According to the 2019 Layoff Anxiety Study published by CareerArc, an ASE Affinity Partner, 48% of employed Americans experience layoff anxiety. Of those, 34% say this is fueled by fear of a pending recession, 32% cite rumors around the office as the cause, and 30% say a recent round of workplace layoffs is to blame.

Job loss is not uncommon—40% of Americans report having been terminated or laid off at least once.  Having experienced layoff at least once leads to increased anxiety and concern.  The impact of the Great Recession on workers is still evident and manifesting in layoff anxiety. 74% percent of those who experienced a layoff, termination, or joblessness during the Great Recession say they suffer from layoff anxiety, particularly tied to fear of a pending recession (36%). This is in spite of a 3.6% unemployment rate, which is at a record low since 1969.

Layoff anxiety does not necessarily translate to readiness of employees for a layoff. Nearly half of employed Americans (47%) say they do not feel prepared for a layoff. Specific factors influenced the likelihood that an employee would feel unprepared. Renters feel more unsecure about a layoff than homeowners (63% vs. 42%).   Others who feel the burdensome worry include those without a college degree, those with a household income below $50K, parents with children under 18, and women (54% vs. 41% of men).

Additional findings in the report break down layoff anxiety rates across employed demographics including age, gender, and education level. Key findings include:

• 61% of young Americans ages 18-34 suffer from layoff anxiety as compared to 41% of adults ages 35 and above.

• 39% of employed women who suffer from layoff anxiety cite fear of pending recession as the number-one cause of their layoff anxiety versus 29% of men in the same group.

• Men are more likely than women to have ever been laid off or terminated—45% of men have lost their jobs as compared to 36% of women.

• 64% of Americans with college degrees or higher have never been laid off as compared to 48% of Americans with some college and 47% of those with a high school degree or less.

Younger, less experienced workers may face more challenges finding or switching jobs during a recession. 23% of those aged 18-34 and 19% of those aged 35-44 were about twice as likely to experience difficulty in finding/switching jobs during the Great Recession compared to those ages 45-54 (11%) and 55-64 (9%).

Additional ASE Resources
ASE partners with several vendors to provide outsourcing assistance should layoffs occur.

CareerArc – CareerArc is an online provider of outplacement solutions for individuals whom you are transitioning out of your organization. This arrangement will enable those individuals to access meaningful support to deal with their transition and get their careers back on track.  For more information on CareerArc, please contact Anthony Kaylin.

CareerCurve - CareerCurve provides personalized, one-on-one, in-person outplacement services for employees transitioning out of your organization.  CareerCurve assigns a personal and dedicated career coach and provides full transition services until the individual’s transition goals are achieved.  For more information on CareerCurve, please contact Anthony Kaylin.

Source: CareerArc