• Posted on Sep 18, 2024

Ever felt like you were giving your all at work, only to be blindsided by a layoff? You’re not alone. You can be outstanding and loyal. You can meet and exceed performance expectations and still experience a lay off. In today’s fast-paced job market, the notion of job security is more myth than reality.

According to a recent study by BambooHR, 56% of employees who feel layoffs are likely – also think about leaving at least once per month, compared to just 36% who feel secure at work. Nearly 60% of employees believe they could be laid off at any moment. It’s a stark reminder that loyalty to a company doesn’t guarantee your safety. This isn’t good for employers either. So, what’s the antidote?

An act of love.

Specifically, for yourself and your family through having multiple streams of income.

Relying solely on a single job is a gamble. Diversifying your income not only cushions you against unexpected layoffs but also empowers you to take control of your career. Whether it’s freelancing, consulting, or investing, the options are plentiful.

Now, let’s talk about promotions. Have you ever been offered a new title without a pay increase? It’s tempting to accept, but tread carefully. More responsibility without compensation is a red flag. Your skills and contributions deserve recognition. Accepting such offers can lead to burnout and resentment. Instead, promote yourself by creating multiple streams of income. Don’t leave your fate in someone else’s hands.

Be strategic. Be deliberate. Your career is a journey, not a race. If your current employer isn’t ready to promote you, recognize your worth, or approve workplace flexibility that would enable you to perform better –  it might be time to explore new opportunities.

Remember, companies that don’t prioritize your growth and well-being aren’t worth your loyalty. Your career path should be about mutual benefit, not one-sided sacrifices. Now is the time to go ahead and implement your plan to diversify your income. If you continue to wait, it might be too late.

Consider if you need to leave your current job because of a family obligation, harassment at work, burnout, or some other important reason. Having another source of income will help inform your choice. This would enable you to self-care and not be beholden to a harmful or unsatisfactory work situation because you simply can’t afford to leave. Having multiple streams of income is an act of love for yourself, your family, and your health.

So, what’s your strategy for building multiple income streams? How can you get on the multiple income bandwagon so you can create the financial security and peace of mind you’ll never have with any one employer?

Have you ever turned down a promotion? Were you ever offered a “promotion” that was only in title with more work? I’m curious to hear from you!  

#CareerDevelopment #JobSecurity #LoveCareerFreedom

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