Concerned About Layoffs? 3 Tips To Help Prepare For Your Next CRE Opportunity

Many U.S. workers who left their jobs during the Great Resignation in search of better benefits and more flexibility are now finding the grass may not be greener on the other side, especially in a period of economic downturn. CNBC found that over 56% of people who had secured new jobs throughout the past year are now concerned about whether they will be able to retain them should layoffs occur. 

The tech industry, in particular, has recently been in the spotlight for downsizing its workforce, in part due to inflation. Crunchbase found that while tech experienced extensive growth during the pandemic, there have been signs of cooling, and as of mid-November, over 67,000 employees were let go from their jobs this year.

For tech workers in the commercial real estate industry, experiencing the effects of economic volatility and wondering if the last day of work is on the horizon can be difficult. SelectLeaders can help CRE employees who are worried about the future of their role at their current company navigate their options and take the next steps in their career.

Read on to learn more about how employees can make moves in the wake of uncertainty.

1) Assess Your Savings

If you’re worried about the stability of your position, it’s never too early to ensure that you have enough in the bank to keep you comfortable while you look for the next opportunity. CNBC recommends putting 20% of your income each month toward savings and investments.

However, CNBC also suggests that before deciding how much of the 20% to allocate toward savings versus investments, it is important to have three to six months worth of living expenses set aside, just in case you find yourself needing that extra cushion down the road. Even if you think there’s a chance you might be spared from layoffs, it helps to be financially prepared for any unexpected circumstances.

2) Revamp Your Résumé

While employees should update their résumés regularly as their role or responsibility changes, this task becomes especially crucial if layoffs are potentially on the horizon. Money magazine says that filling your résumé with only your most relevant experiences in advance means that you can get right to applying for the next job without spending any extra time making the necessary tweaks and reworks. 

Additionally, Adventures in CRE says CRE candidates should make sure to have a résumé that is customized to the types of companies they are  considering as well as inputting key words from the job postings, even if they already work in CRE and are just planning on switching roles.

3) Prepare For The Next Steps

Rather than waiting for a layoff to occur before cultivating their network and gaining new skills, CRE professionals should be proactive and constantly seek out new learning and networking opportunities.

The National Association of Realtors lists professional development opportunities that candidates can participate in, from taking continuing education courses to attending events. CRE professionals can also attend conferences and events through NAIOP and Bisnow to network with others and gain up-to-date insight about various CRE asset classes. Embracing education and connecting with other CRE professionals could mean getting closer to finding your next job.

Register on SelectLeaders, CRE's No. 1 job board working with 315,000 top employers, to explore new job opportunities and access CRE career resources.

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