Concerned About Layoffs? 5 Ways to Help Solidify Your Job and Finances

Maurie Backman

The U.S. economy is in much better shape now than it was a year ago. In recent months, the unemployment rate has ticked downward and more job opportunities have opened up.

Still, the economy is far from completely recovered. And given that there’s still a raging pandemic thanks to the delta variant, it’s easy to see why a large chunk of workers may be worried about losing their jobs.

According to a recent survey by the National Endowment for Financial Education, 22% of respondents are concerned about job security. If you’re feeling the same way, here are some essential steps to take.

1. Grow your skills

Becoming a more wel-rounded employee could make it harder for your employer to let you go if your company downsizes its staff. Think about the skills that will make you a more valuable member of the team. That could mean learning new software or brushing up on presentation skills.

2. Get involved with other teams

You may be used to primarily working with a single team at your job. But if you’re able to branch out and collaborate with other teams, you’ll become a more integral part of the entire operation. And that means it might be more difficult to let you go if layoffs occur.

3. Be helpful

Having the right attitude could be your ticket to keeping your job if layoffs become a reality. Be the person at your company who volunteers for the grunt work no one else wants. Or step up and agree to spearhead a new project that your colleagues are too nervous to take on. That can-do, willing-to-help attitude could go a long way when it’s time for your manager to decide who has to be let go.

4. Network within your company

The more people you know within your company, the easier it might be to find a way to stay put when layoffs come about. Introduce yourself to different managers and learn more about what their teams do. That way, if layoffs hit your team specifically, there may be a way for you to pivot and join another one.

5. Develop a skill no one else has

You may not be the only person at your company who knows how to analyze data or pay close attention to detail. But if there’s a skill no one seems to have that could benefit your company, such as familiarity with a specific software or coding language, developing it could grant you additional job security.

Protect yourself financially

Losing a job can be a huge financial blow. These moves could help lower your chances of falling victim to a layoff.

That said, it may also be a good idea to get yourself a side job on top of your main one. Not only will that buy you some income security (if you’re laid off, you’ll still have some money coming in), but it could also make it possible to boost your savings. And that could be just what you need to get through a layoff if one comes to be.