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Tech Layoffs: How To Protect Your Finances And Career

Unfortunately, the Tech layoffs continue into 2024. It appears job loss will continue into a good portion of this year too. There’s two things Tech employees can do: Hope they don’t lose their job, or prepare for a potention layoff now. I’m here to help those in the latter group because I’m a child of layoffs. My mom, a Boomer, lost all of her long-tenured jobs due to layoffs. That taught me two things: Companies aren’t loyal, and employees need to look out for themselves.

How To Protect One’s Finances From The Tech Layoffs

When it comes to protecting one’s finances from the Tech layoffs I suggest employees do the following:

  • Live below your means
  • Pay off debt
  • Save money

Live Below Your Means

It’s better for Tech employees to live below their means now so if they experience job loss later it’s easier to live on less. I know from experience it’s difficult to live on less when it’s forced upon a person. People feel they lost control. And they did. Thus, to feel better, those individuals may continue to spend money.

I know this suggestion is hard for many employees to implement in their lives because they work hard for their money. They want to enjoy the fruits of their labor. I agree with that, and I spend money on things that make me happy too. However, I’m smart with my purchases because I think about them ahead of time. And thinking about how to spend my money helped me get out of debt.

Pay Off Debt

The second way to protect one’s finances against Tech layoffs is to pay off debt, especially high-interest debt. That type of debt is the following:

  • Credit cards
  • Personal loans
  • Student loans
  • Buy Now, Pay Later loans

Unfortunatley, this suggestion is going to be difficult for many people – especially Americans – to follow because debt is too easy to obtain today. I was able to get out of debt by putting all th extra money I could from my paychecks toward it. I got extra money by working an additional job and spending less money.

Save Money

My final suggestion for Tech employees is to save money. Even if employees have debt to pay, I want them to save some money. It’s best to have an emergency fund, even if it’s small, just in case something happens. Because it’s better to have some money in the bank to use to pay for that emergency than put it on a credit card at a high interest rate.

How To Protect One’s Career From The Tech Layoffs

Now let’s discuss how Tech employees can protect their career from Tech layoffs. The best way, in my opinion, is to keep refreshing their skills.

What tends to happen to many Tech employees is complacency. They settle into their job, do their daily work, and stop learning. Or if they do learn it’s just enough to finish an important project or try for a promotion. There’s no urgency to learn a new skill or stay abreast of the new technologies…until Tech layoffs happen again.

By that time it’s too late. Because those people have to apply for new jobs now. And as the layoffs continue, more and more people flood into the job market. Thus, competition is fiercer. If a person doesn’t have in-demand skills, then that person will lose out on jobs.

I’m refreshing my programming skills currently using FreeCodeCamp. I want to make sure if something happens with my job as a Data Center Technician I could find another one, or even move into a different role.

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