Concerned about layoffs? 5 ways to solidify your job and your finances

The US economy is in much better shape today than it was a year ago. In recent months the unemployment rate has fallen and more job opportunities have opened up.

However, the economy is still a long way from fully recovering. And given that a pandemic is still going on thanks to the Delta variant, it’s easy to see why a large proportion of workers are afraid of losing their jobs.

According to a recent survey by the National Endowment for Financial Education, 22% of respondents are concerned about job security. If you feel the same, here are some important steps to take.

Daily money: Get our latest personal finance stories in your inbox

1. Expand your skills

As you become a more versatile employee, it can become more difficult for your employer to fire you if your company downsizes. Think about the skills that make you a more valuable member of the team. This can mean learning new software or brushing up on presentation skills.

2. Engage with other teams

You may be used to mainly working with a single team in your workplace. However, when you are able to expand to and work with other teams, you become a more integral part of the whole operation. And that means you might be harder to fire if there are layoffs.

► Empty shelves in the supermarket? These products can be difficult to find if the supply chain is interrupted

3. Be helpful

The right mindset could be your ticket to keeping your job when layoffs become a reality. Be the person in your company who volunteers for the Grunt work that nobody else wants. Or step in and agree to lead a new project that your co-workers are too nervous about. This capable, helpful attitude can go a long way in helping your manager decide who needs to be fired.

4. Network within your company

The more people you know in your company, the easier it can be to find a way to stick with layoffs. Introduce yourself to different managers and learn more about what their teams are doing. That way, if your team is specifically affected by layoffs, you can have an option to switch and join another.

► Job report: 4.3 million Americans quit their jobs in August. Here’s why

5. Develop a skill that no one else has

You may not be the only person in your company who knows how to analyze data or pay attention to details. But if there is a skill that no one seems to have that could benefit your business, such as:

► ‘I will never come back for hours of my life’: When the offices reopen, workers refuse to return to work

Protect yourself financially

Losing a job can mean a huge financial blow. These steps could help reduce your chances of falling victim to a layoff.

However, it can also be a good idea to get a part-time job alongside your main job. Not only does this give you some income security (if you get laid off, you still have some Cash receipt), but it could also increase your savings. And that could be just what it takes to survive a layoff if one arises.

Warning: The highest cash back card we’ve seen yet has 0% introductory APR through 2023

Offer from the Motley Fool: Using the wrong credit or debit card can cost a lot of money. Our expert loves this top selection with the functions a 0% introductory APR until 2023, an insane cashback rate of up to 5%, and all of this somehow with no annual fee.

In fact, this card is so good that our expert even used it in person. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We firmly believe in the Golden Rule. For this reason, editorial opinions are ours only and have not been previously reviewed, approved or endorsed by included advertisers. The Ascent does not cover all offers on the market. The Ascent editorial content is separate from The Motley Fool editorial content and is created by a different team of analysts. The Motley Fool has a disclosure policy.

The Motley Fool is a USA TODAY content partner providing financial news, analysis, and commentary designed to help people take control of their financial lives. Its content is produced independently by USA TODAY.