In November Meta and Amazon informed over 20,000 employees of layoffs; these are just two of the major employers that are laying off people as they see a recession coming.
What can you do if you are an employee that might be in subject to a layoff in the future? How do you know if your job might be on the chopping block?
Just because you work for a big company, or your company has been struggling to fill empty positions coming out of the pandemic, does NOT mean you are “safe.” Middle managers, line workers and employees that can’t show they directly contribute to the bottom line are often the early targets of layoffs.
If you think you might be a target, it’s a good idea to build up your emergency savings. This is done by reducing spending. It might be a good year to make the holiday gifts smaller or consider gifts you can make instead of those you buy.
It’s also a good idea to review your stock options and other investments; reposition assets so that they are not as exposed to market downturns.
Many items on our shopping lists have reached new highs. These items include both new and used cars, housing costs, credit card interest rates and much more. Buying on credit can hurt you big time if some (or all) of your income dries up.
Make small changes. Pack a lunch, rather than going to a restaurant, to reduce your cash consumption and allow you to get prepared for the unexpected.
The good news is that if you take action now and don’t end up getting laid off the worst thing you will have to deal with is some extra savings.