In the midst of a grim economic outlook with rising inflation, high rates of interest, and a lack of clarity on hiring practices, the concept of “career cushioning’ has gotten more deeply into the HR world’s awareness. Career cushioning is the term used to describe employees who take proactive steps to minimize the impact of job loss and enable them to return to work during times of unexpected unemployment.
Career cushioning may involve keeping track of trends in the job market as well as networking and staying informed of industry trends to ensure a sense of job security. It can even mean actively submitting applications for new positions. According to research conducted by the recruitment company Robert Walters, more than one-third (37 percent) of people are taking preventative steps in this regard.
If asked about the preparation they’d made, Two-thirds (66 percent) indicated they were monitoring the job market, and 43% of them had updated their resumes. In addition, a third (33 percent) indicated they were actively seeking job openings.
This blog will explore the idea that career padding is a concept, the rationale that it’s become so important in today’s competitive job market, and the practical ways for workers to manage jobs in these uncertain times.
The reasons for the rise of Career Cushioning
The current economic situation is characterized by a rise in inflation and high-interest rates, in addition to the long-term effect of the pandemic hiring methods. This has created a climatic uncertainty that has caused workers to look for ways to secure their careers.
Economic indicators point to a recession on the way. The financial crisis of 2007 and the subsequent job losses aren’t far off in memory of workers, and they recognize the need to be prepared for job uncertainty as well as embracing career protection as an effective strategy to prevent it. Since the working world is drastically different than it was two years ago before the outbreak, any notion of security at work will likely be much more fragile.
Continuous Learning and Skill Development
In order to increase security at work, employees be able to benefit from continuing education and development of their skills. This involves staying informed about the latest trends in the industry, getting new certificates, attending seminars, and taking online courses that are in line with their career goals. This proactive approach will ensure that they remain relevant and valuable in a constantly changing job market.
Networking and Building Connections
Engaging in networking within the industry can increase the range of professional connections. Participating in seminars, conferences, and other industry events provides great opportunities to connect with like-minded professionals and prospective employers. A strong network can increase the chance of finding other employment opportunities in the event of a need.
Maintaining an Updated CV and Online Presence
The employees will regularly update their resumes to reflect the most recent achievements, experience, and abilities acquired. In addition, they may have a more engaged and aim to keep an up-to-date online presence on professional sites like LinkedIn. These platforms are a great method for employers looking to learn about their abilities and experience.
Side Projects and Freelancing
Participating in freelance projects or other side jobs can create an additional income stream and expand your professional circle. These projects can be an extra layer of protection during turbulent times and could provide new opportunities for career advancement.
Staying Informed and Flexible
Continuously keeping track of the latest news in the industry, as well as economic trends and company developments, can help you stay abreast of possible shifts in the employment market and keep up-to-date. Flexible thinking and an openness to new opportunities, loc, actions, or industries can increase the likelihood of locating alternatives to employment in the event of a change.
Through continuously updating their capabilities, networking, and keeping up-to-date with the latest trends in the industry, employees can build an insurance plan of alternate possibilities during a time when the future may appear uncertain. Implementing these strategies assures employees of security and also increases the chance of a more comfortable outcome should job loss happen. By implementing this strategy, you can help people to manage their careers and adjust to unexpected circumstances.
What are the options for employers?
Talking to People Management, Ian Moore, managing director of HR consulting firm Lodge Court, said that despite these “troubling” figures, there are ways for employers to reduce the risk. “Employers need to show their staff that they value their work and commitment and must listen to their concerns, quest,ions and feedback,” Moore added. Moore.
To reach this point, employers need first to recognize the warning signs that a certain group of employees could become “growing tired of their role,” for example, “being vague abure plans, reducing their performance,ance and showing decreased motivation.”
Moore stated that organizations could aid in tackling this issue by “checking people can cope with their workload, putting career progression plans in place, and carrying out regular satisfaction and culture surveys.”
“These steps will ensure your employees feel valued and appreciated and have a clear, long-term role in the company,” said the CEO.
If you’re interested in learning how you can increase employee engagement within your company by leveraging the power of an all-in-one human resources software, request a free demonstration of Natural HR now.