What is Career Cushioning?
Are you worried about the security of your job? You might be a candidate for career cushioning!
We’ve heard many buzzwords in employment over the past few years, especially during the pandemic and resulting lockdowns. There’s been remote work, hybrid work, the great resignation, quiet quitting and now, career cushioning.
So, what is career cushioning, and how do you do it?
What is career cushioning?
Career cushioning, put simply, is having a Plan B! It’s especially important as the rapidly changing employment landscape puts more jobs at risk of redundancy.
It’s certainly not a new concept, but due to our increasingly unstable employment landscape, the impact of new technologies, geopolitical struggles and a possible recession, career cushioning is crucial for many.
More people are searching for career cushioning, with Google Trends reporting a 5,000 per cent increase in the search term in the last 12 months!
Job loss and economic uncertainty
Tristan Wright, Business Coach, says career cushioning reduces the risk of job loss and economic insecurity.
“It involves developing multiple sources of income, skills, and networks to increase resilience in the job market. This can include building up a side business, investing in real estate, developing new skills and certifications, or networking with others in the industry.
“The goal of career cushioning is to have a backup plan in case of an economic downturn or job loss, allowing you to continue earning a living even if one source of income dries up.
“By having multiple income streams and a diverse skill set, you can increase your chances of finding new employment or generating income from other sources.
“Career cushioning is especially important in today’s fast-changing job market, where job security can be uncertain, and it’s wise to have a plan in case of unexpected events,” says Wright.
Career cushioning is more common when uncertainty exists in the employment and economic environment.
“People feel that career cushioning is necessary for today’s job market because of increasing uncertainty and volatility.
“With technological advancements and automation transforming many industries, jobs are becoming more transient, and there is a growing need to adapt and be prepared for changes in the job market,” explains Wright.
The COVID-19 pandemic highlighted the importance of having a backup plan, says Wright, as many people lost their jobs or faced reduced hours and pay.
“In such an economic climate, having a career cushion can provide peace of mind and financial stability, helping individuals weather unexpected events and changes in the job market.
“Finally, having multiple sources of income and skills can increase your earning potential and provide greater flexibility in career choices.”
Inflation and tech to blame
Nicole Coggan, Employment Consultant and Professional Resume Writer, says her clients increasingly need to implement career cushioning strategies.
“Career cushioning is becoming increasingly popular amongst my clients contacting me to get their resume ready ‘just in case’.
“Previously, my clients only contacted me if they had a job in mind. However, I would estimate that around 25 per cent of the resumes I am writing now are for people who are career cushioning.
“This is so that they are ready to move in case of sudden redundancy and helps my clients feel more secure about their job prospects and ability to generate income moving forward.
“Inflation and changes to technology have many of my clients feeling less secure about their current jobs.”
6 career cushioning techniques
If you’re feeling the need to protect yourself from job loss, try some of the following career cushioning techniques.
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Stay up to date with industry news
Invest in subscriptions to online journals and magazine subscriptions in your industry to stay abreast of all the latest developments. It’s a great way to stay informed and feel more secure in your current role. You could even take it one step further and submit articles to said journals or magazines!
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Network like a pro
Networking is always a good idea. But it’s even more vital in times of economic and employment uncertainty. Make sure you attend any events that could put you in touch with a future employer, client or business partner.
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Apply for new opportunities
Why wait for redundancy? If you’re feeling uncertain in your current role, take the initiative to seek and apply for new jobs. You don’t have to accept every offer, but it’s nice to have options and a great way to explore opportunities.
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Start a side hustle
Do you have a hobby or a passion that could turn a profit? If so, why not start a side-line business while you’re employed? A small business will give you an income if you’re made redundant or lose your job.
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Hire a career coach
A career coach can help you pursue opportunities that best match your skillset and feel confident to apply for new jobs. They can also help you with mock interviews and resume help and coach you on networking like a pro! You’ll also identify self-sabotaging behaviours holding you back when achieving your career goals.
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Upskill to outsmart the competition
Do you have any skills gaps? If so, online professional development courses can help you fill them fast. You’ll feel more confident in your current role and be prepared if you lose your job or become redundant. The new skills will give you confidence that your education and training are up-to-date and online courses can also motivate and inspire you to change your career or apply for a promotion.
Invest in yourself to pivot
If you’re ready to pivot through career cushioning, it’s sure to break your fall should the unexpected happen. No one can completely prepare for job loss or redundancy, but career cushioning ensures you’ve got a plan B and gives you the confidence to weather unemployment should it occur.
If you’re interested in professional development, contact one of our friendly Course Consultants on 1300 76 2221, Live Chat or Enquire Online form. They can help you upskill to outsmart the competition! And who knows, you might find a career cushion or a whole new direction!