Are you worried about job security?
20 or 30 years ago, job security was pretty much guaranteed. Most working adults would typically be in a ‘job for life’ having had no more than two or three employers during their entire career.
Fast forward to now and continuous, secure employment is hard to come by. It’s not just those who are starting their working lives that are affected either. Even people who have years of experience in their field are worried about job security.
Recent high-profile cases of large, well-established companies going into administration, such as Thomas Cook and Mothercare, have sent shockwaves across the country. It isn’t any wonder that there are many employees across the UK who no longer feel safe in their job.
Let’s look at some ways you can deal with this uncertainty?
Sometimes the fear of losing your job can be much more harmful to your mental health than actually losing it. Staying positive can make all the difference.
If you don’t have any evidence that your company is in trouble, then try to put any fears to the back of your mind. Staying positive will allow you to do your job better and will make you a more valuable, motivated employee.
Try to remember the saying that “when one door closes, another opens.” Losing a job is never a nice time, but try to imagine all the new opportunities that it could bring.
Show your value
If times are tough, and money needs to be saved, then redundancies will be likely. You don’t want to be first in the firing line, so you’ll want to make sure you are too valuable for the company to lose.
This will mean that you’ll need to do more than ‘just the minimum’ to prove that you’re indispensable. Volunteer to stay late or do overtime. Help another team member who may be falling behind. Show commitment to help the company succeed.
But make sure you know your own limitations and boundaries. Unscrupulous bosses could take advantage of this enthusiasm so don’t be afraid to assert yourself if you feel you’re taking on too much.
Learn new skills
Consider learning new skills that would benefit your role within the organisation. Skills such as time management or effective leadership can be really useful whatever job you’re doing.
Having these transferable skills will mean that you’ve got a lot to offer potential employers if you were made redundant. If you want to increase your chances of job security even further, then consider learning a new skill set in your own time that would appeal to a range of employers.
Keep your profile up to date
If job security with your current employer is a worry, then you’ll probably find yourself scrolling through the job boards from time to time.
It’s important to make sure that your CV is current and up-to-date. If it is, you can be ready at a moment’s notice to apply for a new position.
Set up a profile on LinkedIn too – this is a great way to network with others in your industry and engage with relevant topics. You never know what opportunities are out there.
Manage your money
One of the biggest worries that comes with lack of job security is how it will affect your finances. If you’ve got a family to feed and a mortgage to pay then you can’t afford to be out of work for long.
If it’s possible, try to have a safety net in place for if you do lose your job. Most people tend to think that three to six month’s worth of salary is a sensible amount to have put aside for a ‘rainy day’. This will give you the breathing space you need to look for work without rushing into the first job that comes along.
Another option is to have some sort of employment insurance in place. An income protection policy can help if you are unable to work for a period of time – paying out a sum of money to help cover your mortgage and other bills. Certain policies will cover you if you are made redundant, whilst others may just cover you if you are out of action due to injury or illness. Make sure you read the small print so you know when you are covered and when you aren’t.
Speak to a protection insurance specialist today to discuss your cover requirements in detail and find cover that’s right for you.
The above post is intended to be informative but does not constitute advice – financial, legal or otherwise. Any opinions given are the author’s own and do not necessarily reflect the views of So Smart Protect or So Smart Financial Services.