Latest news with #TheGreatStay
Yahoo
01-05-2025
- Business
- Yahoo
Stable Job vs Bigger Paycheck: Which Should You Choose in a Recession?
In an economy that feels unsteady, making money reliably might feel more important than ever — but employees are worried their jobs are unsteady. According to a recent report from MyPerfectResume, 81% of American employees are concerned about losing their jobs this year, and 76% believe that layoffs will go up in 2025. Employees are hesitant to switch jobs, as well, a trend the research noted is known as 'The Great Stay.' Read Next: Try This: With 92% of respondents mentioning recession fears in 2025, it's understandable why many may want to remain in their current roles. This means that employees may choose to stick with a stable job that they're confident they won't be laid off from over accepting a higher-paying job that could be less stable in a possible recession. Here's a look at the idea of sticking with a stable job compared to pursuing a higher paycheck as concerns over a recession remain. There are two major benefits to sticking with a stable job that you're confident you won't get laid off from. Consider This: Kraig Kleeman, an accomplished entrepreneur and founder of The New Workforce, noted that job stability comes with an emotional payoff. He added, 'In unpredictable times, that often outweighs the financial bump of a higher, yet unstable, paycheck. Especially when you're juggling a mortgage, caring for a family or simply trying to get a decent night's sleep, predictability holds real worth.' If you have significant expenses and a family to support, you may not want to take on unnecessary risks, especially as fears of a recession loom. 'For some individuals, stability is much more important than increased upside,' said Robert R. Johnson, Ph.D., CFA, CAIA, professor of finance at Heider College of Business at Creighton University. 'The stable job may be the wiser move if you're providing for others, managing substantial debt or just prioritizing peace of mind.' A reliable income will help you gain control of your finances and allow you to make long-term plans, since you don't have to stress about a possible job loss during a recession. When the economy falls into a recession, it can be challenging to recover, especially if your industry is particularly sensitive to economic fluctuations. 'It's better to have a stable job making less than a better-paying job with less stability,' said Melanie Musson, a finance expert with Clearsurance. 'If your income is lower, you can live a more modest lifestyle, but you can still enjoy time with your friends and family, have vacations and save for your future.' When a higher paycheck comes with job insecurity, it can be challenging to make long-term financial plans. The constant stress of worrying about losing your job can also be physically and emotionally draining, which may mean the additional funds aren't worth it. On the other side of the coin, there are also two occasions where it makes sense to chase a bigger paycheck even if there are concerns over a recession. 'That high-paying role might be a smart gamble if you're just starting your career, don't have obligations and are OK with taking risks,' Kleeman said. 'Assuming you don't get swept up in a layoff, it could fast-track your skills, boost your savings and unlock new opportunities.' If you don't have any major financial obligations or if you're new in your career, you may want to fast-track your savings by going after the larger paycheck. This could enable you to establish a solid financial foundation for the future. 'Depending on your specialty, you could quickly find employment elsewhere if you lose your job,' Musson said. 'In that case, a better-paying job with less stability may be a better option, because losing your job doesn't have to mean you'll spend a month unemployed.' If your industry has abundant employment opportunities, even in a possible economic downturn, then you could benefit from taking the bigger paycheck, since you won't have to worry about landing back on your feet after a layoff. Kleeman pointed out that not enough people consider this third route, which is diversifying while staying grounded in a stable role. This building a side hustle and developing skills that make you lay-off resistant while keeping your secure job. This would allow you to maximize your income while remaining prepared for a possible recession. However, it could also be more stressful, since you won't have as much free time. 'My advice would be to go with your gut and try to make the decision based on your preferences and appetite for risk,' said Adem Selita, a financial professional and co-founder of The Debt Relief Company. 'If you have fewer potential liabilities, you might want to consider a higher-paying job that is less stable. If you have sustained responsibilities, you might want to more heavily consider the job with more stability.' Johnson agreed that the answer to this question is individual-specific. He said, 'It's all about how an individual is wired — that is, their willingness and ability to bear risk. And it is about both willingness and ability to bear risk.' Ultimately, your decision between a stable job and a bigger paycheck will depend on your personal situation and your level of risk tolerance. For some, the bigger paycheck is always worth it, but for others, stability may be what they need at this stage in their lives. More From GOBankingRates Mark Cuban: Trump's Tariffs Will Affect This Class of People the Most How Far $750K Plus Social Security Goes in Retirement in Every US Region How To Get the Most Value From Your Costco Membership in 2025 12 SUVs With the Most Reliable Engines Sources MyPerfectResume, '4 Out of 5 Workers Fear Job Loss in 2025: The Great Stay Explained.' Kraig Kleeman, The New Workforce Robert R. Johnson, Creighton University Melanie Musson, Clearsurance Adem Selita, The Debt Relief Company This article originally appeared on Stable Job vs Bigger Paycheck: Which Should You Choose in a Recession? Sign in to access your portfolio
Forbes
23-04-2025
- Business
- Forbes
The Great Stay Isn't Over. What's Next For The U.S. Workforce In 2025?
Job insecurity is at its peak since the aftermath of COVID-19 After the mass resignations of 2021, leading to the trend dubbed The Great Resignation, millions of professionals are doing the exact opposite of what we saw a few years ago. Not because they love their jobs, but because they're too afraid and worried about the economy and threats to their job security to leave. This most recent workforce trend has been called The Great Stay, and it kicked off in late 2023 to early 2024. Recent data from MyPerfectResume's State Of The Labor Market report notes that the trend is continuing, and employees have valid reason to be worried. The report notes that four in five workers are anxious about losing their jobs this year, and the numbers reveal the extent to which professionals are losing faith in the job market, painting a stark picture of the U.S. workforce today. The survey, which polled more than 1,100 U.S. workers revealed that about 76% of workers anticipate more layoffs this year, with 63% expecting more businesses to close compared to last year. More than half predict burnout rates to worsen. And job insecurity has been cited as the leading cause by 43% of respondents. Indeed, 2025 has had its fair share of labor market turbulence. February saw the highest number of layoffs since the pandemic, and ongoing negotiations in the trade war between the Trump administration and other countries has set off tariffs and counter-tariffs, meaning more factories and plants are forced to shut down and lay off their workers. So of course U.S. professionals in the traditional workforce have cause for concern. But with this backdrop, what can workers expect or prepare for during the rest of the year? With more workers staying put in their jobs--even in roles they hate or at employers that are toxic--the side effects of taking such a course could worsen. The Great Stay can result in skill atrophy, especially if your role does not provide room or space for you to grow and expand. You end up settling for less-than-ideal rather than quitting your job because you have nothing else to fall back on, and since your skills are under-utilized, you lose enjoyment, fulfilment, and satisfaction in your career. This inadvertently impacts your mental health and overall wellbeing. Staying in a job that is not healthy for you can also lead to other disastrous consequences such as missed income potential, and losing any drive or self-motivation for your life. Perhaps this is why, simultaneously, many U.S. workers are opting for freelancing and taking up side hustles as a means of not only boosting their income (relieving over-reliance on their primary job) but also as a way of exploring their interests and skills and enjoying their work, outside the confines of their jobs. Instead of staying idle, many are exploring ways to make money online and build passive income streams. Professionals who continue to stay in their jobs this year, even when they would have moved otherwise, intend to use their spare time to upskill so they can not only retain their roles but so they can also be of use elsewhere and increase their value in the job market. The MyPerfectResume report states that '61% of workers plan to upskill in 2025 to remain competitive.,' which is certainly a positive upside to this labor market trend. Overall, while staying in a job because of fear may feel secure, it's not the safest route, as far as your mental and physical wellbeing are concerned. Neither is it a smart move if you don't have a back-up plan, because the past few months have shown us that your job is still at risk of being eliminated regardless of your role's hierarchy level. True job security in 2025 comes from positioning yourself for opportunities before they're needed; learning on the go; creating additional income streams; and strategically protecting your mental health and refusing to succumb to burnout. This means taking a break when you feel you need it, standing your ground for your rights at work, listening to your body, setting clear boundaries at work, and allocating time for upskilling each week. If a job does not offer you room to grow, you've got to provide your own options Who knows, 2025 might pave the way for a new workplace trend: one where employees are empowered to take back control of their careers and create opportunities for themselves independent of employers?
Forbes
15-04-2025
- Business
- Forbes
The 3 Skills You Desperately Need To Survive Layoffs In 2025
Many workers are opting for The Great Stay out of fear because of the volatile job market Remember the Great Resignation of 2021? Well, it's 2025. Welcome to the Great Stay. The Great Stay, coined by My Perfect Resume's Great Stay Report, is a workplace trend in 2025 that is based on worry and anxiety about job loss stemming from the recent rounds of mass layoffs. February 2025 saw the highest number of layoffs since the pandemic within a single month. A major contributing factor to this has been federal layoffs, which have been high profile and is resulting in many workers feeling uneasy about the security of their roles and finances this year. According to the MyPerfectResume report, which polled more than 1,100 professionals, four in five U.S. workers fear they'll lose their jobs in 2025. Approximately '20% feel much more worried about job loss than last year,' the survey revealed, before adding: 'Anxiety about job security is at an all-time high, pushing workers to reassess their career strategies and financial plans for the year ahead.' But you don't need to live in fear. Even though you can't control job cuts, what you can control is how recession-proof and in-demand you are. You can control how much your career and income continue to grow, and to what extent you remain in demand, even as companies are in the process of restructuring teams and realigning their priorities. The following three skills will help your career survive layoffs in 2025. This doesn't mean you'll be immune to your role being eliminated. However, what this does mean is that these skills will enable you to be resilient and not feel the blow as hard because you'll already have other systems and income streams in place. Your personal brand is a bit like your career's insurance policy. It stands behind your name, builds trust, and enables people to see your value and take a 'risk' on you, even if they've never yet viewed your resume or worked with you before. Therefore, your personal brand must be compelling enough and data-driven enough for decision-makers to want to hire or collaborate with you. Personal brand is more than aesthetics (although color schemes, your personal voice, and photoshoots do play a role in defining how people view you). It's all about having a strong, visible, active presence online, building thought leadership, and showcasing tangible results that loudly say, 'I deliver XYZ.' Small action step today: Rewrite your LinkedIn headline to reflect who you are, who you help, and the results you've already delivered. No, scrolling your LinkedIn news feed and commenting, 'I agree,' or 'I'm interested' under posts is not networking. Even having random coffee chats and 1,000 generic LinkedIn connections does not equate to effective networking. Networking is a skill that requires strategy and intention. You need to figure out who can add value to your career and connect with these people. Find decision-makers and people who know and work closely with them. Add these professionals to your LinkedIn network and engage with them on their posts--not by posting lame AI-generated comments, but by actually contributing something that is thoughtful and adds value. You might have heard the statistic that about 70% of jobs are never posted online. This is why it's called the hidden job market, because most jobs never meet the public eye. Instead, they're filled through referrals and strategic networking. Therefore, if you build this skill now, then in the event that a round of layoffs hit you, you'll be able to bounce back faster because you can tap into your network., where you have been planting seeds and nurturing the relationship for months. Small action step today: Identify a shortlist of 10 people of influence in your industry, and connect with them on LinkedIn Then engage thoughtfully on at least one post each day. You don't necessarily need to quit your job to create multiple income streams, but what you do need is to think outside the box of your current position, and consider ways that you can turn one specific skill or area of domain expertise into several income streams, such as freelance consulting, teaching, digital products, and other specialized services. If there's anything that the layoffs of 2025 have taught us, it's this: relying on one source of income is a dangerous game. The job market is too volatile to put all your eggs into one basket. Through diversifying your skill set and consequently your income sources, you give yourself options to fall back on, should one of them collapse. This gives you greater buying power and leverage in the job market, and equips you with the confidence to walk away from opportunities that do not serve you. Small action step today: Make a list of three things that you're super skilled or knowledgeable in, then research ways to monetize them online. You don't need to stay in a job that you're not happy in, just because you're worried that they're your only lifeline in an uncertain economy and job market. Develop these three skills and today, begin taking the small action steps recommended for each, and be consistent with them. Are you hoping for the best that your role will stick around? Saying 'I agree' or writing an AI-generated comment is not strategic networking and will not make an ... More iota of difference to your career Or are you reclaiming control of your career and building skills that will make you undeniably in-demand?
