There are signs that the labor market has been slowing. Since June 2023, the unemployment rate is up 0.5% to just over 4% — not high by historic standards, but that’s still 800,000 more Americans out of work than last year. And jobless claims are up, indicating layoffs have been rising too.
A new survey finds folks are ready to do a lot to try to avoid that fate. ResumeBuilder.com surveyed more than 1,200 workers to find out what they’d be willing to do not to get laid off.
For half to two-thirds of respondents, that included “working weekends, they would avoid taking time off,” said career strategist Julia Toothacre.
Between 30% and 40% would be willing to take a demotion or a pay cut, make a longer commute or be relocated. And “one in five workers could only sustain their current lifestyle for a week or less if laid off,” she said.
“Many people live one paycheck away from being in really bad financial situations,” noted Carl Van Horn at the Rutgers Center for Workforce Development.
Families striving to move up the economic ladder may also be at risk, he said. “People may have made investments that, if they lose their job, they may lose their car, they may lose their house.”
If your employer does decide to lay you off, Julia Toothacre added there might not be much room to negotiate. So if you think the axe is about to fall, best start looking for another job.
