The study highlights growing financial anxieties as 1 in 3 workers report that their employer has already implemented cost-cutting measures, such as hiring freezes (34%), layoffs (24%), and frozen raises or bonuses (20%). Employees who are worried about job loss are taking action to improve their financial stability:

• 55% say they are making extra efforts at their current job to prove their value, and 26% plan to start soon
• 49% have recently updated their resumes, and 47% plan to do so soon
• 32% are already earning extra income through a side hustle or second job, and 55% plan to start one

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“If you believe you’re going to be laid off, the best thing you can do is start reaching out to your network,” says ResumeTemplates’ Chief Career Strategist, Julia Toothacre. “Ideally, you should connect with people before you need something, so outreach doesn’t feel transactional. Updating your resume with key accomplishments now will also save you stress later.”

9 in 10 Workers Would Return to the Office 5 Days per Week to Avoid Layoffs

As employers tighten budgets, workers are willing to make significant sacrifices to keep their jobs. A staggering 89% of employees say they would comply with a five-day in-office schedule if it meant avoiding a layoff. Other compromises workers are willing to make include:

• 80% would work weekends
• 74% would forgo time off
• 63% would switch to part-time or freelance work

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“With many companies using return-to-office (RTO) policies as a justification for layoffs, in-office visibility is more critical than ever,” says Toothacre. “If you’re worried about job security, now is the time to have an open discussion with your manager about potential layoffs and what concessions might help you keep your position.”

2 in 3 Workers Have Cut Spending Due to Job Security Fears

Concerns about potential job loss are already affecting workers’ financial and personal decisions. Two-thirds (67%) have reduced their spending in the past two months, while 1 in 4 (25%) have delayed major life events like buying a home, having a baby, or pursuing further education.

If they were to lose their jobs, workers say they would be most concerned about losing healthcare benefits, mental health impacts, and finding a new job.

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Source: PR Web