It’s Sunday, 18th February 2024, and in this week’s roundup, learn in 5 minutes or less:

• Career Story: How I networked to a £725/day contracting role in Tech

• Productivity: Time blocking to get more done in your workweek

• Weekly round-up: What else happened this week, from the UK entering a Recession to Beyonce being banned from radio stations?

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NEED TO KNOW

UK Entered a Recession

The UK economy has officially entered recession, figures show.

A recession is defined as two consecutive three-month periods where the economy contracts rather than grows.

A major measure of economic growth, gross domestic product (GDP) shrank 0.3% between October and December, the latest Office for National Statistics (ONS) data shows.

The UK economy is in recession after two consecutive quarters of negative growth

🤔 Why does it matter to you?

During a recession, companies may implement layoffs, downsizing, or hiring freezes, leading to increased concerns about job security. There is a heightened risk of unemployment or reduced hours, impacting individuals' financial stability and livelihoods. In addition to that, recessionary periods often result in a decrease in job openings and fewer opportunities for career advancement. Professionals may find it challenging to secure new positions, negotiate salary increases, or transition to more desirable roles within their industries.

When you visit Westfield Shopping Centre or your local high street, take a look around, you will realise there are just not as many people out shopping it up spending like no tomorrow on the typical Saturday.

This is because, economic downturns lead to reduced consumer spending, decreased business revenue, and salary cuts, affecting individuals' income and overall financial stability. Professionals may need to reassess their budgets, cut expenses, or seek additional sources of income to weather the recessionary impact.

If you are worried about the impact of the recession, I would recommend you focus on networking and upskilling to be remembered when new opportunities arise so you can provide a service on the side with a new skill you have learned.

A good way to start thinking about ideas is to sign up for a course, or knowledge-based newsletter like Passionate Income and go on YouTube to start researching ideas.

CAREER STORY

How to go from an unknown permanent employee to a consultant advising multiple clients willing to pay you £500+/per day.

The opportunity to go from permanent employee to day rate consultant is perfect right now. I made this decision in 2019 and honestly, it changed my life for the better. I have now seen day rates from £450-725/day and if it wasn’t for this, I wouldn’t be able to own a home and book vacations as frequently as I travel. ✈️

Here’s why you should consider it:

• Companies are willing to spend money per day on temporary workers to get the exact skills they need for a certain period.

• Projects usually get extended which means more money for you to charge a day rate for your skills

• A company will get a subject matter expert to come in and complete deliverables to the highest standard and prefer specialists on key accounts

Once I realized that the opportunity to make money as a day rate consultant meant I could accelerate my savings and provide specialist advice I was fully involved. 💸 😁

Here’s the 4 step strategy I use to land Day Rate Contracts and what you should do if you want to make the pivot into contracting:

👉Step 1 - Upload Your Resume on all Job Boards

This is where the magic happens. If you create a great resume, with actionable verbs in a format Hiring Managers expect for a consultant you will get a call which usually results in an invite to an interview. Get your Resume Bundle & a Personalised Review and then upload it on Reed, Totaljobs, CV Library, CW Jobs, Indeed, and others.

👉Step 2 - Maintain a Database of all Contractors in your Field

Try your best to add key people you work with on LinkedIn. I started to add Commercial Managers, Project Managers, Business Analysts, and PMO Analysts because I knew in my field, these people tend to move around as contractors. Plus, we live in times where people job hop and don’t stay at organizations for 20+ years like our parents. Therefore, if they move to a new organization, I can contact them, and work out if there is an opportunity for their project and a way in.

👉Step 3 - Contact Recruiters 3 Months Before a Contract Terminating

By doing this, you get to put the ‘feelers’ out to work out what projects are on the market and organizations going through hiring. I also have a database of around 30+ email addresses of recruiters in my field who hire Commercial & Project Managers. You should do the same.

👉Step 4 - Attend Networking Events

Go to Eventbrite and LinkedIn. Find events and meet people in your field. Make friends and you never know where this may lead you in the future in advancing your career.

GET MORE SH*T DONE

Time block to get more done with focused sessions.

A productivity tip I have been doing recently is time blocking.

Work block productivity, also known as time blocking or time chunking, is a productivity technique where you divide your workday into distinct blocks of time dedicated to specific tasks or activities. Here's how it works and some tips to enhance your productivity using this method:

How it Works:

1. Identify Tasks: Determine the tasks or activities you need to accomplish during your workday, such as emails, meetings, project work, or focused deep work.

2. Allocate Time Blocks: Allocate dedicated time blocks for each task or activity. For example, you might allocate 9:00 am to 10:00 am for email correspondence, 10:00 am to 12:00 pm for project work, and so on.

3. Minimize Distractions: During each time block, focus solely on the designated task and minimize distractions. Turn off notifications, close unnecessary tabs or apps, and communicate your availability to colleagues if needed.

4. Take Breaks: Incorporate short breaks between time blocks to rest and recharge. Use techniques like the Pomodoro Technique (e.g., 25 minutes of focused work followed by a 5-minute break) to maintain productivity and prevent burnout.

There are numerous ways to get the most out of your 9-5. Here are some other Strategies for Professional Growth and Productivity.

BEST FROM TIKTOK THIS WEEK

@slaywithshayuk

Here's how I doubled my salary in the space of two years! Can you relate to any of these tips? Do you have any other tips to being able to... See more

LEVEL UP

This week, try to book 3 meetings with recruiters to find out what salary you should be aiming for based on your skill set and experience level. Even if you are not ready to move from your current role, having an awareness of salaries based on your years of experience in your field is so key.

We tend to only speak with recruiters when we are looking for a new job but try to build connections with senior recruitment managers by getting on the phone with them this week.

STUFF WE ARE LOVING RIGHT NOW

Interactive Investor is the perfect investment platform. It is a low-cost, award-winning, online investment platform enabling you to easily invest in stocks, manage shares, funds, SIPPs, ISAs & more.

Course Careers is ideal for someone trying to get into a career with Tech and start for FREE.

Passionate Income Newsletter, because they cover side hustle ideas and go into detail on topics like faceless social media accounts that make six figures and ideas to help the average Joe, make more money. Learn, Improve, and Grow Actionable Steps in a Bite-Sized Three-Minute Read.

MEMES & BANTER

BEFORE YOU GO

Celebrity News:  Beyonce is going country. Her music has sparked conversation and controversy as certain radio stations have refused to play her music stating it is not real country music.

Music: Loving on Me is still number 1 on the Billboard Hot 100 and has now spent 13 weeks on the chart as of the week ending 17th February. Are you feeling Jack Harlow’s 2023 summer banger…

Business: Trump has to pay $354m and step back from NY businesses. If the decision holds up on appeal, it’ll cost Trump between 13% and 18% of his wealth.

Tech: The iPhone 16 component leak may have revealed a new camera design.

How to Spend it:   Demands for cruises have increased. Here are a few popular destinations if you are thinking of spending some money on a cruise this year.

QUOTES & MOTIVATION

RECOMMENDATIONS

• 1-2-1 Consultation Careers Advice: Most people take this time to ask me for guidance for their career, turning their high-income skills into a consultancy business, improving their CV/Resume or Proposals to secure 6-figure+ jobs and high ticket day rates/retainer contracts.

• Career Growth Bundle Pack & Personalised Resume Review: Download the bundle to get everything you need to achieve your career goals.

• Personal Finance & Wealth Builders Bundle Package: Supercharge your finances with a suite of tools.

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