Effective ways to prepare for a possible layoff
What's the story
When there is an economic downturn, it is common for companies to lay off their employees to cut costs. In 2022, we have seen that happening on a mass scale in Amazon, Meta, Twitter, and many other hundreds of such big and small companies. When layoff hits you, you should rather be prepared for it than find yourself in unfamiliar waters.
Emergency
Keep an emergency fund
If you fear a possible layoff, you should start preparing by setting aside an emergency fund. An emergency fund should be sufficient enough to cover up to three to six months of your expenditures. This works as a shock absorber and makes your retirement savings disaster-proof. This emergency fund should be enough until you find another source of stable income.
Upskill
Upgrade your skills
Recession, or no recession, you should continuously be striving to upskill. Upskilling helps you grow in your current career path. With the right skills, you will be at better odds than your competitors. You may also be able to land a higher-paying job in the future. You should certainly be taking advantage of any additional training or certification offered at your company.
Networking
Grow your network
Networking is one of the most important skills to develop in order to grow in your career path. It is something that you should focus on irrespective of your employment status. Attend events and seminars, and meet new people. Make sure to put your name out there. You never know what opportunity might come out of a simple conversation over a cup of coffee.
Brand
Develop your personal brand
While you should be upskilling and focusing on your work, building your personal brand too goes a long way in establishing your strong position in the job market. Update your LinkedIn profile and resume. If you are into some profession that can be visually displayed on video streaming platforms, do that too. Build your audience by showcasing your work.
Positivity
Finally, keep a positive attitude
All efforts will go in vain if you do not keep a positive attitude. You should keep a positive mindset and do your best work with focus and commitment. Having a positive mindset keeps you mentally prepared for the potential shocks of life. If you can think that you can land a better job, you have already won half the battle.