Almost 1 in 3 Americans Have Layoff Anxiety in 2024. Here’s How to Ease Yours

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Worried about losing your job? Read on to see how to protect yourself. [[{“value”:”

The U.S. economy is in a good place right now. Unemployment is low, and while borrowing costs are high on the heels of the Federal Reserve’s numerous interest rate hikes, savings account and CD rates are strong.

Despite this, many people are worried about the economy — and about the idea of losing their jobs. Data from Clarify Capital finds that almost 1 in 3 Americans are experiencing layoff anxiety this year. And that’s a horrible feeling.

In some cases, that fear, unfortunately, may be warranted. If your company has already announced layoff plans, it’s easy to see why you’d be walking around just waiting to be let go. But even if you don’t have a specific reason to believe that your job is on the line, news reports of layoffs and rumors may be enough to mess with your mind.

The good news, though, is that there are steps you can take to ease your layoff anxiety. Here are three to take immediately if you’re feeling perpetually stressed over the idea of losing your job.

1. Make sure your emergency fund is fully loaded

Likely the scariest thing about getting laid off is losing the paycheck your job provides. But if you have enough money in savings to pay your bills for a period in the absence of a paycheck, you might feel less worried about the potential for job loss.

At a minimum, you should try to have enough money in your emergency fund to cover three full months of essential expenses. The logic here is that it might take 90 days to find a job after losing yours.

If you don’t have a complete emergency fund now, focus on trying to add to your cash pile. If you focus your energy on that, it might leave you with less time to actively worry about your job going away.

2. Make certain your resume is up to date

If you’re let go by your employer, you may want to start job hunting right away. And it may give you comfort to know that your resume is up to date.

Spend some time reading through that document and making changes as necessary. Remember, if you’ve been working full-time for a number of years, you probably don’t have to list your summer job experience from college anymore. Rather, focus on your recently acquired skills and accomplishments.

3. Make sure your skills are current

You may be in a field where you need to maintain certain skills and licenses to do your job or advance your career. If you’re worried about layoffs, make sure those skills and licenses are current. You wouldn’t want an expired certification to be the reason you’re denied a replacement job in the event that yours goes away.

Also, you may want to look at growing some new skills in case you end up having to interview for jobs. In that regard, you can look to learn some skills that are specific to your industry, or you could look to grow your soft skills, which are those that apply to pretty much any job. These include communication skills and organizational skills.

The idea of losing a job can be frightening. But rather than give into that anxiety, take active steps to put yourself in a better position to get through a layoff should that become your unwanted reality.

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