Title: The Emergence of Career Cushioning Trend Causing Concern Among American Workers
The unpredictability of the state of the American workplace continues to be on the minds of employees as the New Year of 2024 beckons. The response to this instability of job security has created a workplace trend known as “career cushioning.” Workers are setting up Plan B initiatives so they are prepared if they should be downsized by their companies.
What is career cushioning exactly? It is a strategy in which employees add security to their careers by taking proactive steps like attending networking nights, updating their resumes and LinkedIn profiles, and perhaps even applying for jobs.
Taylor Queen, HR adviser with Insperity in Orlando, Florida, noted that career cushioning is a way for employees to ensure a smooth transition into retirement or to pursue encore careers, emphasizing stability and financial security.
Though the labor market is tight, some metrics like the LinkedIn Confidence Index showed that less than half of employees said they were prepared for an economic downturn in October 2022. “Even if the economic outlook has improved since then, workers might be motivated by the talk of a recession to career cushion,” noted Queen. The frequency of career cushioning is also dependent on the industry, as some sectors have become more prone to layoffs.
Why do employees create backup career opportunities? Those who are worried about their jobs are being proactive, say experts. “Being proactive, especially for those in more competitive industries, can lessen the downtime between positions if they are laid off or their position is eliminated,” continued Queen.
Joe Galvin, chief research officer with Vistage in Stamford, Connecticut, told FOX Business that career cushioning can happen at any point in an employee’s career and is not exclusive to a specific age group. “On the other hand, late-career professionals may also focus on career cushioning to ensure a smooth transition into retirement or to pursue encore careers, emphasizing stability and financial security.”
The emergence of career cushioning has been accelerated by the increasing prevalence of remote work, the widespread use of platforms like LinkedIn, and increased access to professional opportunities. “This trend is essentially a response to the evolving nature of employment dynamics,” Galvin noted.
With continued recession fears and a softening labor market heading into 2024, employees are increasingly concerned their company will conduct layoffs. In such an environment, workers are finding it necessary to hedge their bets, understanding the importance of self-reliance and the limited expectation of long-term commitment from their employers. “This is particularly evident in industries like tech, where the tendency to over-hire and subsequently over-fire has become a prevalent pattern—reinforcing the importance of individual agency in shaping one’s career trajectory.”
As the New Year approaches, the concept of career cushioning has sparked concern among American workers, highlighting the growing uncertainty and need for employees to take control of their own professional destinies.