forbes.com

10 Ways To Protect Your Job In An Uncertain Job Market

Caroline Ceniza-Levine

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A downturn can lead to layoffs. But you can protect yourself in an uncertain job market.
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The SXSW conference has been cancelled. Global stock markets are volatile. Companies are changing how they run – e.g., rethinking travel plans, increasing remote work arrangements – in response to coronavirus. Even if you are gainfully employed, even if you love your job, you need to proactively manage the uncertainty around you. This means continuing to excel in your job and to be indispensable to your employer (use this checklist to gauge how valuable you are in your job).
Here are ten ways to protect your job in an uncertain job market:
1 - Be flexible in how you work
You may need to work remotely, so set up the foundation now to enable seamless continuation of your work. Clear out dedicated desk space at home. Confirm that your office equipment and data permissions enable you to work outside the office. If you serve clients, they may also be increasing their remote work, so make sure you are comfortable with video conferencing, online scheduling, data sharing in the cloud and other ways to virtually work together.
2 - Be a team player
Your colleagues may need to work remotely, and this may change how you collaborate. When colleagues are scattered physically, this may require more coordination, and hand-offs or requests can take longer. Be patient and willing to accommodate these changes.
3 - Shore up support at home to minimize disruptions at work
If you’re a working parent, make contingency plans now if school is disrupted and you need additional childcare. If you might lean on extended family, ask them now. If you might share resources with other families, start coordinating now. Even if you aren’t a working parent, you may work closely with working parents, and if their work is disrupted, you may need to step up (as per point 2 on being a team player!)
4 - Shore up personal savings
In the event of a prolonged down market, business may slow. There may be layoffs or reduced hours. Prioritize your emergency cash reserve to ensure that you can ride out even temporary changes to your paycheck. Create a plan to survive a sequester.
5 - Pay attention to changes at the company
Your company’s strategy will change in response to changes in the markets and with the clients your company serves. This is not the time to glaze over company announcements, press releases or financial reports. You need to pay attention to how your company is doing and any changes in their priorities so you have a heads-up in case these changes impact your work.
6 - Align your work with current priorities
I have a friend who oversees his company’s presence at big events like the SXSW conference. His job will most definitely change, and his role may be significantly reduced, if more of these big events are cancelled. Yet his marketing and organizational skills are easily transferable, if he is proactive about shifting his efforts onto projects that aren’t impacted. If your work will likely decrease in the weeks or months ahead, don’t treat this as a welcome break. Get busy on something else.
7 - Make your boss want to keep you around
People hire people, people promote people and people retain people. If there is not enough work for everyone, your boss will decide whose schedule is decreased or who is let go. At the same time, your boss is also dealing with all the uncertainty that you are facing. Remain positive to avoid feeding into any more anxiety. Make sure your work quality is impeccable. Help your boss look good, so when cuts need to be made, you look good to your boss.
8 - Make your colleagues want to keep you around
Part of being a team player (point 2) is that it’s the right thing to do, but also it’s the smart thing to do for your own job security. Decisions aren’t typically made by just one person, so what others think of you matters. If you have good relationships, you are able to get things done. When you get things done, you improve your own job security.
9 - Double down on networking
You might have great relationships on the job, but it still might not be enough. This is not the time to eat lunch alone or stay glued to your desk all day. You need to strengthen relationships outside your group, outside your company and outside your industry. Your group, company or even industry (e.g., travel, event services) may be negatively impacted, and you want to be able to launch a search quickly.
10 - Avoid doomsday thinking
Preparing for a job search doesn’t mean that you need to fixate on losing your job. In fact, staying positive is a huge asset when everyone around you, including your boss, is anxious. Your confidence becomes a welcome relief, helping your internal and external relationships.

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A downturn in the market doesn’t have to mean a downturn in your career
If you continue to do a good job, while putting into place some of the above defensive measures, a downturn in the market doesn’t have to negatively impact your career. You might like working remotely or dealing with clients and colleagues more virtually. Market volatility might give you an opportunity to buy on the dips if you invest regularly in your retirement plan. All the unknowns could be the motivation to jumpstart your savings an contingency planning. You can protect your job and continue to advance your career even in an uncertain job market.