Does fear of getting laid off keep you awake at night.
If you answered yes, then you are not alone. Countless people have already lost their job during the Covid-19 pandemic.
This fear of job loss is adding to your existing problems. As a result you are not able to focus on your work.
Fear leads to worry. You worry about your family, the bills, children and the future. You start doubting yourself.
You stay up wondering if you can wish away all your worries. But you know, wishing away worries is not possible.
The sinking feeling of fear is real.
Fortunately, there are steps you can take today that will not only help you to keep your job, but also make you immune to job losses in future.
So, here are 7 powerful strategies to protect yourself against an impending job loss.
1. Stay relevant even when your firm changes priorities
Have you ever wondered why people get laid off from their job?
Typically people who don’t reskill and align with an organization’s priorities are made redundant.
So, how can people reskill.
You could reskill by signing up for courses in your company. You could also enroll in online courses externally. Platforms such as Coursera, Udemy, LinkedIn Learning are very popular among professionals like you.
Some of the popular skills during the quarantine period are Data Science, Web Development, and Mobile Development.
But is reskilling alone enough?
2. Design a feedback process like Microsoft and Deloitte
You would have noticed that many times doing a job well is not enough. It is equally important to get feedback and document them.
Organizations such as Microsoft and Deloitte have moved from an annual review cycle to instant feedback process.
Your firm might not have adopted this new review process. But you could still get feedback once you complete a project. By documenting your feedback, you know where to focus and also the areas you need to improve on.
3. Sticking to your job description is not enough anymore
Has your boss ever asked you to pitch in for additional help?
If yes, you are lucky. By putting your hand up, you are signaling that you are willing to go the extra mile.
You could also reach out to your boss proactively and express your interest to take up additional responsibilities.
If you are part of a team, you could also consider helping your teammates when they need an extra hand.
4. Recognize the top signs of a layoff
Do you generally keep abreast of what is happening in your firm.
If not, you might be caught by a surprise layoff.
So, what are the signs you must look out for?
- Top executives quit suddenly.
- Hiring freeze
- Budget cuts
- You are left out of email conversations
- Drop in earnings
These are indicative signs. It is not necessary that layoffs will happen definitely. But there is no harm if you are aware of the signs and take actions to avoid a layoff.
5. Plant the seeds of your network today
How many times have you heard of the saying “Network is your net worth.”
While networking is encouraged in business circles, it is seldom talked about with respect to employees.
Networking is an underrated skill. However, if you could develop a good network while still in a job, you can tap into it when the need arises.
As Prof. Clayton Christensen says
“One should not plant a tree when hungry.”
Similarly, one should build a network today as we never know when we might need it.”
6. Don’t be dependent on a single income source
How does it feel when you run out of luck?
Not great, right.
Despite your best efforts to keep your job, things may not go our way. That is why you might want to consider working on your side hustle while you still have the job.
Who knows, it could be your ticket to freedom. If it takes off successfully, you may never have to worry about job loss again.
The story of how Brett Kelly developed a full time business out of a simple idea is a huge inspiration for everyone. Brett wrote a comprehensive guide on Evernote called Evernote Essentials. He sold tens of thousands of copies, quit his job and was eventually hired by Evernote.
Inspirational, isn’t it.
7. Secure yourself by building a financial fortress
Have you ever thought about the most common financial mistake people make?
It is, not saving for emergencies.
When we hear the word emergency, we usually think of medical emergencies. But an unexpected job loss is an emergency as well.
Hence, it is for your own good that you save money today. The most important feature of emergency funds is liquidity. Returns are not important. Set aside any extra money you have in a checking account.
You can sleep peacefully knowing that this money will serve you in case of a job loss.
Destroy the fear of job loss permanently
You now have the courage to not only face the fear of job loss but also conquer it.
You now have the power to lead your life with freedom. You have built a strong fortress that can withstand any threat of job loss.
Imagine sleeping peacefully at night. No more staring at the ceiling wondering how you will pay the bills, take care of children’s education or save for your future.
Think of the freedom you now have, to choose your ideal job. You don’t have to take the first job that comes your way. The emergency corpus will help you to tide over tough times.
Imagine becoming an entrepreneur one day. By laying the foundation for side hustle, you are ensuring a second stream of income that can support you in the event of job loss.
You can do it. The fear doesn’t have a hold on you anymore. You are free to shape your career without worrying about losing your job.