In the current economy many companies opt to downsize so that they are able to maintain costs. We all expect the best after college. Hoping for a permanent and sustainable job. One that is able to clear the bill and at the same time give us some financial security. The truth of the matter is financial security takes a long time to achieve. It takes years and years. So how should you approach the subject of job security?
While the issue of job security means different things to different people, the common objective at the end of it all is to ensure that there is a steady supply of income to support our lifestyles. Different factors in the job market may advise engagement in a side hustle to help supplement a monthly salary and at the same time help achieve financial freedom faster. Some of these factors are listed below;
Mergers and Acquisitions
When companies get acquired or merge with others, redundant positions are likely to occur and this might lead to layoffs. The bad news is that it is not easy to tell which company will get acquired or be part of a merger. The unpredictability of this situation calls for one to have a plan B for his or her career.
When a recession hits the market, it leaves layoffs and early retirements in its wake, as companies struggle to survive through the tough economic situation. To avoid being caught flat-footed, it is advisable to always have a plan B that you can always fall back on to, in such a scenario.
Sometimes life happens and you find yourself in a situation where you are caught between quitting your job and facing financial uncertainty or staying and hating what you do daily. For instance, when your boss puts you in an untenable position, or you feel the working conditions no longer favor you. Leaving employment with no clear direction would not be advisable at the time. This is when a plan B comes in handy.
The advantage of a Plan B
It’s important to always be on your toes. Don’t get too comfortable. The problem with most people is that when they get a job, whether high paying or otherwise, they become so comfortable that they only wait for a monthly paycheck. Other than that the rest of their time is spent resting. A plan B can be something you do on the side that generates extra income, without interfering with your main engagement. It can also be the connections you make and maintain in the industry that could come in handy when you need assistance. Below are advantages of having a plan B and working on it;
If you decide to pursue a side hustle in your areas of interest, you might discover talents and skills you never knew you had. You might even realize that you enjoy doing the activity more and you find ways of monetizing the idea. The best plan Bs are those that you can easily slip into and excel in. It is important to maintain close connections with individuals in the industry so that the process of transition is easy when the time comes.
The best place to learn how to run a successful business is while you are still employed. If entrepreneurship is your plan B, you need to start early to give room for growth and learning. You learn the principles of running a functional business, leadership skills, dealing with suppliers and customers, customer relationship management, among others. These skills can be easily transferred to your business as you continue learning and growing.
It can be Your Cushion in Tough Times
Companies usually make decisions based on what they want to achieve. If the company does not have enough revenue like it anticipated, then it may have to reduce salaries or subject employees to a pay cut . Your side hustle will give you some comfort. You don’t have to worry about being laid off or downsizing because you have a fallback plan.
You Minimize your Limits
With a plan B, you create a wide range of opportunities for your career. This ensures that you will never be stuck in a difficult situation, or stranded when a rug is pulled from under your feet. When you decide to branch into entrepreneurship or follow a particular passion during your personal time, you get to have the best of both worlds and broaden your options.