Professional Development, Tips & Techniques

What to do if your current industry is on the decline

Be proactive.

words by: Natasha Marsh
Mar 4, 2021

For years, experts have predicted that print journalism is dying. Although it’s still managing to stay afloat, when you know your industry is declining, it could cause anxiety about losing your job. The good news, industries don’t die overnight. It is usually a slow burn — giving you time to plan and adjust.

 

The most important thing you must understand before creating a game plan is that technological progression and disruption affects all businesses and industries. Meaning, do not feel responsibility for your industry suffering. Next, to improve your situation, gather enough transferrable skills to bring with you to your next role. Transferrable skills are skills that can work in multiple industries. You have to think what responsibilities, tasks, campaigns and projects you’ve built up at your current position that can easily be transferred elsewhere.  This can be tricky for some, as we are so used to explaining the specific tasks we do and experiences in particular processes.

 

But when thinking of transferrable skills, you must think: What things have you done in your career that aren’t necessarily listed in future job description that could make you stand out? Do you excel in forming teams and directing people to a common goal? Can you synthesize large amounts of data and turn them into action plans? Do you resolve intricate conflicts well? Do you manage stress and high volume in a positive way?

 

Make a list of all these skills and strengths you’re looking to improve on. Once you’ve done that, you can check out what job vacancies fit those skills. Next, learn the language of that industry or field — especially if it’s new. You will need to familiarize yourself with all the terminology/jargon and trends of the industry you’re seeking to work in. On the other hand, if you have influence in your company (ie. hold a senior role), think about how you can use the change to your advantage. Maybe there is a way to get ahead of it by taking a risk and capitalizing on the next trend. Think about how you can steal market share and the barriers and hurdles, you can overcome.

 

Remember, all industries undergo change. It’s how you plan and adapt to those changes that will set you apart.