Hello everyone,
Around three months ago, my team and I weathered a significant round of layoffs. Since that day, I've been taking things one step at a time. Immediately following the layoffs, I focused on updating and enhancing my resume. I've been actively exploring job opportunities, but I haven't initiated any applications just yet. My reason for holding off is my goal to reach December, allowing me to secure my 401k match, which amounts to nearly $20,000. Leaving early would mean forfeiting a substantial portion of this sum.
A bit about my background: I've been in my current role for nearly two years, specializing in healthcare and insurance, encompassing a mix of program and clinical management responsibilities. I genuinely enjoy my job, and it pays around $80,000 annually. I hold both a bachelor's and a master's degree, and I've accumulated approximately seven years of experience in my field. I've come to realize that layoffs are a recurring theme in the corporate world. Unfortunately, I recently heard rumors of further cuts expected before Christmas.
Moreover, there are rumors circulating about the possibility of no pay raises or cost-of-living adjustments in the near future. My last pay raise, which was just 3%, was less than I had hoped for and further adds to my concerns.
My workload has intensified due to increased responsibilities following the previous layoffs, and the prospect of additional layoffs in the near future is making me seriously contemplate applying for mid-level roles elsewhere to secure better job security. The constant uncertainty about my employment status has become exhausting, and I'm eager for stability.
The primary reasons I've hesitated to apply elsewhere are twofold: First, my wife is working towards obtaining licensure in her field to secure a higher income, a goal she expects to achieve by December. Second, I'm the sole provider of healthcare coverage for our family, as her job doesn't offer benefits. Additionally, I want to ensure I can transfer my 401k to my IRA.
I'm curious to hear everyone else's thoughts on whether I should start applying for new positions now. My main concern is that potential employers might reach out to my current job, inadvertently jeopardizing my position before I reach December. This fear is valid, as I've previously experienced a situation where an employer reached out to my previous job without my consent, leading to my termination.
I currently find myself at a crossroads—I enjoy my current role but am growing increasingly uncertain due to these layoffs and the lack of substantial pay increases. Fortunately, I have a substantial emergency fund prepared for situations like this, but I'd prefer not to dip into it if I can avoid it.
Any advice or insights would be greatly appreciated. Should I simply take the leap and explore new opportunities, or should I stay put and weather the uncertainty a while longer?