With a growing number of companies planning to erase jobs, 30% of Black workers would take a demotion to avoid being laid off, according to a new survey.
And the same percentage of those employees would accept a pay cut to prevent being out of work. Becoming jobless can be devastating, particularly if those affected have limited severance pay and are wrestling to pay essential bills.
Overall, those statistics nearly mirrored what ResumeBuilder.com discovered in a survey of 1,250 U.S. workers last month. Workers were quizzed to learn how a layoff would affect them and what workplace adjustments they would make to survive a possible cut. Some 257 Blacks were surveyed.
The latest examination comes after this recent report indicated that 60% of employers expect to have layoffs during the second half of this year.
For Blacks, 18% of those workers could only sustain their current lifestyle for a week or less if laid off. Affording housing and food are their largest concerns about being laid off. And one in five of them have made sacrifices at their current workplace to remain employed.
All told, 76% of workers indicated that they would be willing to work weekends, when questioned about compromises they would be willing to make. Some 58% would endure less preferable work, while 48% would avoid taking time off for the foreseeable future. Further, 43% would accept a longer commute, 38% would relocate, and 37% would switch to a part-time or freelance role.
The top concern with a layoff is paying rent or a mortgage, with 48% saying they would be very worried. And losing benefits, like health care, is a significant worry for 41% of respondents. Having money to buy food is another major concern, with 40% being very worried.
ResumeBuilder’s Chief Career Advisor, Stacie Haller, reflected on the survey in a news release.
“When facing a potential layoff, negotiating to retain your position, even if it involves a pay cut or longer hours, can provide valuable time to explore other options, such as seeking additional income or initiating a job search. Staying employed while you evaluate your next steps can offer stability and a clearer path forward,” she said.
Of workers surveyed, 19% reported they could keep their current lifestyle for one week or less if they were let go. Some 22% stated they could do that for two to four weeks, 28% for one to three months, 15% for four to six months. Ten percent said they could achieve that over a year.
Undergoing a layoff can be painful, especially if you are not prepared. Begin
with understanding your immediate needs concerning benefits and the specifics of your severance package. Haller added that you should ensure you can secure good references from your former employer, and apply for unemployment benefits promptly to help get your first check quicker.“Once your immediate needs are addressed, you can begin planning your job search and strategy. Taking the time to create a thoughtful and well-organized plan will help you navigate this transition more effectively and set you up for success in your next role.”
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