Following recent layoffs at Meta affecting thousands, the article highlights the precarious nature of job security during a recession. It provides five practical strategies to safeguard your career, including developing in-demand skills, maintaining an updated resume, and building a financial safety net.
Fresh layoffs are underway at Meta as the tech giant moves to reduce its global headcount by about 10%. The downsizing is expected to affect close to 8,000 workers, according to Bloomberg. Employees in Singapore are among the earliest to be notified of the decision. According to an internal letter seen by Reuters, Meta wants to redeploy some 7,000 workers into AI-related roles as part of its broader reorganisation plans. Chief People Officer Janelle Gale wrote the document, which also detailed intentions to eliminate other managerial positions.
The most recent events serve as a warning that during a recession, no job is entirely safe. Although layoffs are frequently out of an employee's control, there are a number of actions they may take to increase job security and maintain their financial and professional readiness. Here are five practical ways to safeguard yourself against job cuts.
Develop Skills That Businesses Can't Ignore
During times of restructuring, workers who continuously improve their abilities are frequently more valued. Professionals that can manage several tasks or contribute to high-priority initiatives are typically retained by companies. Pay attention to fields that are still in high demand, such as automation and artificial intelligence, data analytics, cybersecurity, cloud computing, product management, digital marketing, and performance enhancement.
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Keep Your LinkedIn Profile and CV Updated
Many workers don't update their resumes until they lose their jobs. Opportunities may be delayed at a crucial moment. Always keep your resume up to date with the most recent accomplishments, measurable outcomes, certifications, initiatives, and leadership roles. Make sure your LinkedIn profile accurately represents your present experience and abilities at the same time. Candidates with high internet presence are frequently contacted
Be Ready for Interviews
Being prepared for interviews is a wise move, even if you are not actively seeking employment. Particularly amid layoffs, the employment market may change swiftly. Opportunities are frequently secured more quickly by candidates who are professionally and mentally prepared than those who are just starting out.
Explore Other Source of Income
Other revenue streams are now more accessible than ever because to the growth of freelancing, consultancy, and creative platforms. While a backup source of income might not be able to quickly replace a pay cheque, it might ease financial strain in uncertain times.
Create a Safety Net for Your Finances
Without sufficient reserves, layoffs become much more distressing. Generally speaking, financial advisors advise keeping an emergency fund large enough to cover at least six to twelve months' worth of costs. In industries where recruiting slows during recessions, this becomes particularly crucial. A financial safety net gives you the freedom to look for the ideal opportunity rather than cramming yourself into the first position that comes up.
