Should I be worried about layoffs?
Dear Career Curator,
It's always best to use your worry to fuel action. In the end, you will at least have a plan. If you just worry, you'll have nothing to show for it, except maybe a few gray hairs. While easier said than done, spending time worrying about the potential of something bad happening simply isn't a good use of your time. In America, we are certainly in an interesting place economically, but of course the headlines drive a narrative that is only partially true. Sure, there are layoffs happening at a higher rate than in 2021, but there's so much more data to contribute to the story. There are currently more than 11 million open jobs in the USA, with a 3.6% unemployment rate. For comparison, during the 2007 recession there were just over 2 million open jobs and the unemployment rate was slightly above 10%. Ultimately, the news of layoffs will always drive more engagement than the news of an economy that is brimming with open jobs. Here are a few ways to turn your worry about layoffs into action.
Having more than one stream of income is always a great idea and not in the investment bros way. I'm not saying risk it all in crypto. Instead, try a much more practical and well rounded approach to increasing your income streams. Whether you have a passion or hobby that can be monetized or a business idea that fits into your current life dynamics, either approach can be a great way to make additional income. If you don't already have a consumer brokerage account, now is a great time to open one. Stock markets have been volatile over the past year, but down overall which presents a great opportunity to buy low. An investment property may also be a great way to expand your portfolio while increasing your income streams. The goal is to increase your income through passive opportunities first, but adding opportunities that enhance your life because they align with your passion is still a win.
Update your resume to include your most recent experience. Typically people don't make these updates until they absolutely need to, but in reality it's a good idea to keep your resume up to date. It's easy to forget your accomplishments if you are not actively documenting them using a consistent method. By adding those accomplishments to your resume, you will at least have a starting point when it is time to prepare for an interview. Remember that your LinkedIn profile is an extension of your resume, so be sure to make updates there as well. When your next opportunity presents itself, you will be prepared to showcase your skillset and experience.
Get out of your head and into networking opportunities, you'll likely find less doom and gloom beyond the headlines. Whether networking virtually or in person, interacting with like-minded people will help you focus on the positive things happening in your field and the world at large. Networking is a great way to find or expand your tribe. You will quickly realize that many of the challenges you are facing are common and perhaps you will encounter someone who has already conquered some of your existing issues. You will also notice how short staffed many companies currently are and you may even uncover your next opportunity.
Keep in mind that America is very focused on profit over people. It's evident in the structure of our society and the lack of support and resources for our citizens. The onset of the global pandemic in 2020 triggered much needed change in the power imbalance between employers and employees and without a doubt, employers have not been happy about it. Maybe there's more to the narrative that amplifies 2.5 million jobs lost, over 11 million jobs available. Not to mention, wages are up by more than 10% the sharpest increase since the early 1980's. Convincing people that their employment may be in jeopardy, is a great way to keep them in place longer. Just a thought.
With encouragement,
Career Curator