According to a Globe and Mail article, 64% of Canadians are comfortable with their job security, and 41% believe that their company is growing. This is happening despite economic uncertainty, and the overall decline of part-time jobs in July. Conversely, 22% felt that their company would be downsizing and laying off employees, and 24% were concerned with their job security.
Although it is nice that the majority feel comfortable with their jobs, the fact that almost 1/4 of the Canadian working population are concerned about job security is, well, concerning.
This economy is kind of a scary thing to me. Becoming a real-life adult during the midst of it has been somewhat terrifying, just because I do not know what to expect. I do not know whether or not jobs will continue to suffer, which would make it even more difficult for me to find a job in my field. The upside is that my boyfriend got a great mortgage rate, and my school loan interest payments are pretty low, since they are based off of the prime interest rate, which is a low 3% in Canada, and 3.25% in the U.S. currently.
Thankfully, I can operate with pretty great job certainty. I work as a server, and the well-off population that attends my establishment is pretty much guaranteed to continue frequenting the business I work for. I also am very secure in that they like me, feel that I do a good job, and need me for their business to run.
If I ended up losing my job, what would I do? I would attempt to find a job serving elsewhere, or find a job doing just about anything, but it would definitely put me back in my financial and debt repayment goals to lose out on work for a bit, and probably make less at a new position.
I am protecting myself, even from this minor possibility of job loss, through creating my savings fund. So far it is $1650. I think I am going to grow it until $3000-5000. This way, if I do lose my job, I will still have time to start a new job and continue to make loan payments, pay rent, bills, and everyday expenses.
Do you feel secure in your job? Do you have a what-if plan ready if something happens?