gym industry was expanding a few years ago, which made jobs more secure at the time.
• Business conditions, such as the profitability of a company, also affect job security. Low-margin businesses like grocery stores have less room for error and, thus, less job security.
• Although you can't control market or business conditions, you can choose where you work, so look for jobs in resilient, growing markets within profitable businesses.
• Being irreplaceable means having a unique value proposition, such as a combination of skills that are not commonly found together (a creative person who is organized, for example).
• Your leverage to a business comes from experience, education, or effort, which contributes to your ROI to an employer.
• When I hire someone with a lot of experience or education, I'm essentially buying the time I would need to gain that knowledge or skill myself.
• To be a key "glue" person in an organization, you must have influence and the ability to pull teams together, creating a multiplier effect on productivity and morale.
• Create your job security by ensuring you have a unique skill set, contribute high value to the business, and unite people toward common goals, enhancing your indispensability.

Video

How To Take Action

I would suggest focusing on what you can control first. Start by building a unique skill set that makes you stand out. Look for talents that don't usually go together, like being creative and organized. Next, work hard to be someone who adds a lot of value to your business. This means learning new things, using your experience, or putting in extra effort.

Here are steps you can follow:

1. Check the market and business conditions. Use Google to research if your industry is growing. For example, if you're in a job related to an online service, your job might be more secure because more people need your work.

2. Think about your unique value. Are you a good problem-solver? Are you good with technology? Combine your strengths to be different from others in your job.

3. Boost your knowledge and skills. Take classes or watch online videos to learn more about your job area or about other skills that could help you at work.

4. Be the "glue" person at work. Try to work well with different teams and help them to work together. This can make you very important to your business because you help everyone do better.

Remember, the goal is to be someone who is hard to replace because you bring so much good to your job. By having a strong set of skills, working beyond what's expected, and helping your team succeed, you'll increase your job security. Plus, when you make good choices about where to work, you'll set yourself up in a strong position no matter what the market is like.

Quotes by Leila Hormozi

"Job security is the probability that someone will keep their job"

– Leila Hormozi

"A unique value proposition is what is your unique skill set that is going to make you stand out"

– Leila Hormozi

"What people want to look for is people who have a very high ROI"

– Leila Hormozi

"People who pull teams together and make them greater than the sum of their parts"

– Leila Hormozi

"You have to consider how much of the glue to the organization you are"

– Leila Hormozi

Full Transcript

video today is how to increase your job security with the economy and the uncertainty in the marketplace basically what I did is I broke down for myself looking at the hundreds of different people that I've employed what made certain people Irreplaceable rewind back to 2017. Beth was in our finance department she was an absolute killer like everyone loved Beth Beth was amazing she had great communication skills she always worked the extra hours like Beth was somebody who I never wanted to lose despite never wanting to lose Beth Beth always came to me and every time he talked and she just said Layla you know I'm just worried about losing my job so one day I sat down with her and I had a one-on-one and I said Beth I don't understand why you're so scared about losing your job and I explained to her that there's two aspects to job security there's the market conditions and then there's your personal condition that you create within your job and I explained to her why both of these conditions were in her favor the market was growing the business was doing great and she was doing phenomenal her job and going above and beyond job security is the probability that someone will keep their job I can never be 100 and saying somebody's got a job here forever and they can never be 100 certain in saying I'll work here forever because people just don't know what unexpected things happen but we want to figure out how to increase that probability the first piece to it is understanding the outside factors which are the economic market and business conditions that affect your job so in times of economic expansion when the economy is growing and is healthy ultimately all jobs are more secure because there's more demand and people have more of a need for workers recession depressions Etc jobs are less secure because there's less need for workers there's less money in the marketplace I mean a bear Market or a bull market you have to break that down the second piece is the sub market so the market conditions themselves let's look at gym launch for example a company that I sold majority of about a year ago and so if you look at the boutique gym industry when we started gym launch the market was actually at its peak and so a lot of people credit me and Alex being so smart for having this business what they don't understand is that we got in right wasn't it was on this huge expansion and actually peaked in about 2018 and then it's continued to decline a little bit year after year from there when you're in a market that's absolutely expanding like that things that are transitioning from in person brick and mortar to online services those then have more secure jobs because there's more Market opportunity and therefore the businesses actually don't even have to be as good at business to make a killing the last piece is the business conditions I am talking about profitability of a business so a business that has very low profit margins let's take a grocery store for example which has usually two to five percent profit margins if there's a bad week A bad month a Bad season you're going to have low job security because they can't handle the volatility because they have such slim margin now here's the thing is that you can't control any of these things but you can choose where you work and so if you're looking for a job I would take into my consideration what's the economy look like how's it going to affect this kind of business what's the market look like is it growing or stagnating you can just literally Google market growth of blank and you will find out and then lastly is what are the business conditions you can ask what's the profit margins of the business before you enter if I were you and I was looking for a job in the first place I'm going to look at is those things and make sure I put myself in a place where the business is resilient against the economy it's a growing market and the business is profitable so it can withstand bad months let's talk about what you can control what makes certain people what I want to say is irreplaceable very hard to replace is that they typically have a unique and value proposition just like a business has a unique value proposition something that makes it 20 different than its competitors people have that as well a unique value proposition is what is your unique skill staff that is going to make you stand out in terms of the other people that could fill your role let me give you an example a creative person who is also organized A salesperson who is detail-oriented a software engineer who has high EQ a finance manager who understands marketing those are all basically walking contradictions and that is what makes someone irreplaceable in a job is when you can be a walking contradiction I have someone in finance but I interviewed about 30 different people for that position none of them had any marketing or sales expertise at all and what happened was that that person the reason I selected her and brought on the team is because she was actually not just really fantastic at Finance but she was a leader and she was fantastic at marketing and sales and understood those aspects of the business and respected them the second piece that's going to make you Irreplaceable or hard to replace for a business is your personal leverage contribution to the business just as people measure the lifetime value or the ROI of a customer employers measure the ROI or the lifetime value of employees and so what people want to look for is people who have a very high Roi they're paying them a certain salary and they're getting this much revenue in the business out of that person or maybe they're saving this much revenue of the business from that person so oftentimes where that's going to come from is going to come from your experience your education or your effort that's going to be what's going to create your leverage because if somebody comes in and they've already acquired 10 years of experience somewhere else that I'm basically buying that experience I don't need them to incur that experience within the job I don't need to spend my time training them the calm batteries included with that the same goes for Education if I don't have to educate someone for six months say about my market opportunity or about my industry then when they come in they've saved me six months and the last one comes through effort which is they make a high effort and they're doing more beyond the job description but I'm getting more than what I paid for so it's basically how are you a deal to your employer is what you really need to ask yourself when I hire somebody who has a lot of experience in education what I'm buying is my time what I'm saying basically by hiring that person is I don't have the time to do this so I'm going to buy that time by getting this person in my organization I can't take the three or four years to learn this thing I need to go buy it by bringing this person in we actually had a portfolio company who that founder he was very dead set on not being the operator for his business and he honestly didn't know how to be he wasn't an easy person to work for he really only understood marketing and literally not sales not products not fulfillment nothing else and he had a very vigorous work schedule the moment that we found that person who had actually also worked in a similar Market in a similar business and had the exact personality and skills that he was looking for he was like Layla I would do anything to keep this person he fired somebody else he moved people around he gave him a stipend to move to be closer to him he did everything the last piece that you want to think through in terms of how to get more job security is you have to consider how much of the glue to the organization you are it's not just the ROI that brings my organization when I think of people that are glue I pick up people that have influence they do that by having more touch with departments outside of their own how much involvement do you have across different functions of the organization how often are you uniting other departments and people towards a common goal to drive the business forward so it's really not how do I create leverage for myself but can you create group leverage within the organization so you're not just getting an Roi on yourself when you come into this organization but you're you're getting an Roi on all the people you can influence because you can unite people towards a common goal people who pull teams together and make them greater than the sum of their parts it's somebody that I would like to call like a multiplier they cannot just get more out of themselves through education experience and effort they can get more out of other people those are people that you never want to lose is in my last business I had an operator and when she was not around I would notice the difference in the organization because things were disjointed things didn't go as well people weren't as happy and it was like things just didn't run as smoothly and so anytime she took vacation I was like you need to come back immediately because she was one of those people that when she was there everyone was better in terms of how you can create your own job security you want to make sure that when you're selecting a job look for a job that is going to do well in the economy it has good market conditions and it has good business conditions you have to think about your unique value proposition what is an interesting skill set that you can bring for the marketplace if you're a creative person figure out how to be organized figure out how to lead people like that's one of the hardest things for that department if you're in finance figure out how to understand sales and marketing so you cannot constantly be contradicting them if you're in sales figure out how to be detailed and Tech oriented so you don't bomb like the rest of the team by not being able to use a CRM in terms of your personal contribution you can focus through education experience effort and then lastly is thinking how do I create drink more of the glue in the organization how do I get more out of other people not just myself you can influence your job security so hopefully you can go to sleep at night not worrying about what's going to happen the next day