Jill On Money: Five stages of job loss

"Outplacement firm Challenger, Gray and Christmas said announced layoffs jumped dramatically in October. Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes, said Andy Challenger. Adding to the dim mood, the number of jobs available have fallen to the lowest level of postings since February of 2021, according to Indeed."

"The sluggish employment landscape explains why workers are now job hugging, rather than job hopping. The challenge is to fight the urge to hunker down and instead try to be proactive and focus on what you can control. That means raise your hand for any new opportunity at your company, update your LinkedIn profile/fire up your network, and consider pursuing any side hustle that might help your cash flow and spark creativity."

"Jobs create structure and routine, they provide an outlet for talent, social connection and a sense of safety and control, she said. So even if you are prepared for a potential cut, the emotional impact is significant. Melnick invoked Dr. Elisabeth Kubler-Ross's Five stages of grief: denial, anger, bargaining, depression, and acceptance, as a way to understand why a job loss can be so devastating."

Government shutdown prevented release of official jobs data, but alternative measures show a downshifting labor market. Announced layoffs jumped dramatically in October. Some industries are correcting after the pandemic hiring boom, while AI adoption, weaker consumer and corporate spending, and rising costs are prompting belt-tightening and hiring freezes. The number of job postings has fallen to its lowest level since February 2021. Workers are increasingly job hugging instead of job hopping. Recommended actions include volunteering for internal opportunities, updating LinkedIn, ramping up networking, and pursuing side hustles. Jobs provide structure, routine, social connection, and a sense of safety and control. The Five stages of grief help explain job-loss emotional impacts; stages are not linear.

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