Introduction
According to a recent Gallup poll, 15% of US workers today feel at risk of losing their jobs (Gallup).
This statistic is quite alarming because job security is a critical component of personal and professional stability.
If you have job security, it’s not only much easier to progress up the ladder, but it also improves your day to day quality of life.
If you lack job security, however, you face significant stress and uncertainty that can undermine your overall well-being as well as productivity – ultimately crippling your success and career development.
Why Is Job Security Important?
Job security is not just important for individuals, but also for corporations.
Research indicates that perceived job insecurity is linked to reduced engagement (NIH). Moreover, a comprehensive meta-analysis of 37 studies found associations between job security and work attitudes, including job satisfaction and organizational commitment (Cambridge).
In other words, job security is crucial for a committed, capable and satisfied workforce. And such a workforce – and the value they create – is necessary for individual upward social mobility.
Job Security Versus Job Stability – Not the Same Thing
Before we get into the hacks, it’s important to note that job security and job stability are not the same thing…
Job Security
Job security refers to the assurance that an individual will retain their current job without the risk of becoming unemployed. This assurance can come from various factors, including the employee’s performance, contractual agreements between the employee and the employer, the company’s financial health, as well as the overall economic environment.
Job Stability
Job stability, on the other hand, is about the consistency of employment within a particular company or industry. It implies that jobs in certain fields or companies are less likely to be subject to layoffs or downsizing.
What’s important to understand here is that, while mastering demand (see Launch Your Career) can help you with job stability, it is not necessarily enough. In order to attain true job security you need to take additional actions.
It’s Worse Than You Think
It’s also worth noting that your struggle for job security doesn’t happen in an isolated vacuum. We operate in a competitive, calculating and sometimes even ruthless corporate environment.
In fact, many workplaces intentionally stoke fears of job loss in an attempt to motivate workers and reduce costs, since they believe that job-insecure workers may be less likely to demand raises and other benefits (SAGE).
While this strategy can, and does, create a toxic work environment where employees feel constantly threatened, leading to decreased morale and productivity – employers still use it.
Therefore, you need to operate with the assumption that it’s being used against you, and also recognize that job insecurity isn’t just an individual challenge, but a deliberate and systemic problem you need to actively fight against.
13 Hacks for Job Security
Given all this context, let us now explore 13 high impact hacks for ensuring your job security.
1. Excel in Your Core Competencies
Becoming the best in your domain is non-negotiable. Continuously improve your skills with self-directed training, targeted courses as well as certifications (yes, credentialism is a big thing and you can benefit from it).
For example, an IT professional might enroll in advanced AI courses to stay ahead of emerging trends. Our five core skills and seven high value disciplines provide a guide to the latest and most lucrative directions to explore in order to stay at the top of your field.
2. Cultivate a Rare Skill Set
Develop a unique combination of skills that are in high demand but short supply. This makes you irreplaceable. Of course, this skill needs to be a skill that has actual demand and is being used by your company.
With this tactic, the rare skill set you develop, needs to be rare for the group of people employed with your title in your company.
For instance, an engineer who also has expertise in data science, isn’t being optimal. While data science is a rare skill, it’s more prevalent in engineers, and almost expected (depending on which company you’re at). Therefore, while this engineer can get some cute data related projects because of his additional skills, it doesn’t give much leverage.
But another engineer who has expertise in giving presentations to auditoriums of people – a much rarer skill among engineers – can bridge gaps between departments and even become a spokesperson. That can provide not only job security but even upward mobility.
3. Network with Purpose
Build a network of influential contacts who can advocate for you. (In our experience, the individuals with the strongest network connections tend to be the last ones standing after layoffs.)
But this isn’t just about collecting business cards…
What’s crucial here is to focus on networking with individuals who have the power to influence your career trajectory. A single meaningful connection with a decision-maker can open doors to new opportunities, projects, and even promotions. (Hint: Attend our events to meet key industry players and expand your professional connections.)
4. Volunteer for High-Impact Projects
Seek out projects that are critical to your company’s success. Leading such initiatives positions you as a key contributor and highlights your leadership potential.
Of course, in a corporate landscape teeming with ambitious competitors vying for the same recognition and opportunities, standing out is essential. When seeking to lead high-impact initiatives, it’s not just about your skills; it’s about your ability to navigate the competitive terrain and prove your worth.
Sometimes you can catch a break, and take on a project others – mistakenly – ignore. Think: working on social media before Facebook blew up, when everybody thought it was a silly idea. You have to keep your eyes open and pounce on those opportunities…
Sometimes though, there are no such breaks. Then, you need to outmaneuver your competitors with a combination of strategic networking, skillful positioning, and bold initiative. Actively seek out opportunities by networking with decision-makers and proposing innovative ideas aligned with the company’s goals. You’ll hear no, many times, especially if you do it wrong.
But a single yes can, not only give you job security, but even set you up for your whole career.
5. Master Office Politics
Understand the power dynamics within your organization. Power can protect you from layoffs.
In some sense, navigating office politics is akin to mastering a 5d chess game. It involves understanding the unspoken rules, alliances, and power dynamics that influence decision-making and career advancement.
Start by observing interactions, meetings, and informal networks to decipher who holds sway and how influence flows within your organization. Only once you understand the lay of the land, forge alliances with key players across departments and hierarchies, much like building a coalition in a political campaign.
This does not have to be manipulative, unethical or insincere. Cultivate genuine connections based on mutual respect and shared goals. These allies can provide invaluable insights, support, and opportunities as you navigate your corporation.
6. Drive & Take Credit for Innovation
Propose and implement innovative solutions to complex problems. (Innovation areas are usually areas companies don’t cut, because cutting them makes the company look weak and dying.)
Keep in mind, innovation isn’t just about having bright ideas; it’s about driving them forward and owning their success. Start by identifying areas ripe for innovation within your organization. Look for opportunities where your ideas can make a real difference. Once you’ve pinpointed these areas, don’t just propose, but also take charge of the implementation process, rallying support from stakeholders and team members alike.
Most importantly, take credit for your contributions. Without credit, accomplishment does not exist.
7. Build and Protect Your Personal Brand
Your reputation is your greatest asset and your shield in the competitive job market. Develop a professional image that radiates reliability and excellence.
By curating a strong personal brand, you establish yourself as a dependable and valuable asset within your industry. Potential employers and decision-makers are more likely to trust and retain individuals with a proven track record of excellence. (We’ve seen situations where some professionals were retained purely because of their network – the firms wanted to retain relationships.)
8. Become Indispensable
Identify and own critical functions within your organization. Ideally, specialize in areas that are vital but underappreciated, ensuring you are the go-to expert for crucial tasks.
In a competitive job market, being indispensable means that you are not easily replaced. In other words, the company should not be able to function without you there.
While there is no easy way to becoming indispensable, if you keep your eyes and ears open, and get involved with your work, you can uncover opportunities to get you there.
9. Align with The Strategic “Biggest Hippo” Goals
Align your work with the overarching goals of your organization, especially those goals your board and your chief executive are taking hefty risks with. (Note: biggest hippo is in reference to an advertising industry concept: where sometimes the most powerful – but equally clueless – people make creative decisions, resulting in the creation ads for these decision makers, also known as the hippos, rather than the market.)
Of course, alignment with these big hippo goals means not just doing the work, but also demonstrating your contributions. You need to make sure that your work and your accomplishments are visible, and how your work benefits the company’s strategic goals is clearly articulated – every chance you get.
10. Align with Power Players
Form alliances with the most influential figures in your organization. These power players can protect you from layoffs and advocate for your promotions. (In our experience, this is the most effective hack for job security.)
There’s not much more to say about this subject. It hinges on your social skills, and willingness to build relationships across hierarchies.
11. Control Perceptions
It’s not enough to be indispensable. You must also cultivate an image of being indispensable.
Consistently showcase your dedication through the ownership of critical tasks, while actively seeking opportunities to take on more pivotal responsibilities. Portray yourself as an engaged, proactive, and integral member of your company.
Keep in mind, this tactic isn’t to fake busyness or deceive others with false appearances. Instead, it’s about demonstrating your commitment and dedication to your role.
It’s worth noting that organizations led by discerning leaders can distinguish between genuine commitment and fakery. Furthermore, we recommend our students to leave such companies and work only in organizations where they create real value.
Companies where leaders cannot differentiate between faking it and making it, get run right into the ground.
12. Control Information Flow
Become the gatekeeper of critical information within your department or team. Make sure others must rely on you for important decisions. By being the primary source of knowledge, you position yourself as indispensable.
Everything about being indispensable we wrote above applies here too.
13. Always Have an Exit Strategy
In today’s job market, job security isn’t just about staying in one role – it’s about having the freedom to walk away when necessary and KNOW that you have better opportunities waiting for you.
This requires having a backup plan.
Keep your resume updated. Keep your network growing. Stay connected with industry trends. And be intimately aware of what’s happening in your field, as well as your company.
While you may not have control over potential layoffs or business closures, you can control how prepared you are to face them. By staying informed and ready to jump ship when you see signs of an impending layoff, you can avoid being caught off guard by unexpected changes.
Remember: it’s always better to job hunt when you are employed. Whether it’s due to a layoff, business closure, seeking new opportunities – Employers don’t really care why you don’t have a job. HR Gatekeepers don’t care. And applicant tracking systems (ATSs) aren’t even capable of caring!
They don’t even notice. All they see is whether or not you’re employed, and how long (the longer it is the worse for you). They’re focused on their own agendas. That’s why it’s essential to prioritize your own preparedness and security.
Stay prepared for any eventuality and move to greener pastures before trouble strikes…
That preparation is the ultimate job security.
PS – Launch Your Career has modules to help you automate that exit strategy while you’re still employed, so that you don’t have to remain in the job hunt mode permanently.