How to save your job should layoffs loom at work

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Tech and media layoffs have gotten the most headlines lately. But combined, the two high-profile industries account for only about 5% of U.S. employment, according to the U.S. Census Bureau.

Other industries are also cutting jobs, including the auto industry, manufacturing and financial services. Unemployment is expected to deepen as  the Fed slows the economy n a continuing effort to tame inflation.

Protect and advance your career. No one is layoff proof. But enhancing your value — to yourself, your employer and your future employer — can help reduce your long-term career risk.

Here’s what you can do to give yourself greater immunity from job cuts.

Separate yourself from the pack

It’s easy to get down in tough times. Negativity reigns. You may find watercooler talk (or Zoom chats) quickly devolving into all of what’s wrong at work or in the world. Nudge yourself into positive territory.

While remaining compassionate, ease the room into conquer mode. Highlight individual successes, even if they’re minor. Talk about businesses that survived and thrived in tough times. Inspire.

Expand your responsibilities

When a business is looking to downsize, it often seeks to trim underperformers or borderline employees. Do more. Take on tasks that need to be done, but that might not be squarely in your swim lane. Volunteer for new projects or take assignments when everyone else is standing down.

Consider training as a side gig

A lot of people take on side gigs when money is tight. They get joy from cranking up the music in their car while Door Dashing, or wearing PJs and Wicked Good Moccasins while making money online.

Make the goal for one of your side gigs to be getting more training in a field with a quality career future. Maybe it’s a certification related to your current line of work. Or maybe a Google Certificate that takes three to six months to complete and connects you to in-demand jobs. You might take a series of college courses to hone skills such as marketing, finance, technology, graphic design, writing, public speaking or a second language.

In all cases, save money like never before

Jamie Dimon, the CEO of JPMorgan Chase, is one of the few financial industry leaders to still be in a major bank’s big chair since well before the 2008 financial crisis. He has often spoken about how the bank has built a “cash moat” to protect it during tough times.

“Our bank operates in a complex and sometimes volatile world,” he said in a letter to investors in 2017. “We must maintain a fortress balance sheet if we want to continually invest and support our clients through thick and thin.”

You might want to build your own fortress of savings. Start with commonsense ways to slim down your spending. Money in the bank gives you room to breathe in bad times and good.

 

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