49% of Workers Think the Job Market Will Get Worse Over the Next 6 Months. Do These Things if You Agree

A woman smiles during a video conference at home for work.

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Talk about a grim prediction.

Important points

  • If a recession hits, it could lead to widespread unemployment.
  • There are steps you can take to avoid ending up on the chopping block at work.
  • Become more important to your employer and build solid relationships with different parts of the company.

The US has an inflation problem and the Federal Reserve is trying to solve it by raising interest rates. In doing so, the Fed is hoping consumers will shy away from higher interest rates on things like loans and credit cards and limit spending in response. Once consumer spending slows, this should narrow the supply/demand gap that caused inflation in the first place.

The problem, however, is that expensive borrowing could lead to one Main Decline in consumer spending, not just a moderate one. And that could be enough to fuel a recession and send national unemployment numbers skyrocketing.

If you are concerned about this, you are definitely not alone. In a recent Joblist report, just over 49% of workers said they are concerned the job market will deteriorate over the next six months. And if you feel the same way, it’s worth doing whatever it takes to keep your job. Here’s how.

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1. Identify a business need – and fill it

When economic conditions deteriorate, companies sometimes have no choice but to lay off employees. But if you prove yourself invaluable by acquiring a skill no one else in your company has or solving a problem no one else can solve, then you might manage to keep your job during a downturn. Think about how you can fill a big gap at work—then develop the skills needed to be the person who comes to the rescue.

2. Get involved in more areas of the business

If you’re one of three staff accountants at a company going through tough financial times, lobbying to keep you close can be difficult—especially when your fellow staff accountants have seniority. But if you do your part to branch out and learn more about your business as a whole, you might be able to secure your spot — especially if you start becoming more actively involved in other operational matters.

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3. Build relationships within your organization

It may happen that your department has to reduce staff. But if you make it a point to build a solid working relationship with people in other departments, it could save you a layoff.

Suppose your manager can no longer justify keeping your job, but you’ve made a good impression on another manager whose department doesn’t need to be eliminated. You might be able to change roles within your company and thus avoid an unwanted period of unemployment.

Put your fears into action

The prospect of a deteriorating job market can be frightening. But instead of wasting your time worrying about such a scenario, focus your energies on doing whatever it takes to secure your job and not end up on the chopping block.

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At the same time, it pays to do your best to increase your savings while you are still employed. With more money in the bank, you should have peace of mind when fears about layoffs loom.

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