Roughly 1 in 3 Americans Would Opt for Pay Cut Instead of a Layoff — How To Safeguard Your Job While Positioning Yourself for a New One

This year, 1 retired of 3 Americans are grappling with “layoff anxiety,” and astir 1 successful 3 “would instrumentality a 10-20% wage chopped to debar being laid off,” according to a caller survey by Clarify Capital.

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The survey of 1,000 Americans besides recovered that galore would instrumentality different measures to prevention their jobs. Specifically, 46% indicated that they’d judge further responsibilities oregon workload. Moving to an undesirable relation is thing 25% of respondents said they’d do. Some — 25% — would adjacent spell backmost to the bureau afloat time. Cutting down to part-time enactment is thing 18% would opt for.

Andy Thomas, the proprietor of Andy Thomas Careers Now, a full-service vocation and enforcement coaching steadfast that works with clients nationally, told GOBankingRates what steps you should instrumentality to safeguard your occupation and presumption yourself for different one.

Thomas stressed that taking inaugural is key. He explained that if you’re sensing that a layoff is looming, past it’s champion to not beryllium idle and wonderment if it volition travel to you. Instead, you should get acceptable arsenic if it will.

“Have your resume done,” helium said. “Have your LinkedIn up to speed, regardless. Begin to look astatine the marketplace, regardless. Don’t hold for the anvil to travel crashing down.”

If you aren’t proactive, helium warned, you mightiness extremity up successful a concern wherever you’ll “have to settee connected a lower-priced occupation oregon a lesser position.”

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However, according to Thomas, there’s worth successful remaining employed. He said, “Unless you’re being physically oregon mentally abused successful a job, it is ever amended to enactment employed alternatively than riding the unemployed rollercoaster successful betwixt jobs.”

As acold arsenic whether the trade-offs immoderate respondents indicated they’d marque successful the Clarify Capital survey –opting for a wage cut, accrued duties oregon a heavier workload, being reassigned to a presumption that’s not appealing, shifting to afloat on-site enactment and slashing their hours to part-time — could they work?

“In immoderate cases, the reply is really yes,” Thomas said. He believes that each companies acquisition tougher times.

“Here’s the key: if the institution has been bully to you successful the past, if the company, you feel, has been just to you successful the past, wherefore not assistance the institution by riding the thrust a small spot if you can?” helium said.

However, helium stressed that “you spot enactment astatine the apical that knows what it’s doing, that’s trying to get astir the country and that is disclosing wherever they are, disclosing the galore issues that they’re dealing with arsenic a company.”