How workers are trying to get ahead of a job market full of uncertainty

"Halloween has come and gone, but the labor market is still feeling spooky. Many workers see job security as a rarity these days. But instead of waiting for the proverbial axe to drop, some are getting ahead of layoffs in a variety of ways, writes BI's Jacob Zinkula. Sometimes it's as simple as getting a jump start on job hunting while you're still employed. Other people Jacob spoke to diversified their income with a side hustle or picked up a second full-time gig."

"The labor market has remained largely frozen for the past few months, with little to no hiring or firing. The slight thawing we have seen in recent weeks has been due to layoffs. There has also been a rise in rolling layoffs where companies make multiple, small cuts as opposed to a single deep one. The approach is meant to help companies avoid cutting too deeply, but it doesn't do much for employee morale. As if all of this wasn't nightmarish enough, don't forget the threat of AI. Companies seem keen to leverage the tech's efficiencies, which many interpret to mean lower headcounts."

Many workers perceive job security as scarce, prompting preemptive steps like beginning job searches while employed, adding side hustles, or taking second full-time roles. The labor market has been largely frozen for months, and recent activity has been driven mainly by layoffs. Some companies now use rolling layoffs of multiple small cuts rather than a single deep reduction, which can harm morale. Growing use of AI and pursuit of efficiencies raise concerns about shrinking headcounts. Layoffs can be unpredictable and rationales can shift, so preparing in advance remains a practical strategy.

Read at Business Insider