With the economy on shaky ground and layoffs happening across industries, many people are wondering how they can save their jobs in these uncertain times. Having a job is crucial for most people to pay their bills and support themselves and their families. Losing a job can be devastating both financially and emotionally. Therefore, it’s understandable that employees want to do everything they can to continue getting a paycheck. Here are some tips on how to save your job when layoffs seem imminent.
Be a Top Performer
One of the best ways to avoid being laid off is to make yourself indispensable to the company. Employers will cut lower performing employees before they lay off their superstar employees who consistently deliver results. Now is the time to step up your game and produce your best work. Go above and beyond your normal duties and take on additional projects to showcase your skills and demonstrate the unique value you bring to the organization. Become known as someone who not only accomplishes their core tasks but also someone who looks for innovative ways to add value and move the company forward. Make sure your boss and others in senior leadership know about your contributions.
In addition to doing excellent work, you should also avoid common performance pitfalls that could put your job at risk. That means showing up on time every day, meeting all deadlines, having a positive attitude, collaborating well with colleagues, and following all company policies and procedures precisely. Don’t give your employer any reason to see you as expendable or replaceable.
Develop New Skills
Another way to boost your value and make yourself less disposable is to expand your skill set. Use this time to learn new abilities, programs, or processes that will serve the company. Ask your manager or HR department if there are any skills you can develop that will help the business navigate the current landscape. Maybe you could get certified in a new software application, take on a new analytics approach, or receive training on cost reduction strategies. The company will be impressed by your initiative to add to your capabilities. This will make you more flexible, adaptable and primed to take on critical roles as needs shift within the organization.
Build Strong Relationships
Having supporters in key places can help insulate you during layoffs. Get to know influential people at the company like executives, directors and senior managers. Impress them by demonstrating your talents and abilities through your work. Also look for opportunities to take on projects and collaborate with these leaders. The more exposure you have with decision makers who control the fate of the workforce, the more likely they are to advocate on your behalf. They will have first-hand experience working with you and will know the value you bring. Also build rapport with colleagues who may have sway with leadership. Having the endorsement of multiple respected employees can reinforce the wisdom of keeping you on board.
Stay Visible
Make sure that leadership knows who you are beyond just a name on a list. Attend meetings with higher ups whenever possible. Speak up to share your ideas and perspectives when appropriate. Send regular email updates to your boss and others about the progress you’re making on key initiatives. Drop by the offices of executives periodically just to check-in and say hello. The more face time you have with decision makers, the harder it will be for them to part ways with you. You want them to feel a personal connection that will make you harder to let go.
Monitor the Situation
Keep your finger on the pulse of what is happening within the company. Pay attention to email communications, listen for gossip in the breakroom, and observe patterns that may offer clues into the company’s health and future plans. Knowing that changes are coming can help you prepare. For example, you may decide to beef up your resume and start networking with contacts outside the company. Having an accurate understanding of the company’s circumstances will also help you calibrate your efforts to show why the company needs you. You don’t want to be caught off guard if layoffs start happening.
Negotiate a Severance Package
If it looks like layoffs are imminent and your job is at risk, consider going to your HR department to negotiate a severance package for yourself. You are in a better position to negotiate before being laid off rather than after. See if you can secure a favorable severance package that includes things like extended pay, health insurance contributions, career transition services, and positive references. That way if you do lose your job, you will have some financial cushion and career assistance.
Brush Up Your Resume
Make sure your resume is updated even if you don’t need it right away. You’ll be ready to start applying for new jobs quickly if you happen to get laid off. Ask colleagues or friends to review your resume to ensure it is polished and error-free. You can also check in with professional contacts outside your company to let them know you may be back on the job market soon and welcome referrals. Sending out feelers and getting your career materials in order will reduce stress if you find yourself suddenly unemployed.
Line Up Side Gigs
Explore taking on some freelance work or other side gigs to diversify your income streams. That way if you lose your 9 to 5 job, you’ll still have some earnings coming in while searching for new work. Things like driving for rideshares, tutoring, doing surveys, or creating crafts to sell online can generate supplemental cash flow. Having multiple income sources, even if small, can ease the financial squeeze of losing a job.
Cut Expenses
Get your personal finances in order by tightening up your budget. Look for areas to reduce spending like dining out less, lowering your cell phone plan, or canceling unused subscriptions. Boost your emergency savings fund to have more cash reserves. Pay off any high interest debt. These measures will maximize your financial cushion in case of job loss. You’ll be able to weather a stretch of unemployment better if your expenses are minimized and you have savings to tap.
Review Your Options
Losing your job may be the perfect opportunity to make a career change into something you are more passionate about. Think about what jobs most appeal to you and do some research on what it would take to transition into those fields. You could look at going back to school, getting additional certifications, taking prerequisite courses, or starting in lower level roles and working your way up. Having a dream career backup plan can take some of the fear and uncertainty out of losing your current job.
Tip | How it Helps |
---|---|
Be a Top Performer | Makes you indispensable with proven results |
Develop New Skills | Expands your capabilities to take on critical roles |
Build Strong Relationships | Secures advocates in leadership roles |
Stay Visible | Leadership feels a personal connection to you |
Monitor the Situation | Stay informed so you can prepare appropriately |
Negotiate Severance | Cushions the financial blow if laid off |
Update Resume | Ready to job hunt immediately if needed |
Line Up Side Gigs | Alternative income if job is lost |
Cut Expenses | Strengthens emergency savings to get through unemployment |
Review Options | Planning future career pivots lessens fear of job loss |
Network, Network, Network
One of the most critical things you can do to prepare for potential job loss is strengthen and expand your professional network. Let all your contacts know you may be on the job market soon and welcome referrals. Reach out to friends, former colleagues, classmates, professional associations, and anyone else who may be able to connect you with opportunities. The broader your network, the more likely you’ll be able to land interviews and get hired quickly if you lose your current job. Tap into LinkedIn to grow your network and build connections. Attend industry events, conferences, and seminars to meet new people. Collect many business cards and follow up with each person. Networking before you desperately need a new job will make the post-layoff job search much less daunting.
Research Thriving Sectors
Look at which sectors and companies are holding steady or even growing during the turbulent times. Think about how your skills might transfer over to support their needs. Then do informational interviews with people in those thriving sectors to learn more about potential opportunities and what it would take to pivot your career. This will give you valuable insights in case you need to change industries after a layoff. You’ll have a head start making connections and demonstrating your interest in their field.
Consider Contract or Freelance Work
Full-time permanent jobs may be scarce if layoffs are widespread in your sector. So be open to taking on temporary contract roles or freelance gigs to pay the bills and maintain connections. Contract work may even turn into a permanent job eventually. The key is keeping some income flowing in and preventing large resume gaps. Build up your freelance profile on sites like Upwork so you’re ready to start applying for projects. Let former colleagues and professional contacts know you’ll be available for contract opportunities. This flexible interim work can serve as a bridge while looking for your next full-time job.
Get Creative
Don’t limit your job search to roles with traditional employers. Get creative about ways you can monetize your skills through opportunities like consulting, coaching, teaching workshops or courses, writing ebooks, selling online programs, running a small business, etc. Maybe this period of instability is a chance for you to finally turn your side hustle into a full-time gig. Brainstorm out-of-the-box income ideas that would enable you to be your own boss so you aren’t dependent on an employer.
Conclusion
Losing your job is always tough. But you can make strategic moves to strengthen your chances of hanging onto your job if layoffs seem imminent. Keep producing excellent work, expand your skillset, get face time with decision makers, manage your finances prudently, and most importantly, nurture your professional network. While you can’t control every twist and turn, you can control how prepared and resilient you are. Do everything possible now so you will land on your feet no matter what happens.