The world famous management guru Peter F. Drucker  pointed out that in recession times, which he calls turbulent times,  the balance sheet  is more important than the income statement.

Financial strength – meaning liquidity or the ability to have cash, as well as solvency  or more assets than debts-becomes much more important than earnings.

In hard times like these, it is crucial to have enough liquid resources -cash plus other assets that can be easily converted to cash-to keep surviving and going. Austerity and budgeting are necessary.

And in case you have a business, in order for your company not to delude itself into thinking that it is making record profits, it must correct the misinformation inflation creates. You must adjust sales, your prices, inventory, receivables, fixed assets, and earnings for inflation.

Finally, to survive in the hard times, it is basic that you must have a plan, know your weaknesses and strengths, so that you can take advantage of the opportunities in the environment brought about by change.

The turbulent times today is a challenge for us to develop our coping mechanism and ability to survive. It takes more than guts and determination to keep going.

We must have also a deep and quiet faith, coupled with knowledge, skills and attitudes, to take advantage of the hard times, and to turn the crisis into opportunities, for us and for our children.

Of course, there are many people who become depressed when they lost their jobs. The reason for this is they tend to rely solely on their jobs as source of income. However, since life is a matter of choices, you can control your life instead of letting the global economic crisis control you.

Here’s some advice on how you can become less dependent on your employment and survive, crisis or no crisis, as suggested by Robert M. Hochheiser, author of If You Want Guarantees, Buy a Toaster.

1. Start looking for other jobs before your lose the one you have.  Always be on the lookout for a new and better job. Take a few minutes a day to scan the want ads. At the least, this will keep you up to date. You may see jobs you want to apply for.

2. Find fulfillment outside of work. Find hobbies and projects that interest and satisfy you, and you will be better able to cope if you lose your job. Are you good at writing, drawing, gardening, blogging, teaching, designing, jewelry making, making pottery, programming computers or designing a webpage? Consider joining an organization you find interesting to make new friends, network with other like-minded people, or attend skills training workshops to learn new marketable skills.

3. Maintain a source of income outside of your job. Turn your hobbies into a small business – you can sell items you make or do free-lance work. If you don’t have a hobby that’s a potential money-maker, go to your local library where you will find plenty of books listing small businesses you can start for a few hundred dollars or less, or you can search the internet.

4. Develop social network outside of your co-workers. When you socialize with your fellow workers, you tend to talk about the office. If co-workers are your only social outlet, you life centers more and more around your job, and you will be crushed if you lose it. So, diversify your contacts.

Losing your job doesn’t have to be a disaster. You can control your life by planning ahead, and the time to plan is now, before you lose your job.

Recession is a worse economic disease, worser than the medical diseases like Influenza A (HINI), SARS and AIDS combined.

Influenza A, SARS and AIDS  only affect thousands of victims, while recession victimizes millions of people around the globe, bringing untold miseries, economic deprivation and social disintegration among families.

In the face of recession, many companies across the world have become bankrupt, with more businesses in the brink of collapse. Still, more enterprises are closing shops.

Results?  Lay-offs, retrenchments and unemployment here, there and everywhere.

Yet, there is always a way to hang on to your present job even in the midst of financial crisis and recession. To stay on the job, you need to do the following:

1). Go the extra mile. You must not only maintain your current productivity and efficiency in doing your job, but you have to do more – you must take on extra projects. This may require spending additional hours on the job to help the company attain its objectives, measured in terms of sales, quota, revenue, and profit.

In going the extra mile for the company, all aspects of your job must be look at with a “How can we do this better” attitude. Of course, it is not enough to do a good or even better job. You must also increase your likability factor in the eyes of the employer by working as a team player and by not complaining and criticizing others.

Going the extra mile will make you more valuable and dependable to the company such that your presence is and will be highly needed.

2). Develop or learn new marketable skills during your non-working hours. In the face of recession, planning is always essential. Planning means doing things today with tomorrow in mind. It means preparing for future contingencies, since the effects of recession are unpredictable. There many employees who had jobs last week but found themselves laid off  this week.

Having new or extra skills can yield dividends for you, because there are still many companies that are hiring and, chances are, a company still need persons who possess skills like what you have.

3). If the above two alternatives fail and you are still laid-off, then be your own boss by creating your employment. This means you start your own business based on your skills, hobby, or marketable idea. Fortune always favor the brave and going into business is a brave decision, taking a calculated risk to create your own job. If your venture becomes successful, you not only create a job for yourself but also for other laid-off and retrenched workers.

This way, you not only recession-proof yourself, you also helped others become like you.

     Result? Laid off and retrenchment here, there and everywhere.

     Yet, in the midst of it all, there are still jobs available, and many companies are still hiring.

     Below are some of the hottest job skills, the most marketable skills, which can land you the job you want.

     1. Public relations – if you can use speaking and writing abilities effectively with the public.

     2. Budget management – if you can handle money, make financial decisions, analyze numerical data.

     3. Supervisory – if you can supervise and coordinate with superiors above you and the subordinates under you, give instructions, listen, and demonstrate respect and receptivity to others.

     4. Time management – if you can cope with deadlines, handle stress and beat the clock.

     5. Speaking – if you can speak effectively with individuals and groups, listen carefully and portray ideas clearly.

     6. Writing – if you can write reports, memos, letters and essays in plain language.

     7. Teaching – if you can impart knowledge, develop skills in others and motivate them to perform.

     8. Interviewing – if you can acquire information and make good judgment, ask good questions, and evaluate responses.

     If you have any or some of these skills, you can still get hired, even if many companies are making lay-offs.