If Elon Musk’s acquisition of Twitter has taught us anything, it’s that no job—even at C-suite level—is 100% secure. Just ask Twitter’s former CEO Parag Agrawal and other top company officials who were promptly escorted out of the company’s San Francisco HQ within hours of Musk assuming ownership.
While hostile takeovers to this extent are rare, talk of a global recession and how it could affect employment levels is widespread. And although the Bank of England hasn’t officially predicted a downturn for 2023, the economy has slowed considerably due to the weak pound, high inflation and its impact on the cost of living, plus reduced spending habits. According to a report by Wagestream, 96% of UK employees have seen their living costs rise, and 70% are worried about money – writes Aoibhinn Mc Bride, Jobbio.
The job market has also slowed down as employees try to future-proof their careers—the Recruitment & Employment Confederation UK Report on Jobs found that vacancy growth had weakened for the sixth month in a row, permanent staff appointments were lower than they had been in a year and a half, and hesitancy around looking for new jobs stemmed from fears over the economic outlook.
So is there any real way to assess whether your job (or industry as a whole) is secure?
Sign 1: You’re essential
Being indispensable might not be part of your job description but knowing that your team, including management, rely on you in many different ways and knowing you always get the job done without any pomp and circumstance or hand-holding is a good way to gauge how you might stack up against other employees if the profitability of the company you’re working for declines, or redundancies are around the corner.
Sign 2: It’s business as usual
Your own workload is a great indicator of how the company is performing and if things feel like they’ve slowed down, you aren’t achieving targets or management is reassigning staff from your department or team to other areas of the business, your role could be under threat.
Sign 3: The company is in good shape
Operational resilience is essential in any organisation to weather economic storms and this can only be achieved if it has a strong foundation. For example, how long has the company been operating? Is it in profit? Does it have cash reserves? Could it ever be subject to geopolitical restrictions? Is the board secure? Cost saving measures can spell mass redundancies, so it’s prudent to keep yourself informed about how the company you’re working for is operating day-to-day, but also find out more information about its long-term strategies and growth forecasts.
Sign 4: You got a favourable review
While a performance review doesn’t automatically mean a salary increase, they’re a good barometer of how the company you’re working for is doing, as meeting professional goals or targets is typically rewarded financially if things are going well. Salary increases or additional benefits can indicate how secure your job really is.
Sign 5: Communication is clear
Keeping the lines of communication open with your manager and not being afraid to have frank and open conversations is a good idea, whatever the economic climate, but can prove to be particularly useful when you need to get to grips with your job security
However if alarm bells do start going off, it could be time to look further afield for your next opportunity, and the Payments Cards & Mobile Job Board is bang up to date with the latest roles like the three below that are currently hiring.
Senior Credit Risk Analyst, Monzo, London
Monzo is currently hiring a Senior Credit Risk Analyst to join its borrowing team which is growing rapidly. In this role, your day-to-day work will consist of leading work streams to improve credit underwriting, boost growth and manage portfolio risk, work with the engineering, marketing, product, risk and control teams to design and deliver initiatives and deliver market insight. Apply now.
Senior Account Manager, eClerx, London
As a Senior Account Manager you’ll be tasked with client management and will lead client engagement accounts in the digital banking vertical. The ideal candidate will be entrepreneurial, highly motivated and agile in the fields of analytics, customer experience, content, CRM campaigns, data governance, data management, robotic process automation and IT application support. See the full job spec here.
Data & Analytics Strategic Workforce Senior Manager (Financial Services), Lloyds Banking Group, London
Thanks to Lloyds Banking Group’s agile working options, the Data & Analytics Strategic Workforce Senior Manager (Financial Services) can work from London, Bristol or Edinburgh, and this newly created position is in response to a need the business has identified within its data division. Reporting to the head of data culture, this role will require you to engage all senior leadership across the group to understand existing and future workforce needs. You’ll then create a robust plan to support the future workforce in areas including technology strategy, retention, technology skills and learning and development opportunities. Find out more here.