How to Secure Your Job in 2024: Proven Strategies from a Career Coach
With many companies planning layoffs in 2024, it's crucial to take proactive steps to demonstrate your value. While there are no guarantees, these strategies can help position you as an indispensable team member and avoid having to conduct a job search.
Understand Your True Cost to the Company 🪙
The first step is recognizing that you cost your employer more than just your salary. On average, the total cost is 130-140% of your base pay when factoring in taxes, benefits, and overhead. For example, if you earn $100,000 annually, you likely cost the company $130,000-$140,000. Keep this figure in mind as we discuss proving your worth.
Identify Your High-Payoff Activities
To justify your employment, you need to save or make the company enough money to offset your total cost. Schedule a meeting with your manager to discuss which of your activities provide the highest return on investment for the company. These are your "high-payoff activities"—the tasks that directly contribute to the bottom line.
Become the Aspirin, Not the Vitamin 💊
In today's business world, it's vital to position yourself as a problem-solver. Think of yourself as aspirin—a must-have that alleviates pain points for the organization. When you become a "vitamin"—nice to have but not essential—you're at higher risk during layoffs. Regularly assess how your work addresses critical issues within the company.
Create a Job Matching Matrix
Develop a comprehensive list of all your job responsibilities and rank them in order of importance. Share this "job matching matrix" with your boss and ask for their input. Are you prioritizing the right tasks? Are there additional ways you could be creating value? This exercise demonstrates your commitment to aligning your efforts with company priorities.
Have Regular Value Conversations 🗣️
Don't wait for your annual review to discuss your contributions. Set up quarterly meetings with your manager to review your job matching matrix and ensure you're focusing on the most impactful work. Use these conversations to:
Highlight your recent accomplishments
Discuss upcoming projects and how you can add value
Identify areas for skill development
Seek feedback on your performance
By initiating these discussions, you're consistently reminding your boss of your value while staying ahead of any potential shifts in priorities.
Adopt a Business-of-One Mindset
High-performing professionals understand that they are essentially running a business of one. You're providing a service to your employer, who is your customer. Approach your role with this entrepreneurial mindset, always looking for ways to innovate and deliver exceptional results.
Stay Adaptable and Proactive ✍️
The business landscape is constantly evolving. What made you indispensable last year might not be as critical today. Stay alert to industry trends and changes within your organization. Be prepared to pivot and acquire new skills that align with emerging needs.
A Final Word of Caution
While these strategies can significantly improve your job security, it's important to remember that no position is 100% safe from layoffs. Economic factors, mergers, or major strategic shifts can sometimes lead to job cuts despite an employee's best efforts. However, by consistently demonstrating your value and maintaining open communication with leadership, you'll be better positioned to weather potential storms—and potentially even earn a raise or promotion in the process.
Understanding your value plays a huge role in the success of your career. Are you showcasing your value to your employer? Do you use any of these best practices that I have talked about on a regular basis? If not, are you willing to put any of them into place? Reply to this email and let me and my team know your strategy for showcasing your value!
Go get ‘em!
J.T. O’Donnell
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