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For youth, especially in Bangladesh, the happiness of landing that first 'real job' after college and higher education is hard to forget. The job market has seen many transitions in the last two decades, and its scope is shrinking daily. Landing a job is one of the most significant securities in modern times: a stable career. But this feeling can quickly fade for many millennials as they enter their thirties. This age group, often burdened with student loans, paying off mortgages, and the pressure of managing families or, for some, starting a family, now faces a new challenge: persistent job insecurity.
Unlike the linear career progression their parents might have experienced, millennials grapple with a more turbulent job market characterized by business automation, outsourcing, and the ever-present threat of economic downturns. Now, with the world economy being so unpredictable, there are more reasons to be worried.
What job insecurity feels like
Job insecurity isn't just a statistical phenomenon; it's a constant feeling of anxiety that can affect well-being. One may imagine the sinking feeling of constantly checking their work e-mail on weekends, fearing layoff announcements. Or picture the sleepless nights spent questioning their skill set and the nagging worry that one misstep could cost them their livelihood.
This is the reality for many employees in their thirties, a feeling researchers described as living in an 'anxiety archipelago' – a constant state of unease regulated by occasional moments of calm.
This insecurity may stem from several factors, including the rise of the gig economy. A gig economy is a free market system where temporary positions are common, and organizations hire independent workers for short-term commitments. Companies prioritize agility and cost-cutting, making employees, even experienced ones, feel insecure about their jobs.
Why millennials are particularly vulnerable
While job insecurity affects all age groups, millennials face unique challenges. They entered the workforce during the Great Recession, scarring them with memories of high unemployment rates and a depressed economy. This experience fostered a sense of impermanence, making them less likely to invest fully in their current jobs. Additionally, burdened with significant student loan debt, they often need more financial cushion to weather job losses effectively.
Strategies for building resilience
There are steps employees in their thirties can take to bolster their careers and weather economic storms. Here are some key strategies:
Become a lifelong learner:
In a fast-paced job market, continuous learning is no longer a luxury; it's a necessity. One can try to invest in online courses, attend industry workshops, and pursue certifications to stay at the forefront of their preferred field. Acquiring skills should be considered complementary to the existing expertise, making a more versatile asset to employers. It is important to remember that lifelong learning doesn't have to be expensive. Utilizing free online resources like MOOCs (Massive Open Online Courses) and leveraging professional development opportunities offered by some companies is always recommendable.
In this career market, the network is your net worth. One must actively cultivate relationships with colleagues, industry professionals, and educational institution alums. Attending industry events, joining online professional communities, and participating in mentorship programs can motivate and inspire.
Building a solid network expands one's knowledge base and opens doors to new career opportunities and valuable professional insights.
In today's digital world, your online presence extends your professional persona. Ensure your LinkedIn profile is up-to-date and showcases your skills and accomplishments effectively. Consider establishing yourself as a thought leader by contributing insightful articles or participating in relevant online discussions.
Rather than waiting for opportunities to come knocking, one should look for ways to add value to the current role by proposing innovative ideas or spearheading new projects.
Millennials often need to be more open to negotiating salaries and benefits. However, conducting thorough research on industry benchmarks and confidently advocating for worth is crucial.
Having an emergency fund can significantly reduce the stress associated with job insecurity. One should save at least 3-6 months of living expenses to provide a financial buffer during unexpected job losses. They should explore diversified investment opportunities and remember to conduct due diligence before making any financial decisions.
Most importantly, mental well-being is crucial. Constant job insecurity can damage mental health. One may practice mindfulness techniques like meditation, engage in regular physical activity, and invest time in hobbies and activities that bring joy and help clear the mind.
Prioritizing well-being enhances resilience and helps navigate challenging times effectively. Job insecurity in someone's thirties can feel like building a career castle on a foundation of sand. However, it is possible to transform that sandcastle into a sturdy, resilient structure by adopting a proactive approach, continuously developing the skill set, and prioritizing financial and mental well-being.