The fear of layoffs is real. But how can you get past it?

An uncertain job market creates a negative sentiment among employees, and such a situation is playing out now. A LinkedIn survey shows that a staggering 74% of Indian professionals are increasingly concerned about job security. There is even a term for it: FOGLO or fear of getting laid off.

While this is a serious concern, it is essential to channelise this fear into a growth opportunity, says Hardeep Singh, President of Talent Solutions, Right Management. In an interaction with ET Digital, he points out that employees should embrace change, invest in skills and build strong networks to get past such challenges. Edited excerpts:

How do you define this FOGLO or fear of getting laid off?
It is a very strong undercurrent engulfing the workforce owing to the steps being taken by most employers facing negative market forces. The increasing uncertainty in the job market has prompted employees to seek new opportunities as a back-up and ensure they stay afloat. And why not. They have long-term financial commitments like education loans, home loans and car loans. They would have dependants to take care of and a certain standard of living to maintain.

What are the possible implications of such a sentiment?
This fear of job loss can be mentally devastating, like a sword dangling over your head all the time. This persistent anxiety can lead to a series of negative emotions, including feelings of helplessness, brain freeze and burnout. This hampers relationships with family and friends as one is always worried and tensed and preoccupied with thoughts of the future. Children and spouses suffer the most in this situation, especially if the person has not been transparently communicating on the subject.

What can individuals do to ensure this fear does not affect them?
It is essential to recognise that this fear can also serve as a catalyst for personal growth and resilience. In such a dynamic labour market, continuous learning and diversification of skills is more critical than ever. Employees can mitigate their fears by investing in professional development through online courses, workshops and certifications which help enhance skill sets and make individuals more employable. By proactively seeking knowledge, individuals can position themselves as valuable assets in any organisation, increasing their job security and confidence.

What avenues can people look at for possible solutions?
To combat FOGLO, individuals can adopt an entrepreneurial mindset. Encourage yourself to take charge of your careers and explore new avenues.

Take the Gig economy, for example. Volatility in the global market has given momentum to this trend. It is thriving, providing individuals with the chance to diversify their income streams. The gig economy is seeing people working independently, freelancing, consulting, and taking up part-time roles to act as a safety net against job loss. By cultivating multiple income sources, employees can reduce their reliance on a single employer, thereby alleviating the fear of layoffs.

In an environment where job security is uncertain, building and maintaining a strong professional network is more crucial than ever. Engaging with peers, mentors and industry leaders can lead to new job opportunities and collaborations.

The future may be uncertain, but with the right mindset and strategies, individuals can turn challenges into opportunities for success.