Recession-proofing your business and career

South Africa's economic landscape is facing significant challenges with unemployment rates hovering around 27 percent, according to official reports. This has created a sense of urgency for individuals and businesses to adapt to the changing economic climate in order to thrive. In a recent interview with CNBC Africa, Professor Ari Katz, CEO of Boston City Campus and Business College, shared valuable insights on how to recession-proof businesses and careers in such a volatile economy. One of the key takeaways from the conversation was the importance of embracing the gig economy. Katz highlighted the shift towards short-term employment opportunities, which require individuals to leverage their specific skills for project-based work. This approach, reminiscent of how musicians operate, emphasizes flexibility and adaptability in the workforce. Despite the daunting task of creating 20 million jobs annually, as recommended by the IMF, Katz remains optimistic about the potential for improvement in employment figures. He emphasized the need for South Africans to align themselves with the global economy and equip themselves with the skills demanded by the fourth industrial revolution. Katz also touched upon the need for a paradigm shift in education, moving away from traditional assessment methods towards a more experiential and digitally-driven learning environment. He cited the incorporation of workplace integrated learning in their qualifications as a step towards bridging the gap between education and employment. Reflecting on the historical context, Katz addressed the wealth transfer dynamics during times of economic downturns, echoing the notion that wealth is often redistributed rather than destroyed. He cautioned that the digital divide could widen the gap between different socio-economic groups, underscoring the importance of digital literacy in today's economy. As South Africa navigates these economic challenges, Katz's insights serve as a roadmap for individuals and businesses looking to future-proof their careers and operations in a rapidly evolving financial landscape.