Worried About a Recession? Here’s What You Can Do

As the world recovered from the worst of the COVID-19 outbreak, a new labor market hit the economy. Companies that laid off employees started hiring again, but finding talent required more money than before. Workers utilized this newfound leverage by voluntarily leaving their posts for greener pastures during the following Great Resignation. With inflation eating into some (or all) of the gains employees made in compensation, some economists are wary of a looming recession. That possibility has Jack from Indiana nervous and looking for answers from the WorkInSports Podcast:“Hey Brian, I just listened to your interview with mark McCullers that you published on Wednesday, and I loved your first few questions where you pushed him on what a recession could mean for jobs in the sports industry. I’m a senior in college, I’m going to hit the market in May-ish, and all this talk has me really nervous. Can you help me out with some tips and strategies to help people like me stand out even in a down labor market?”Recession-Proof Careers in SportsThe last time a recession hit (unrelated to COVID-19) was 2007-09 when unemployment peaked at 10% in 2009. Here are a few highlights from what happened in sports at the time:The Bad• The NHL’s Phoenix Coyotes went bankrupt• The WNBA contracted a team and reduced roster sizes• IndyCar’s Detroit Grand Prix was cancelledThe Good• TV ratings for sports held steady or grew as fans turned to their screens instead of going to the stadium• Large market teams like the New York Yankees still spent money, doling out $460 million on three free agents in that spanThe TV ratings side is important in the pro sports space because media rights deals for professional sports have ballooned sports franchise values. For example, the Los Angeles Angels of Anaheim, purchased for $183 million in 2003, are for sale and valued at roughly $2.5 billion two decades later.So, are sports careers recession proof? Not entirely. While the high-dollar professional sports mostly hum along uninterrupted, college sports, start-up leagues, and fringe sports feel the pinch with their limited resources. Unfortunately, those are frequently areas for entry-level employees to find their footing in the sports industry. So, how do you get your foot in the door if a recession hits? Here are a few tips from the WorkInSports Podcast that we explore in the full episode:Diversify your skill setLevel up your networking effortsPolish your interview skillsFocus on quality, not quantity, in your job applicationsCatch the full podcast for more tips to recession proof your sports career. Subscribe to the WorkInSports Podcast for more sports career advice, and catch additional content on our YouTube Channel!