About three months ago, my team and I went through a significant round of layoffs. Since that time, I've been taking things one step at a time. Immediately after the layoffs, I focused on updating and enhancing my resume. I've actively been exploring job opportunities, but I haven't initiated any applications just yet. The reason I'm holding off is my goal to reach December, which will allow me to secure my 401k match, a substantial sum of nearly $20,000 that I'd forfeit if I leave early.
A bit about my background: I've been in my current role for nearly two years, specializing in healthcare and insurance, with a mix of program and clinical management responsibilities. I genuinely enjoy my job, which pays around $80,000 annually. I hold both a bachelor's and a master's degree, accumulating approximately seven years of experience in my field. Layoffs seem to be a recurring theme in the corporate world, and I've heard rumors of further cuts expected before Christmas.
Furthermore, there are rumors circulating about the possibility of no pay raises or cost-of-living adjustments in the near future. My last pay raise was just 3%, which was less than I had hoped for and adds to my concerns.
My workload has increased significantly due to added responsibilities following the previous layoffs. The prospect of additional layoffs in the near future has led me to consider 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.
Two main reasons I've hesitated to apply elsewhere: 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 provide 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 take the leap and explore new opportunities, or should I stay put and weather the uncertainty a while longer?