If you are the type of person who answers a recruiter's call without much thought or frequently explores job sites for appealing opportunities, you are already on the path to 'career cushioning'!
If not, today you’ll learn how to kick-start this essential strategy.
I’m going to dive into the latest buzzword 'career cushioning', a strategy that gained traction during COVID and has become increasingly relevant amidst worldwide layoffs.
According to Forbes, some 326 companies have cut more than 98,000 jobs in 2024 so far. Leading tech companies like Tesla, Amazon, Google, TikTok, and Microsoft, along with consultancies, banks, construction firms, and consumer product companies, have also let people go.
Meanwhile, other industries are hiring; some research shows that at least 10,000 positions for AI talent remain unfilled in the U.S. alone.
Don't let Job Uncertainty get the better of you
In today’s world, it’s easy to get overwhelmed by global uncertainties, affecting our well-being and job performance.
It's the unknown.
Two people I've spoken with recently are wondering if they will still have a job at the end of this month due to announced job cuts.
It’s important to acknowledge that global events can influence our careers.
Career Cushioning Could be your solution
The unpredictability of the current moment has led many to seek ways to ensure career stability.
One effective strategy to achieve this is through career cushioning, which involves taking proactive steps to safeguard your career amidst change and uncertainty.
Think of it as setting yourself up to move into a good Plan B if the need arises. I this post, I will discuss possible ways to do that to protect your earning potential by creating a metaphorical cushion through up-skilling, re-skilling, and diversifying your professional portfolio.
You'll learn how to prepare for the unexpected, enhance your career prospects, and navigate professional volatility.
Before I dive in, I’m going to open it up to you – stop and have a think for a moment... what’s your biggest concern regarding your job or career right now?
Now keep that in mind as I walk you through the elements of career cushioning that can help counteract that concern.
What is Career Cushioning?
Definition: Career cushioning is the practice of taking proactive steps to safeguard your career, preparing for potential job loss or changes in the job market, whether economic or technologically driven by AI and automation.
This also involves staying updated with industry trends, enhancing your skills, and networking, even when you're not actively looking for a new job.
Why Career Cushioning is Important
Economic Uncertainty: With the job market being unpredictable, career cushioning provides a safety net. It helps you stay prepared for layoffs, economic downturns, or company restructuring.
Helps with Personal Well-being: It reduces anxiety and stress related to job insecurity, knowing that you are being proactive by ensuring you have options and a plan in place if your current job situation changes.
Steps to Implement Career Cushioning
Protect Yourself from Job Loss
Career cushioning is not just about preparing for potential unavoidable layoffs but also about protecting yourself from being laid off. Simply doing an excellent job, going above and beyond to complete duties, taking responsibility for bringing positive change to your company, and making an effort to learn and support procedures that are outside your daily responsibilities can make you indispensable.
Skill Development
It’s about gaining skills that complement your primary field of work. For instance, I became certified as a coach, allowing me to coach professionals and other product experts. This could mean gaining a teaching or training qualification, becoming an expert in using AI, or broadening your job opportunities by getting certified in Agile delivery or Salesforce.
Only one in three people, according to a survey by Gartner, are aware of how to manage their careers over the next five years. The study also revealed that a staggering 94% of respondents feel it is now more necessary than ever to develop talents outside of their job responsibilities.
If you need insights and help around where to focus your upskilling – my 'Your Strengths Blueprint' coaching programme is perfect for that.
Identify Skill Gaps
Conduct a self-assessment to identify skills you need to develop. Look at job postings to see what skills are in demand.
Take Action
Enrol in courses, attend workshops, and seek out stretch assignments at your current job to develop new skills. Even ask your employer to fund it as part of your professional development.
With the rapidly changing technological landscape, a large majority of the global workforce will need to up-skill, re-skill, or cross-skill to do their jobs more effectively using available technology tools like Salesforce, Microsoft, AI, Google, and Xero.
Networking
Build and Maintain Connections: Regularly engage with your professional network both online (LinkedIn) and offline (industry events). Networking helps you stay informed about new opportunities and industry trends.
Job Market Awareness
Discreet Job Search: Use job search platforms wisely. Set up job alerts to stay updated on potential opportunities without alerting your current employer. Going beyond just looking is referred to as 'Job Dating' – test your market value. This kind of “job dating” can help you see your worth in the marketplace, understand changes in your field, and highlight your own marketability.
Stay Informed
Keep an eye on industry trends and economic indicators that might affect your job. This helps you anticipate changes and prepare accordingly.
Update Your Resume and Profiles
Regularly update your LinkedIn profile and resume with new skills, courses, job title changes, experiences, and achievements to stay ready for new opportunities. Request recommendations from previous colleagues on your LinkedIn profile and connect with people within your industry, and your company.
Financial Preparedness
Work towards having some emergency savings. Build a financial cushion by saving regularly. This provides a buffer in case of sudden job loss.
Conclusion
Career cushioning is about being proactive rather than reactive.
By taking these steps, you ensure that you are always prepared for whatever comes next in your career, providing peace of mind and stability. Think of it as an insurance policy to set yourself up for success. It is all about the extra padding that could protect you from a potential shock.
Today, you’ve discovered some actionable steps and found out how to build a safety net that can help you thrive in any economic climate. Don’t miss out on this opportunity to future-proof your career through career cushioning.
If you need further insights into areas for up-skilling or where you might be best to focus, knowing your strengths is a great place to start - that's where I can help you as a Strengths and Career Coach. Ensuring that you aim your investment of time or money where you will gain the greatest value!
Binny Langler champions the radical idea that you can design the work life you want.
By coaching you on how to write the next chapter of your work story with YOU as the hero, spotlighting your unique superpowers.
As Founder & Director of The Inkling Effect, Binny has over 20 years of experience in helping professionals discover and apply their unique strengths to create more fulfilling and meaningful work.
A certified Executive, Gallup Global Strengths Coach & Career Change Coach - with a Masters of Entrepreneurship & Innovation.
Her mission is to be a change catalyst for curious professionals who are seeking a fresh start in their career journey. She uses a fast-track process that reveals your superpowers to enable you to script the next chapter of your work story with intention and purpose. Binny specialises in challenging the status quo, utilising Design-Thinking to empower her clients to embrace their potential and pursue brilliance, whether that be in their current role, or transitioning to something entirely different.
Book a Free Career Strategy Chat HERE
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