How I Stop Being Scared of Losing My Job!

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As someone who has worked multiple jobs at the same time, the recent recession scare has made me wary. It made me think about whether or not I’m scared of losing my job. What surprised me was that many people had the same fears. Statistics show that between August and December 2022 alone, over 6 million people lost their jobs from layoffs. No wonder 48% of Americans are concerned about their employment status!

Because of this, I had to learn how to change my approach to life. Being scared of losing my job may be valid, but it can also stop my progress. Whether I like it or not, I needed to prepare for the possibility of a layoff. The only way to stop feeling scared of losing my job is to stay one step ahead. Here are six tricks I learned to overcome my fears!

What are layoffs?

Through my research, I found that many people confuse getting fired and getting laid off as the same thing. The truth is that layoffs happen at the discretion of the company or the boss. Meanwhile, dismissals or pink slips usually happen as a result of someone’s conduct. I had to think about it further to understand why I’m scared of losing my job.

To illustrate this, imagine that I’m a barista. One day, my manager calls me in to talk about my habitual tardiness, which is ruining my work performance. Due to the issue, they have to let me go. In this situation, the loss of my job is directly linked to my actions. I would be scared of losing my job because I failed.

Now, imagine another scenario with the same start: I’m a barista and the manager calls me over for a chat. This time, however, the manager states that the coffee shop is experiencing severe financial difficulties. Several issues, from supply chain disruptions to inflation, have strained the company’s budget. To make ends meet, they have to let me go even though I’ve done nothing wrong. Now, I’m scared of losing my job even when I did nothing wrong!

Based on the second scenario, it’s no wonder that I’d be scared of losing my job. The threat of being laid off is what makes me anxious. Since layoffs are the company or the boss’s decision, my performance and likability have little influence. In other words, I could be doing everything right and still end up out of work!

What are the signs that a layoff is coming?

Being scared of losing my job made me realize how people can feel anxious and lost. Without knowing when a layoff comes, it’s easy to feel like I need eyes at the back of my head. Thankfully, I learned that layoffs rarely, if ever, come out of nowhere. There are four key signs that can help me see if one is coming. That way, I can understand whether or not I should be scared of losing my job!

Poor finances

The first predictor of a layoff is the company’s financial health. If my company isn’t earning as much as before or it’s budget is scaled back, that impact everyone involved. Leaders and CEOs tend to view these setbacks as opportunities to restructure and turn their fortunes around. That’s why many who get laid off are informed it was due to ‘budget cuts’ or financial losses. So, if I am scared of losing my job, I should be sure by checking if my company is doing well or not.

Discontinued services or plans

There are times when companies decide to discontinue a service or plan. Usually, it’s because they no longer see value in this task. The problem is that this sentiment can extend to the workers involved. For example, say that I’m a software engineer that works for a tech company. If there are poor software sales, the bosses might decide that software tech is not the way to go. They might decide to lay off the entire software team as a result. In this scenario, it’s no wonder why I feel scared of losing my job.

Company restructuring

At times, companies undergo a long period of restructuring. Maybe new management believes it’s time for a change, or the next boss wants to streamline and simplify the workload. They might combine departments and teams together to fit their long-term plans. However, this could also lead to established roles or personnel being laid off. If I’m scared of losing my job, I should check the company’s structure first. That way, I can predict whether or not I’ll be caught in the crossfire.

Unemployment cycles

Work can be as seasonal as the weather itself. For instance, companies often recruit large numbers of staff or contractors to help out during their busiest seasons. The flip side is that they might release several workers during slower business periods. If my company is approaching the seasons when they usually let go of several people, it’s fair to see why I’d be scared of losing my job.

What can I do to prepare for potential layoffs?

Now that I know the signs of an incoming layoff period, I can prepare myself for the worst. Even if I’m not laid off, I know that safeguarding my career is always a good choice. The only way I could stop being scared of losing my job, I must always be ready. Here are six strategies I learned to stay one step ahead of a layoff!

1. Prepare an emergency fund.

When I was starting to make my way in the world, I discovered how important it was to have an emergency fund. This is a backup budget meant to cover any unplanned expenses. If I wanted to stop being scared of losing my job, I had to build a strong financial foundation. With a good emergency fund, I could survive the layoff period while looking for a fresh start.

To optimize my emergency fund, I needed to keep it separate from my other budgets. That way, I can avoid unnecessary expenses and protect my assets. I also automated a portion of my salary to this fund. That way, I could build it up quickly without the temptation of wasting money. Now, there’s no reason to be scared of losing my job because I know I can cover my expenses.

2. Reach out to your network.

Whether a fresh face in business or an experienced veteran of the game, I learned that networking is the lifeline of success. Through it, I can bond and cooperate with role models and industry leaders from around the world. If I want to stop being scared of losing my job, I needed to find support in both the feast and the famine. That’s why I make sure to network with people from all walks of life and from various industries.

With a good network, I know I can set up new opportunities for myself if a layoff does occur. I can use it to find a new career path or sharpen my skills in my current field. This way, I won’t spend too much time unemployed. What better way to stop being scared of losing my job than with a wide range of options? You best believe that when opportunity knocks, I’ll be the first to answer.

3. Review and use your benefits.

Even if pop culture likes to frame companies as evil masterminds, I know that there are establishments that care. In fact, I know plenty of places that offer great benefits to their workers during and after employment! I’d be scared of losing my job in any scenario, but if I know the benefits, I can control my fear. By reviewing what I can redeem or use, such as insurance policies or skill classes, I can adapt and grow my potential for the future. Better to start now than to worry about it later, right?

4. Examine the facts.

While I must always be ready in case a layoff happens, I also know that panicking won’t solve anything. If I’m constantly scared of losing my job, I’d find it hard to concentrate. It’d be like someone freaking out when they’re told the building is on fire, even if there’s no smoke. The occasional whisper of a layoff can reach my ears, but I can’t always be sure if it’s true or not.

To help me stay calm and collected, I always make sure to examine the facts. A study by Steelcase found that almost two-thirds of workers admitted that there was office gossip about company news. That’s when I learned to always take what I hear with a grain of salt. The only time I should start feeling scared of losing my job is if it comes from a reliable source. Otherwise, I won’t think about it.

5. Assess your spending habits.

Being laid off is never ideal. Even when I am scared of losing my job, I can’t fix it with the snap of my fingers. If I want to stay safe and confident, I have to be financially stable during the best and the worst of times. That’s why I make sure to review and assess all my spending habits. With it, I can see where I’m going too far and adjust accordingly.

The best part is that being scared of losing my job has helped me learn what I don’t need to spend on! I can enjoy a nice meal once a day and not worry about the rest. I can say goodbye to carbs, both for my health and my wallet. I don’t even need a fancy gym to stay fit; walking around works wonders for me. It’s all about the work and not the workout.

6. Stay calm.

Takeaways:

Layoffs are not like firings. The former can happen at the company's discretion, which can induce job loss fear.
Look for signs of layoffs such as poor company finances, discontinued services or plans, company restructuring, and unemployment cycles.
Six strategies to prepare for potential layoffs include building an emergency fund, networking, making use of your benefits, scrutinizing the facts, assessing spending habits, and maintaining a positive attitude.
An emergency fund offers financial security in the event of a job loss and can reduce job loss fear.
Networking is a safety net during tough times, and it can help secure new job opportunities if you face a layoff.
Review your company benefits and use them to ease the transition during a layoff period.
Don't let rumors or office gossip drive your fear of job loss; instead, rely on confirmed facts from reliable sources.
Adjust your spending habits to make the most of your savings and emergency fund if you face job loss.
Even in the face of potential layoffs, maintaining a calm and positive attitude is essential for exploring new opportunities and adapting to changes.
Fear of job loss is common, but with the right strategies and mindset, it can be managed effectively.

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