- Many experts worry a recession is imminent.
- If you're concerned about losing your job, here's what to do.
- Having a discussion with your manager, adding to your job skills, and lining up a side hustle can all help with your piece of mind and financial stability going forward.
It's a situation more people might face in the coming months.
At this point, it's fair to say that economic conditions could take a turn for the worse in 2023. After all, countless experts are predicting that a recession will hit in the coming year, and if that comes to be, it could spur a period of layoffs.
In fact, some companies may be in the process of gearing up for a recession by contemplating layoffs in the near term. If you're hearing such rumors at your place of work, here's what to do.
1. Don't panic
The idea of losing your job can be scary -- there's no question about it. But before you fall into a full-blown panic, remember that layoff rumors are just that -- rumors. And until you get a memo from your employer stating that it's looking to downsize staff, try to put those concerns out of your mind and instead focus on doing a solid job.
2. Have a heart-to-heart with your manager
If your manager ranks pretty high on the corporate ladder, then they may be in a good position to know if layoffs are indeed expected to come down the pike. And if you have a good relationship with your manager, it could pay to schedule a sit-down where you talk through your concerns.
Your manager may be able to share information that puts your mind at ease. And if your manager has to be the bearer of bad news -- that layoffs are coming -- you'll at least know to prepare.
3. Boost your job skills
Growing your job skills won't automatically prevent you from landing on the chopping block if layoffs come to be. But it might. If you prove yourself to be an extremely valued employee, your company might have a hard time letting you go if it's forced to make cuts.
Another good bet? Try to develop a skill no else on your team has so if your manager has to downsize, they'll be more inclined to keep you around.
4. Line up a side hustle
It's hard to predict who will wind up out of a job if layoffs end up happening. So if you're hearing rumors about cuts at work, consider getting yourself a side gig.
That way, if you end up being let go, you'll have another source of income to fall back on while you look for work. In fact, you may start out with a side hustle you only do for five or six hours a week. But you may have the option to increase that to 30 hours a week if you lose your job.
5. Shore up your emergency savings
When you lose your job through no fault of your own, you're generally eligible for unemployment benefits. But those benefits won't replace your entire paycheck. If you want to make sure you're able to pay your bills in the event of a layoff, you'll need to pump a decent amount of money into your savings account.
At a minimum, you should have an emergency fund with enough money to cover three full months of essential bills. But you may want to aim for six months' worth for even more protection.
It's never fun to hear the word "layoffs" in the context of your job. But if that's the situation you land in, follow these key steps to stay calm, prepare, and potentially secure your job.
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