Many companies have announced layoffs in recent weeks, and others have hinted that cuts may be coming. Luckily, there are steps workers can take to prepare.

“At the end of day, you can’t control what’s happening in the economy, but you can control building a strong professional resilience,” according to Mandi Woodruff-Santos, a career and money coach.

Best Buy, Ford Motor, HBO Max, Peloton, Shopify, Re/Max, Walmart and Wayfair are among the firms that announced layoffs in recent weeks.

Meanwhile, 50% of firms are anticipating a reduction in overall headcount, while 52% foresee instituting a hiring freeze and 44% rescinding job offers, according to a PwC survey of 722 U.S. executives fielded in early August.

Here are some tips to prepare for a potential layoff.

Take stock of your ‘personal professional economy’

Workers should first take stock of their specific situation, rather than extrapolate based on negative headlines. Your industry may be well-insulated from layoffs, at least for the time being, which means worry might be misplaced, experts said.

Woodruff-Santos recommends thinking instead about your “personal professional economy,” including your job and skills. For example, what do employment and job openings look like in your industry? What are you seeing and hearing from the people in your industry?  

Take stock of your finances

It’s always prudent to have an emergency fund, but that financial buffer will be especially important after a layoff.

That money will help bridge an income gap during periods of unemployment. Many workers don’t get severance pay or may only receive a few weeks of income. Workers won’t necessarily qualify for unemployment benefits, depending on their state, employment and recent earnings history.

Workers should also examine their expenses, which will determine how long their emergency fund lasts, he added. They should include student loans in these calculations — payments are scheduled to resume after Aug. 31, though the deadline may be extended, Jenkin said.

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