Survive & Thrive Job Layoffs in 2022

There’s no denying that a lot is happening worldwide that impacts what happens at home in the United States. A global pandemic, continuing supply chain struggles, the war in Ukraine, inflation, high interest rates and more all impact the economy and the job market, which is still in recovery mode. During this time of instability, it’s important for professionals to remain resilient.

How Did We Get Here?

The pandemic kicked off a cascade of events that led to the current state of the job market. The stock market crashed, the Federal Reserve (the Fed) lowered interest rates, the IRS issued stimulus checks, purchasing increased, demand soared, supplies dwindled and inflation steadily climbed.

Now that the global pandemic is winding down, federal stimulus checks stopped, demand is decreasing, and the Fed is raising interest rates at a record pace to try to tame soaring inflation. This resulted in rising costs for businesses. Business leaders are exploring ways to cut spending, resulting in slowing hiring rates and job elimination. The financial situation is tight, and unfortunately, the job market is beginning to bear the brunt.

What Can Professionals Do?

Headlines highlighting hiring freezes were prevalent for several weeks. Recently, we’ve seen many companies announce layoffs. The future is always uncertain, but there are things you can do to prepare for possible job cuts. To start, speak with your direct supervisor. The leaders who set themselves apart right now are the ones who provide empathy and clarity before and after making company-wide announcements.

If your company eliminated your position, there are steps you can take to help you come out ahead. Consider adding the below steps to your strategy so you can survive and thrive in the coming months.

Be prepared. This includes reviewing your finances and adjusting as needed. Taking inventory of your skills and working to fill in any gaps is always an invaluable plan.

Prepare your job search essentials. Update resumes, reference lists and online professional profiles.

Continue networking. Connections are always valuable. If you experience a layoff, reach out to those you know at other organizations to ask if they’re hiring or if they can recommend you.

Apply for jobs. It’s important to continue considering your options for your career journey. With contingent work being a mainstream option and totaling 3.2 million jobs this year, temporary jobs remain prevalent as organizations ride out uncertain economic times. This way of working provides professionals with flexibility, workforce reentry, the possibility of remote work and more.

Stay up-to-date on the world of work’s changes. The job market is shifting to an employer’s market. While some remote work is going away, hybrid work is on the rise. It's essential to prepare for changes and what’s in-demand in the job market.

It’s crucial to avoid working in a state of fear, use that energy to create your own job security. The current economic situation and job market may not improve for some time. While some things are out of our control, there are many aspects that we have power over. You’re in the driver’s seat of your career journey.

🗣️ The job market is shifting, what do you think professionals should do during this time? Share your best advice in the comments section below.

Read my other blogs here to learn more about workforce trends and surviving and thriving in the world of work. Visit my website to learn more about me. In my videos, I share more advice and insight, watch here.

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