Millions of workers are grappling with job layoff jitters.
More than 8 in 10 workers are worried about losing their jobs this year, according to a recent MyPerfectResume survey.
They aren’t wrong to be edgy. Roughly 4 in 10 companies worldwide expect to reduce their workforces over the next five years, according to a report from The World Economic Forum.
Many large corporations have already announced or kicked off a round of layoffs, including Chevron, CNN, Estee Lauder, Meta, and Southwest Airlines. And that, of course, doesn’t count the thousands of workers terminated under Elon Musk’s campaign to reduce the federal workforce.
“The current job landscape is a minefield, with layoffs detonating left and right,” Nancy Ancowitz, a career strategist, told Yahoo Finance.
“Professionals are feeling the squeeze — some frantically trying to prove their worth, others paralyzed by uncertainty. For employees watching colleagues get laid off and seeing daily news of job cuts, it’s as if the ceiling is lowering, the floor is rising, and the walls are closing in on their own job security.”
Last week, for instance, Meta employees vented on LinkedIn their shock at being sacked.
Kaila Curry, a former content manager at Meta, wrote: “Today, I was impacted by Meta’s layoffs. At first, I hesitated to share this — I didn’t want to be labeled a ‘low performer.’ But after reflecting, I know any future employer can see through the corporate façade. This wasn’t about performance; it was about workforce reduction in favor of AI initiatives.”
Curry didn’t see it coming. “I received an ‘exceeds expectations’ rating in my mid-year review, and navigated a whirlwind of five managers and two reorgs in just one year…I frequently asked for feedback and was always told I was doing a good job.”
“Fear of being next to lose your job can overshadow daily work, reducing motivation and engagement,” Jennifer Moss, author of “Why Are We Here?: Creating a Work Culture Everyone Wants,” told me.
To navigate this landscape rife with layoffs, here are moves to make right now to help you hit the ground running if you do lose your job.
If you’re on a payroll right now, use this time to cut back on your spending and sock away savings in a high-yield savings account that serves as an emergency fund. Ideally, you want this account to cover at least six months of living expenses. If you can set aside a year’s worth, do it.
Here’s why: Landing a new job can take far more time than you imagine it will. The median length of time spent unemployed after losing a position was around 10 weeks in January, according to the Bureau of Labor Statistics. The average time it took to land a new position: 20 weeks.
