With all the talk about layoffs, and top companies laying off thousands at a time over the past year, we’re seeing more and more individuals using what’s called Career Cushioning. This refers to maintaining a safety net – or backup plan -while pursuing your primary career goals. This safety net includes such scenarios as a side job, freelance work, a secondary source of income. Not to mention, professionals are job searching with the hope of lining something up should they end up laid off.
The purpose: to provide financial stability and security, especially during times of uncertainty or transition in one’s primary career path. In short, this is a strategy where professionals take steps to create ‘just-in-case’ alternate paths of employment in the event they lose their current job.
According to a recent post on the HubSpot.com, a site with tools, software and info for businesses, Career Cushioning allows you to ‘cushion the blow’ if you lose your job unexpectedly. It’s about being proactive and creating additional opportunities for yourself in the event of a layoff or sudden termination.
The practice of career cushioning has continued to escalate. And while it wasn’t called Career Cushioning in the past, professionals have been doing just this for decades.
businessinsider.com says – “A slew of companies across the tech, media, finance, and retail industries made significant cuts to staff in 2023. Tech titans like IBM, Google, Microsoft, finance giants like Goldman Sachs, and manufacturers like Dow, all announced layoffs”. With all these layoffs by top companies, such as these – over the past year – workers are feeling unsettled. Even employees with a history of stable employment may harbor apprehensions about their future within their company. Also, we’re seeing the elimination of mid-level positions. For example – management roles. Unfortunately, the firing of a manager or specific leader can cause a domino effect in terms of staff turnover.
Remaining vigilant about the job market is prudent regardless the situation, and utilizing this practice can enable you to gauge the market regarding your skills. That said, this practice could also pave the way for significant discussions within your current organization. In short, staying aware of the marketplace can help you grasp the needs of prospective employers providing you an opportunity to upskill or venture into a completely new professional area via reskilling.
7 Tips for Career Cushioning
- Stay visible – Update your Profile on LinkedIn – post comments and articles of value on a regular basis.
- Take time to diversify your skills. For example – broaden your skill set. This helps you make yourself adaptable to different roles and industries. Having a diverse range of skills can increase your employability and resilience in the face of changing job demands.
- Develop and solicit feedback from mentors to identify areas for improvement and professional growth. A mentor can offer valuable guidance and support during challenging career transitions.
- Participate in informational interviews. This is a meeting between an individual seeking information about a career, industry, company, or specific role and a professional who possesses relevant knowledge and experience in that area. Unlike a traditional job interview, the primary goal of an informational interview is to gather insights, advice and firsthand perspectives rather than securing a job offer. During an informational interview, an individual typically asks questions to learn about various aspects of the profession, such as day-to-day responsibilities, required skills and qualifications, career paths, industry trends and challenges, for example. It’s an opportunity for the interviewee to gain valuable insights into the field they’re interested in and to expand their professional network.
- Get Certified. Skill Validation Certifications validate your skills and expertise in a specific domain. They provide tangible evidence to employers or clients you possess the necessary knowledge and competencies to excel in your field. In today’s competitive job market, having certifications can set you apart from other candidates. They demonstrate your dedication to staying current with industry trends and technologies, making you a more attractive candidate to potential employers.
- Network. Networking exposes professionals to a broader range of career opportunities. Whether job openings, freelance projects or collaborations, networking can quickly connect individuals with opportunities they might not have otherwise encountered. Networking is engaging with peers, mentors, and industry leaders which can provide valuable feedback, guidance and mentorship opportunities. Professionals can learn from the experiences of others, gain new perspectives and receive advice on career advancement strategies.
- Offer your services on a freelance site. Freelancing opens up a world of diverse opportunities. As a freelancer you can work with clients from various industries, regions and backgrounds, allowing you to expand your skills and knowledge, This can also provide opportunities for continuous learning and growth. Plus can help you build your network.
Overall, career cushioning is a strategic approach to career management which prioritizes financial stability and flexibility. Bottom line – it enables individuals to pursue their primary career goals with greater confidence and resilience, knowing they have a backup plan in place to support them during challenging times.
This is a timely post and deals with a rising issue n its importance, Jean
The purpose: to provide financial stability and security, especially during times of uncertainty or transition in one’s primary career path.
I find the above quote on career cushioning of considerable value as it offers a great way not only to careers and having back-up plans but also in dealing with uncertainty in other fields as well.