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It’s incredibly common nowadays for professionals to create a “career safety net,” which is also sometimes referred to as “career cushioning.” This is when you are preparing a backup plan in case your current role doesn’t work out. It becomes helpful in the future if you’re laid off unexpectedly or suddenly find yourself without a job. Here is why it’s important to build one, and how you can start early in your career.
Benefits of a Career Cushion
Building a safety net for unexpected situations can be done at any point in your career, but starting early will help alleviate the stress of the future and allow you to build a wider net. A lot of workers have concerns surrounding job security, with 40 percent expecting the job market to worsen and 52 percent expecting layoffs to continue through the rest of the year. Another 49 percent of professionals worry about AI and what it could mean for their jobs. Creating this cushion doesn’t mean these outcomes are inevitable, but it allows you to be prepared in case your fears come true.
Finances and Benefits
Job security concerns are also financial security concerns. Find ways now to increase your financial security, so if there ever is a time where you lose your primary source of income, you won’t be underwater right away.
The best way to do this is by building an emergency fund. The rule of thumb is to build an emergency fund with enough money to cover three to six months of expenses, including rent, utilities, groceries, medical bills, and anything else you currently pay for on a regular basis. When you’re early in your career, you can break this down into smaller steps so it doesn’t become overwhelming. Start with saving $1,000, and over time, work your way up to one month of expenses, then three months of expenses, and so on. Doing this early in your career gives you the benefit of time. Don’t panic and cut out everything else in life in order to save, but be conscious of how you can set yourself up for unexpected situations in the future.
Losing your job also means losing company benefits. If job security is a top concern for you, ensure you are making all necessary medical, dental, and vision appointments and not pushing them off. If you have dependents, this means staying on top of their appointments as well. This doesn’t mean scheduling everything today, but just be conscious of what you need to schedule and do it sooner rather than later.
A lot of professionals think this is it when building a safety net. While having an emergency fund is important, it’s only one piece of the puzzle.
Network
Your professional network is also part of your cushion. While you are still employed, make sure you are keeping your connections warm. If you haven’t reached out to your connections in some time, connect with them now. Send a message about a recent update they’ve had or share a piece of industry news you’d like to chat with them about. Don’t start asking for referrals or network with the intention of finding a new role, but having these connections in place can help you if you ever do need that referral later.
Skill-Building
You want to continue building your skillset throughout your career. Doing this can help make you more likely to be promoted and can be helpful if you ever find yourself back in the job market. Skill-building can happen in your day-to-day work by asking to take on new projects and work on tasks you might not have much experience with. You can also build skills outside of work through certificates and online courses. Right now it’s also important to build high-demand skills, like AI fluency. There’s never a downside to adding more skills to your toolbelt, and if you find yourself in the job market down the road, you already have what you need for your next role.
Resume
As you build new skills and take on new projects, make sure to add these to your resume so it is up to date. Updating your work experience is much easier to do when you’re currently in the middle of it, rather than a year or two later. This will also save you time if you ever need to use your resume again–it will already be ready for you, so you won’t have to spend much time polishing it.
Stay Engaged
While doing all of these things can be beneficial to you later, don’t let it get in the way of what you are doing right now. Stay engaged with your current work and prioritize what’s in front of you. Building your career safety net should be something you do in your spare time, and shouldn’t be your top priority. Prioritizing your career cushion over your current responsibilities can work against you and have the opposite effect.
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