UPDATE: Workers are proactively taking control of their job security as corporate layoffs loom and AI technologies disrupt traditional roles. Many are launching side businesses, preparing finances, and accelerating job searches to counteract rising anxiety. This shift reflects a growing trend among employees who fear they may be next on the chopping block.
In a striking example, Michael Permana, a former software engineer at Amazon, faced a precarious situation when he was placed on a performance improvement plan in February 2023. Recognizing the signs of impending layoffs, he took paternity leave, hoping to secure his position while searching for new opportunities. “I was desperate,” Permana stated, fearing that being on a performance plan indicated he was “on his way out.” His gamble paid off; less than a month after returning, he landed a new role at MobilityWare.
Despite layoffs across various sectors remaining historically low, white-collar workers are feeling the pinch. A hiring slowdown, coupled with major corporations shifting strategies, is leaving many in a state of uncertainty. Laura Ulrich, director of economic research at Indeed Hiring Lab, confirms that reduced hiring levels exacerbate fears about job security. “If you become unemployed, it’s become much harder to find a job,” she noted.
As corporations streamline operations and pivot towards AI initiatives, workers are no longer waiting for the axe to fall. Eduardo Noriega, who experienced job insecurity at Microsoft during a mass layoff in 2009, took proactive steps to ensure financial stability. He built a staffing business on the side, which eventually outpaced his full-time earnings. “Job security isn’t real,” he reflected, crediting his side hustle as a crucial career decision.
Others are mirroring this proactive approach. Kent Ha, a digital marketing strategist at Intel, began job hunting in June 2024 after sensing instability within his team. By July, when layoffs were confirmed, he was already in the midst of securing new job offers. “I figured worst case, I’d land another offer,” he explained.
Financial preparedness is a common theme among those facing layoffs. Phil Coachman, previously a senior cloud solution architect at Microsoft, decided to resign in July 2024 to focus on his job search, backed by a substantial savings fund. “I had enough savings that even if it would take me a year to find a job, I would be fine,” he shared, emphasizing the importance of financial planning during uncertain times.
Many workers are turning to dual employment as a safeguard. A New York tech worker, identified only as Reed, has taken on two full-time remote jobs, earning an estimated $280,000 annually while juggling a 60-hour workweek. “The only way for me to combat not continuously being unemployed is to have two jobs,” he stated. His strategy reflects a growing trend where job security is increasingly reliant on multiple income streams.
As the job market continues to evolve, workers are adapting by leveraging their networks. John, a California-based software engineer, is not only earning $225,000 this year but has also cultivated relationships that could aid his job search if necessary. “I know several startup founders and hiring managers in my industry,” he said, expressing confidence in securing another position if needed.
The urgency for job security is palpable as employees face an uncertain future. With corporate layoffs and hiring slowdowns on the rise, workers are taking matters into their own hands. As more individuals share their stories of resilience and preparation, the question remains: how will this shift in strategy impact the workforce moving forward?
For those navigating these turbulent waters, the message is clear: preparing for the unexpected is not just a strategy; it has become essential for survival in today’s job market.
