Inflation, Recession, and Lay Offs: Safeguarding Your Livelihood in Uncertain Times

The second half of 2022 has been mired by economic struggles related to inflation and talks of imminent recession. Unsurprisingly, this has led to a wave of lay offs in a variety of fields, #techlayoffs being just the most recent tip of the iceberg. Many industries have struggled to forecast properly and hire intelligently in the wake of COVID workplace changes, and have been forced to pivot. Unfortunately, this means having to make tough decisions. It is an undeniable truth that lay offs most frequently have nothing to do with job performance, and everything to do with company needs. While being laid off (or living in the fear of it happening soon) stings, it’s important to keep this in mind. Even though you may feel powerless in preventing a job loss at times, there are ways in which you can safeguard your livelihood through self-reflection and strategic preparation.

First, be in the know. If other companies in your field are conducting lay offs, it pays to be aware. Don’t be blindsided by what’s happening in your industry; start self-reflecting. Revisit what is important to you— your personal goals, your carefully-honed skillset, and your career aspirations. What could your next step look like?

Second, be proactive by keeping your resume and your professional online presence (your LinkedIn profile, for example) up-to-date. You’ll be glad to have a current resume should you find yourself job hunting in the near future.

Lastly, be flexible. This isn’t to say you should suddenly turn into a doormat, taking on too many tasks or people-pleasing to the point of making bad judgement calls. But, if collaboration is required to make it through tough times, and you have the bandwidth to oblige, being amenable reflects positively on you as a team player and a valuable asset to the workplace.

Lay offs are often unfortunately out of our hands, but being prepared is the best way you can work to protect your livelihood.