Worried about losing your job? Here’s your game plan.
the main points
- The unemployment rate in the United States is at its lowest level since the beginning of the pandemic.
- Despite this, more than a quarter of Americans say they are concerned about job losses in a recent poll.
Earlier in the pandemic, unemployment was rampant. The situation has become so bad that lawmakers made the decision not only to increase unemployment, but also to send several rounds of direct stimulus checks to the bank accounts of Americans.
Fortunately, the situation has improved significantly in recent months. In November, the national unemployment rate reached its lowest level since the start of the pandemic. And now, there are millions of jobs available waiting to be acquired.
In fact, employers are actually desperate to hire. Many offer higher wages, login bonuses, and other perks in an effort to attract workers.
Despite this, 27% of Americans remain concerned about job security, according to a new survey by Lincoln Financial Group. If you are a part of that statistic, here are some steps you can take that may help ease your concerns.
1. Build a strong emergency fund
If you are laid off through no fault of your own, you are generally entitled to unemployment benefits. But right now, benefits aren’t getting paid as much as they were earlier in the pandemic, and so you may not do a good job of helping you cover your bills. That’s why it’s important to build yourself an emergency fund.
If you store enough money in your savings account to cover three to six months of basic bills, it may be easier for you to sleep at night when you’re afraid of losing a job to prey on your mind. If you are be Let’s go, you will have a way to pay your bills while looking for work elsewhere.
2. Get a side hustle
Having a side business can not only help you increase your income and make it easier to set up an emergency fund, but it can also be a backup source of income for you. This may help relieve fears of losing your job.
If you have money that comes from a constant gig, whether it’s private lessons, driving for a commuter company, or walking dogs, you won’t lose complete Income if you leave your main job. If your company’s layoffs follow, you may be able to ramp up your side business until you can find full-time work again.
3. Learn new skills that make you more valuable to your team
Sometimes, people are laid off because of no fault of their own, even if they have a proven track record in the business and have been a solid performer. But if you enhance your job skills, your company may have a more difficult time letting you go if the need arises to downsize.
Think about the skills that would make you a more valuable member of your team and work to improve them. You might also aim to develop a skill that no one else on your team has. For example, if you work in the accounting department and have learned to use a new software that your company wants to upgrade to, becoming an expert in that software may be your ticket to a safer job if layoffs follow.
Losing a job can be frightening. The good news is that right now, jobs are plentiful, so even if that happens, there is a strong chance that you will be able to get back on your feet and find another opportunity. But still, it’s natural to care about job security, so it pays to build yourself a safety net, secure a backup income stream, and take steps to become the most valuable employee you can be.
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