Being let go is hard, especially with the cost of living on the rise, and talk of a recession looming.
Facebook’s parent Meta META also announced it would lay off 11,000 employees, equivalent to 13% of the social-media company’s employee base. And this week, Amazon AMZN said it plans to let go 10,000 workers, about 3% of its white-collar employees, and signaled that there may be more cuts next year. The Federal Reserve has raised rates six times so far this year to combat the rise in the cost of living. Interest-rate hikes make it more difficult for high-growth tech companies to deliver growth at the same momentum as previous years.
Time for a reset Those who lost their jobs in recent months will have to face a hard reality: It might be hard to get a job that’s equivalent in seniority and compensation to the one you just left, said Renata Dionello, chief people officer of ZipRecruiter. Consider alternative sectors The U.S. economy gained a surprisingly strong 261,000 new jobs in October, underscoring the persistent strength of a labor market. There are jobs out there, so keep your skills fresh and think about developing new ones, Dionello said.
Salary is not everything It’s not always about salary, especially during such an uncertain time. Health insurance, paid time off, 401 plans and other work-life balance issues like remote and/or hybrid work may also play a role in your decision making. Start your own side business Remote working makes starting a business a lot cheaper than before the coronavirus pandemic, said Pollak. Founders do not always need to rent offices, and it’s easier to find remote workers and affordable online services.
But you don’t need to do it for big life-changing ideas, you can also do it for survival, said Glassdoor’s Terrazas. Even moonlighting as a career coach or personal fitness trainer can help when you’re between engagements, he said.
Learn a trade on the side?
You can be a pipe line worker.
Learn to…oops…that’s not it. 🤔
Military is hiring. You can get that college education paid for by working for it.
Going to work and performing?
Learn to mine coal?