Experts recommend having a financial backup plan in uncertain times.

February 19, 2024
1 min read


Experts advise having a financial safety net in place to be prepared for potential job loss due to economic uncertainties. Inflation and rising expenses are causing worry among employees. Steps to take include saving aggressively, cutting unnecessary expenses, and lining up backup options. Focus on what you can control, such as job performance and staying up-to-date with skills.

Article Summary

In a challenging economic environment where layoffs are common, workplace experts emphasize the importance of having a financial backup plan in place. The worries about job loss are fueled by inflation and rising expenses, contributing to stress among employees.

Jeri Hawthorne, SVP, chief human resources officer at Aflac Incorporated, advises that the best way to handle the fear of potential layoffs is by being proactive and having a financial safety net. It is essential to have a solid savings plan for unexpected situations, especially in uncertain economic times.

To be prepared for job loss, experts recommend saving aggressively, cutting unnecessary expenses, and building a fallback plan. Additionally, focusing on job performance, learning new skills, and being open to organizational changes can help employees adapt to the dynamic work environment.

Despite the anxiety surrounding job security, experts emphasize that worrying does not change the outcome. It is essential to stay focused on work, create a fallback plan, and reach out to personal networks for support. Getting laid off is part of the professional world, and many people have found their footing again after facing job loss.

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