How To Deal With Layoff Anxiety

The Great Resignation has us witnessing a majority of US businesses cutting down on their staff or planning to do so within the next few months. This has given rise to a spike in the layoff anxiety levels among workers. Within the tech sector alone, 39,000+ employees have been laid off by August, including workers at big companies like Peloton, Shopify, and Netflix.

People are wondering now more than ever whether they’d have received a termination letter via email when they wake up in the morning, or whether they are performing well enough at their jobs to not be replaced by someone.

Nearly 80% of US workers are affected by job insecurity due to the recession concerns. This layoff-induced anxiety is affecting the mindset of the workers and messing with their productivity levels. Not only that but worrying about getting laid off daily can affect your mental and physical health in a bad way. Job insecurity can lead to mental health issues such as anxiety and depression and affect your ability to concentrate.

In worst cases, layoff anxiety will be the cause for you potentially getting cut from your workplace. If you are worried about the security of your job day and night, you might get discouraged to put in your 100% for the job every day. This will decrease your productivity and your daily targets will likely not be achieved on time. You may eventually get labeled as underperforming and be a prime candidate for the next round of terminations.

So, what can you do about layoff anxiety?

When things start to feel overwhelming, take a step back

True, the inflation is rising sky high, and the economy is falling apart as we watch. Your company is affected by the Fed’s interest rate hikes. Things seem as gloomy as they ever could be. You notice your boss avoiding your eye in the elevator and they didn’t invite you to Friday brunch as usual. All of this, when you try to think of them at once, will be overwhelming for anyone. So, take a step back.

Your boss may have had something on their mind in the elevator and simply didn’t notice you. The Friday brunch plans could have gotten shifted for some reason. If you dwell on these two situations for a full day, you’d feel that you’re falling out of favor with your boss and be really worried about your neck when it’s time for cutoffs. But if you take a step back and look at the bigger picture, you will be able to see that most of your layoff anxiety is what you make up in your head.

Instead of worrying about the inevitable, do what you can to make the situation better

If your company has started layoffs or has announced its plans to do so, you might be compelled to worry about your job. It’s only natural to worry and want to stick your head in the sand till the storm passes. But doing so will not make things better for you. Instead, re-evaluate the value you bring to your organization. Are your tasks menial and can be done by anyone with spare time? Are you generating enough revenue for the company? Have your projects achieved their weekly goals?

You can talk to your supervisor if you feel that your time is better used for another task or if you feel like you could add more value to the position. But don’t just rely on performing better. Lay the foundation for your job search by connecting with your network and updating your resume and LinkedIn page.

Plan out your actions for the worst-case scenario

Use that imagination of yours to your advantage to plan out what would happen if you got laid off. What will you do if you get the cut? Where will you go from here? Whom do you want to work with after this employer? Plan your course of action in detail. Discuss with yourself how to face all the obstacles that come with the layoff including finances, healthcare, and job search.

It might be pessimistic at first, but after a while, you’d feel confident in yourself because you are not lost on what to do if you get laid off. You have a well-thought-out plan. You have planned out every step of the way, and you are not helpless. This will give you a sense of control to help you deal with layoff anxiety.