Worried About a Spring Layoff? Here Are 4 Key Steps to Take

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Although the economy is strong, layoffs could still hit your place of work. Read on for ways to prepare if you’re worried about one. [[{“value”:”

In March, the U.S. economy added 303,000 new jobs, blowing expectations out of the water. Unfortunately, even in a strong economy, there’s no guarantee that layoffs won’t hit your company. And there may be signs that plans to downsize are imminent.

If your company has, in recent months, started cutting back on expenses like business travel, it’s a sign that slashing headcount could be next. Similarly, if big projects are being put on hold, it may be due to financial concerns that lead to the loss of people’s jobs.

If you’re worried about a spring layoff, the good news is that there are steps you can take to prepare for one. Here are some moves worth making if you’re concerned that your job may soon be on the chopping block.

1. Grow your professional network

Often, the people you know can be more instrumental in helping you get a job than the things you know. If you’re worried about near-term layoffs, spend the coming weeks growing your professional network.

Attend industry conferences available to you, and go to networking events in your area that are open to the public, such as general young professionals gatherings. Also, if you have a LinkedIn profile, browse your connections and see if there are any you haven’t touched base with in ages. A quick check-in phone call or email could set the stage for a favor in May or June should you need to ask for help in finding a job.

2. Boost your skills to make yourself more hirable

While it’s important to have good connections when trying to find a job, having the right skills definitely helps, too. Take a look at job descriptions for your role and see what skills they’re largely asking for. If there are one or two requirements you keep seeing that are not such strong points of yours, spend the coming weeks working on them.

Along these lines, make sure any licenses or certifications you have are up to date. And if you’re midway through a certification, see if you can ramp up to get that credential ahead of a layoff.

3. Secure a second source of income

The loss of a paycheck could constitute a huge blow to your personal finances. But if you have a second source of income to fall back on, that hit could be minimized in the event of a layoff.

Take the time now to line up and start working a side hustle, whether it’s a weekend catering hall gig or a few hours a week delivering groceries. If you spend the next few weeks working out the kinks, you may be better positioned to maximize your side hustle if your job actually does go away. Plus, having the extra income now could help you boost your savings.

4. Check up on and boost your emergency fund

The good news about potentially getting laid off this spring is that the economy is not in a recession. So this would mean losing your job at a time when work is still available on a whole.

Still, it’s a good idea to make sure your emergency fund can cover at least three full months of essential bills. Even in a strong economy, it might take that long to blast out your resume, attend interviews, and negotiate an offer. If you don’t have enough cash in the bank to pay your bills for three months, do your best to boost your savings starting now.

As mentioned above, a second job could be your ticket to extra savings. But also, examine your budget and try to cut back on non-essential spending during this period of uncertainty. That could mean saying no to dinners at restaurants for the time being, with the understanding that you can resume that habit once your job situation stabilizes — whether that means landing a new job or making it through your company’s layoffs unaffected.

Even though you might hear reports of a strong economy, it’s important to pay attention to happenings at your place of work. If you have reason to believe that layoffs may be right around the corner, take these steps to protect yourself financially and set yourself up to land a new job soon.

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