Picture this scene: you’re happy at work, you’re in a good groove, you like your co-workers, and your performance reviews are fine. Things are good.
Or, are they? In the face of a couple of tumultuous years thanks to the pandemic, the cost of living crisis and wider factors like the war in Ukraine, the economic outlook is a lot different than it was in 2020 and 2021.
Back then, despite the restrictions and furloughs imposed on workers by the Covid crisis, there was a lot of activity within the tech sector in particular. According to data from Layoffs.fyi, since 2019, some of the top tech companies have collectively increased their workforces by about 875,000 employees.
And even despite highly-publicised redundancies which saw about 90,000 job cuts made by these same firms globally, there are still a lot more people in work than out of it.
In the UK, employment levels rose above pre-pandemic levels for the first time in the period January to March 2023, and continued to increase in February to April too, according to figures from the House of Commons.
That’s positive for those in the workforce, but the uncertainty and stress of the past few years, coupled with fears of a potential recession – not to mention the rise of generative AI tools – has made UK workers nervous about their longer-term futures.
Squiggle career era
We’re in an era of the ‘squiggle career’. As its name suggests, this is decidedly non-linear. Not defined by an upward trajectory, instead it is a career path that is fluid, has dips and peaks, and ultimately offers employees a different way to create a long, interesting working life.
Hand-in-hand goes the idea of ‘career cushioning’, AKA steps you can put in place to help create better job security in the face of a recession.
Both of these approaches are, in 2023, a great way to look at work now, and into the future, because these days, no one truly expects to have a job for life.
In fact, a study from education platform FutureLearn found that 21% of UK working-age adults – or almost seven million people – don’t expect to be working in the same industry by 2030.
And with the OECD estimating that 1.1billion jobs are liable to be radically transformed by technology in the next decade, how should you go about future-proofing your job and creating a career backup plan?
Identify your transferable skills
Many of us have skills that are applicable across different industries or job roles, and these transferable skills are valuable assets if you need to transition to a different career path. Do a skills audit to pinpoint any potential gaps, but great things to have are softer capabilities such as problem-solving, communication, leadership, project management, and adaptability.
The good news is that the World Economic Forum has officially declared in its 2023 Future of Jobs report that when it comes to skills for the future, it is analytical and creative thinking, leadership and social influence, and curiosity and lifelong learning which are the skills expected to see growing demand.
Stay updated on industry trends
Don’t coast: Keep yourself informed about the latest trends, technologies, and developments in your industry and related fields. This knowledge will help you identify emerging opportunities and potential areas of growth. For example within the fields of AI and machine learning, prompt engineering is emerging as a hot new job to know about.
Additionally, staying up to date will allow you to acquire relevant skills and knowledge that can make you more marketable in different sectors.
Network and be active on social media
Building a strong professional network is essential for career success and can also serve as a safety net by giving you access to people you can contact directly about opportunities.
In addition to people you’ve worked with, connect and engage with professionals from various industries, attend networking events, and engage in online communities related to your interests. Having a diverse network can provide you with valuable connections and potential job leads if you ever need to switch careers.
Don’t stop learning
It is easy to get comfortable and sit back, expecting things to stay rosy. But in order to secure your career for the future, and not succumb to the phenomenon of ‘quiet quitting’, whereby workers simply check out from their jobs., investing in learning is vital.
You can do this in any number of ways, through company-led courses and seminars, by attending workshops and conferences, or you can even pursue an advanced degree to boost your knowledge and qualifications. By broadening your skill set, you increase your versatility and ability to adapt to different career paths.
Create a financial safety net
Job hunting takes time, with some experts saying it can take from three to six months to get a job, and you only have an 8.3% probability of getting a job interview from one job application.
So not only is it a smart idea to build a fund that can act as a backup, it is also necessary. Start by creating a budget, then add a set amount each month to your emergency fund. You should aim to have around three months’ worth of living expenses saved just in case.
Having a career backup plan across all facets of your job and working life is not only proactive, but it is an important step that can help you navigate unexpected changes, and which also leaves you free to pursue new opportunities.
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