Client strategies for navigating cost of living: Career planning for financial resilience
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As the cost of living continues to rise, career planning has become a vital tool for clients seeking financial stability and long-term satisfaction. The 2024 CERIC Survey of Career Service Professionals highlights that 80% of career professionals see the cost of living as a key issue intersecting with their work.
This article will outline strategies for career planning that help clients weather financial storms, focusing on remote, hybrid and portfolio careers; transitioning to new industries; identifying in-demand roles; and encouraging adaptability and upskilling.
1. Embrace remote, hybrid and portfolio careers for cost savings
Remote and hybrid work:
Remote and hybrid work arrangements not only offer flexibility and work-life balance but also deliver tangible financial benefits. By reducing commuting costs, daily expenses (like lunches and work attire) and even housing costs (by enabling moves to lower-cost regions), these models can significantly ease the cost-of-living burden. Flexjobs reported an average savings of anywhere from $3,000 to $15,000 annually on transportation costs, adding that even working from home two days a week can save $400 a year or more in gas.
Here’s how you can help your clients to seek remote and hybrid work:
- Share remote job boards such as NoDesk, Working Nomads, Randstad and this list of 14 remote job websites
- Equip your clients to inquire about and advocate for work-from-home days (especially during the interview and negotiation stage)
- Guide jobseekers to curate a list of remote-first companies and access their career boards directly from the company page
Check out top tips from this article in this short video summary produced by ai.invideo.
Portfolio careers
A portfolio career combines multiple roles, freelance projects or side gigs. This offers multiple income streams and enhanced resilience against job loss. Professionals can pour their energy into other income sources should one be taken away. This approach also promotes flexibility, allowing individuals to manage their schedules according to personal and financial needs.
Crafting a portfolio career can also significantly aid in career advancement. For example, if an individual’s full-time role does not allow for much professional development, adding a project or a side gig can act as a way for them to stretch their skills in an area where they may be curious. Building these skillsets outside of a main role can set an individual up for a career pivot, which can also bring significant financial gains.
Practical steps:
- Encourage clients to audit their skills and interests, identifying opportunities for freelance, consulting or part-time work
- Guide clients in building a personal brand and professional network to support a portfolio career
- Discuss the trade-offs, such as income variability and the need to self-manage benefits, so clients can make informed decisions
- Help clients consider the long-term implications of a portfolio career (e.g. Skills building in a career path that could offer a higher salary)
This article is part of a CareerWise series on Cost of Living & Careers. Check out other articles in this series:
- 5 ways CDPs can provide jobseekers with financial literacy and budget support
- 10 resources to help you and your clients build financial literacy
- Federal funding and supports for retraining in Canada
2. Support clients in transitioning to new industries or roles
Clients who are anticipating layoffs in their sector or need to land a higher-paying job to meet increased living costs might consider a career transition. Consider building transferrable skills and focusing on building relationships.
Transferable skills:
One of the most effective ways to transition is to identify and leverage transferable skills such as communication, project management and analytical thinking, which are valued across industries. For example, you can speak with your clients about what skills they used in previous roles, how they used them and how they can use these skills in future roles. Career practitioners play a key role in helping clients map these skills to new roles and industries, boosting confidence and employability.
“Clients who are anticipating layoffs in their sector or need to land a higher-paying job to meet increased living costs might consider a career transition.“
Networking:
It is also important to reinforce building a network in the client’s target industry through informational interviews, professional associations, events or online communities to provide insights and job leads. Consider helping jobseekers with a networking plan including deciding what communities to join, which events to attend and who to reach out to inside and outside of their network.
Practical steps:
- Clarify the client’s motivation for change and identify realistic career goals
- Assess the requirements for the new industry and create a plan for acquiring any necessary skills or certifications
- Support clients in updating their resumes and preparing for interviews that highlight their transferable skills and adaptability
Career professionals can leverage their knowledge of labour market information to help clients identify in-demand roles. (iStock)
3. Guide clients in identifying in-demand industries and roles
Labour market trends:
Staying informed about regional and global job market trends is crucial. In 2025, according to extern, high-growth sectors include technology (AI, cybersecurity, cloud computing), health care (nursing, genetic counselling, biomedical engineering), renewable energy and digital marketing.
Practical steps:
- Use labour market information systems, government reports and reputable job boards to identify in-demand roles in the client’s region (e.g. Job Bank, LMI Explore, Statistics Canada, NOC, WEF Future of Jobs Report)
- Encourage clients to explore roles that align with both their skills and market demand, balancing passion with practicality
4. Encourage career adaptability and upskilling
Adaptability as a core competency:
Career adaptability – the ability to anticipate and respond to change, according to Transitioning Well – is essential for resilience in today’s job market. It involves four key strategies: concern (future orientation), control (taking responsibility), curiosity (exploring options) and confidence (belief in one’s ability to succeed). It’s important to support clients to strengthen their adaptability to ensure they are competitive in today’s job market. This can make the difference between staying stagnant in their career and moving ahead.
Upskilling and lifelong learning:
Continuous learning is critical. CERIC’s Survey of Career Service Professionals found that 29% of clients recognize the need to gain new skills to stay competitive, and upskilling is one of the most anticipated changes in career development practice over the next five years. Upskilling bridges skill gaps, boosts engagement and enhances professional growth, especially in tech-driven industries.
Practical steps:
- Encourage clients to pursue online courses, certifications and workshops in high-demand skills (e.g. data analytics, digital marketing, AI)
- If clients are unsure what skills to build they can start with micro-credentials (e.g. Google Certificates, Coursera programs and/or LinkedIn Learning courses) to gain some exposure to the subject matter and then decide if a formal certificate would be beneficial
- Promote a growth mindset to help clients embrace change, seek feedback and view setbacks as learning opportunities
- Guide clients to set aside time and resources for professional development, leveraging employer training budgets or external funding when available
Navigating the cost of living through strategic career planning requires a multifaceted approach: embracing flexible work models, proactively transitioning to growth industries, continuously upskilling and fostering adaptability. By leveraging these strategies, clients can build resilient, fulfilling careers that withstand economic uncertainty.
