I Have Started a New Department: "Fireproof Your Job"

Gary North

July 5, 2008

As I have repeatedly said, a job is your key capital asset. This doesn't mean that you only have one job in life, of course. With your present skills, you could get another job. But that job might pay less, or it might be in a city where you don't want to live, or it might involve responsibilities that you don't want to bear. In any case, you don't want to be in a position where you have to take that job.

I think this recession is going to be a long, drawn-out recession. I think is likely to last at least twice as long as the normal American recession has lasted. The normal recession lasts about 11 months. So, millions of people are going to get discouraged when this recession drags on. Consumer spending will drop. The unemployment rate will go up. People will go into defensive mode.

I think it's time to go into defensive mode right now.

I don't want to exaggerate the threat to the careers of people who have enough money and education to subscribe to a site like this. Most married white workers keep their jobs even in a serious recession. The unemployment rate climbs rapidly for unmarried workers and minority race workers. Nevertheless, the threat does exist that your company could be bought out in a crisis by another company, and that new owner will be ruthless in evaluating the benefits produced by everyone in the company that has just been bought out.

There is another factor: the possibility that your existing employer will have its credit line cut off by the bank. Banks are in a lot of trouble today. The banking industry has lost over 20% of its capital since last August. This is huge. It is likely that marginal companies will not have their credit lines renewed as the recession deepens. That could be your firm. You could lose your job through no fault of your own.

My new department, Fireproof Your Job, is highly practical. I offer suggestions on a regular basis that I think will reduce the likelihood that you would be fired. These suggestions will also help you find a new job if you do get fired. For some of you, these suggestions may seem infantile. Suggestions are never infantile the day after you are given 30-day notice. I recommend that you take steps now to decrease the likelihood that you will receive such notice.

I am always interested in practical, real-world articles. You may have some excellent ideas related to keeping your job. If you want to share these ideas with other site members, send your article in the form of an e-mail to this address: garynorth@garynorth.com. Put this in the subject box: Fireproof. Let me know if you want your name attached to it, or whether I should list you as "anonymous."