As companies look to reorganize or cut costs, layoffs continue to impact workers, especially those in the tech, media and manufacturing industries. While overhiring over the last few years may account for some of these job cuts, concerns about the economy also play a role and could cause layoffs to worsen.

Recent U.S. Bureau of Labor Statistics data indicated signs of a further weakening job market. The seasonally adjusted civilian employment rate stood at 4.3% in July 2024 – up from 4.1% in June and 3.7% in January. The July 2024 jobs report showed that the country only added 114,000 jobs that month compared to the 215,000 monthly average over the last year.

If you’re feeling shaky about your employment situation, now is a good time to take action, prepare your finances and reduce your chances of being laid off.

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1. Ensure You’re Not an Underperformer

If you’re performing worse compared to your coworkers, that can easily make you a target for layoffs.

Mark Anthony Dyson, career consultant and founder of The Voice of Job Seekers, recommended that employees be proactive about knowing where they stand. “When industry-wide layoffs are in the news, it’s an excellent time to schedule an honest conversation with their manager,” he said. “Sometimes, waiting for company rumors to float is too late.”

You should then get to work to address any performance issues. “Prepare performance metrics to compare them to benchmarks set by management,” said Dyson. “If the employee is considered underperforming or borderline, create a specific plan with management to exceed goals.”

2. Be Visible in the Workplace

Whether you believe your work will speak for itself or you simply prefer staying behind the scenes, a lack of visibility could hurt your chances of keeping your job.

“If leaders across the organization don’t know who you are or what you’ve achieved, it will be difficult to justify keeping you onboard should layoffs be necessary,” said Caroline Castrillon, founder of Corporate Escape Artist. “Instead of flying under the radar, speak up in meetings and ask your manager for strategic projects that will contribute to the bottom line.”

Castrillon also encouraged regularly tracking your accomplishments so that you have something to share with your boss. “That way, you’ll remain top of mind and viewed as an integral part of the team,” she said.

Besides potentially protecting you from layoffs, the increased visibility might help when you’re up for a promotion.

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