A recession can create ups and downs in your career. If you’re an employee, chances are you’re feeling some concern about the economy and the job market. And your concerns are reasonable, given the number of companies taking action to lay off workers or freeze hiring. But while it’s easy to let your anxiety take center stage, you can respond proactively and also protect your current position with some pragmatic choices.

As you consider how to react to the current context, it’s helpful to be clear about what’s going on and focus on the facts. According to a study by the Conference Board, 41% of respondents believe we’re already in a recession, and 33% believe we will be in a recession in the next six months.

Much of this belief is based on organizations which are tightening their belts. While it’s best to stay calm, it’s also smart to know what’s happening around you so you can respond constructively.

1. Focus on Your Finances

Choices about your career are closely tied to your finances and the degree to which you feel financially secure and financially flexible. Whether you’re facing a potential layoff or a job change, these experiences are woven closely with your financial position. Many people are fearful. The Conference Board found 60% are worried about a decline in the stock market.

By making some changes in your investments, spending and budgeting, you can shore up your position for a shifting job market. In the Conference Board research, 66% of respondents plan to respond to economic slowdown by curtailing their spending or delaying bigger purchases (54%) like cars or houses. Many (32%) are planning to increase savings or shift their investment portfolios (19%) to reduce risk. All of these are strategies you could consider.

The bottom line: More financial freedom also gives you greater career confidence—knowing you can survive if your job is eliminated or if you want to jump to another opportunity.

2. Focus on Your Choices

Another key step you can take is to evaluate where you are in your career—and whether you want to dig into your current role or make a change. Given these factors, there are three ways you can think of your choices:

• Consider how much you’d like to make a change, knowing the job market is tightening. Focus on two questions: What’s satisfying or dissatisfying in your current role? How important or impactful are those elements for you? For example, if you lack a sense of meaning in your work, and if this is having a significant effect on your motivation and happiness, it may be wise to make plans for a job search. On the other hand, if the organizational communication is sub-par, but it doesn’t have a huge effect on your day-to-day experience, your best bet may be to stay where you are.
• Consider whether something better is available. In a tighter job market, you may also have less power than you had in the past—in terms of demanding pay, benefits or even remote work. In the FlexJobs survey, 44% of people thought it would be harder to find a remote job in the coming year. They’re probably right. Greater numbers of employers are seeking to bring people back to the office at the same time more people are looking for jobs—and people are increasingly willing to take jobs which require time in the office.
• Also consider how much effort you’d like to put into a job search. In the FlexJobs survey, 62% of people didn’t feel very confident about their ability to find another job, given the market. In addition, 43% said it took them more time to find a new job than in their previous searches. Know that if you choose to make a change, there will be a fair amount of effort you’ll need to spend on searching for a new role. Factor this into your decision making.