What You Need To Know About Career Cushioning
The world––and the world of work––is changing. 2022 brought about once-in-a-generation interest rate hikes, a crippling surge in the cost of living and a worrying number of layoffs in the tech sector.
Understandably, that uncertain economic environment has made many people nervous. Will jobs be secure into the future, are workers looking at layoffs, and can they make ends meet on the money they are currently earning? Given the worries people have around their jobs and employers, it’s not surprising that a trend called “career cushioning” is on the rise in the UK.
No matter the career or sector, people are starting to realise that they need to be prepared for change. That’s why experts are encouraging people to build their own personal safety nets by diversifying their income streams. Career cushioning is the trending term for the strategy of having multiple sources of income so that you can guarantee your career security.
Many purposes
Career cushions can take many forms, and serve many purposes. They can allow you to identify opportunities that fit your strengths and interests, find new ways to use your existing skills, or bring in extra money while you pivot to work on something new or different.
This isn’t necessarily just about shoring up your bank balance or adding new skills to your CV ahead of a redundancy. If you find that you’re “quiet quitting” at work––yes, another workplace trend––whereby you’re doing the bare minimum to get paid, then cushioning can be a good strategy to adopt as you go about a fresh job hunt too.
Essentially, this is a smart way to prepare for an uncertain future. Cushioning yourself now gives you a back-up plan if you lose your job: a reliable source of income that can help you maintain your lifestyle until another opportunity in your field comes up.
On a practical level, what does career cushioning actually involve? Some experts think the ideal solution involves having a diverse portfolio of investments and skills that allows you to make money from multiple sources, in different markets, using different assets. For the average person, that’s likely to be out of reach.
Side hustles then, are a far easier way to add some extra revenue, not to mention professional skills. Depending on your industry, your side hustle could look dramatically different to someone else’s; but monetising a product idea, or selling your expertise in terms of consultancy or training are popular side gigs for professionals.
Consider priorities
Before you decide to take on extra work, consider your priorities. You’ll need to map out what you are willing to sacrifice––for example family or leisure time––and the areas in which you are willing to compromise (or not) on. Keep in mind that most side hustles are not going to make huge sums from the get-go, and much of the benefit may come from the skills development experience you get.
If a new job is your ultimate aim, then that’s great news. Below, we’re looking at three open roles, and you can discover hundreds more opportunities on the CityAM Job Board.
Software Engineer, UI, Google, London
Google Cloud’s software engineers develop the next-generation technologies that change how billions of users connect, explore, and interact. The Software Engineer, UI, will build products for reliability information within technical infrastructure and the Google Cloud Platform. You’ll work closely with UX, and support partner teams onboarding onto the platform by creating robust infrastructure and UI. To apply, you will need experience in computer science, data structures, algorithms, and software design and experience in front-end development and web applications. Get all the information for this role here.
Data Product Manager, PlayStation Global, London
PlayStation is looking to hire a Product Manager to work within its Hardware Data Product team, which creates and maintains high-value data product assets. You’ll be responsible for defining requirements and working with customers in setting the direction for account and hardware data, with a view to enabling teams across the company to easily activate the wealth of data. The ideal candidate is a product management professional who brings innovative products to the market, and has the technical background vital to partner with a variety of product, engineering and business teams. Get lots more info here.
Engineering Manager, Zilch UK, London
Zilch, the world’s first commerce card, is recruiting an Engineering Manager to lead agile teams to implement features that deliver significant impact for customers, design technical aspects of user stories and plans for delivery and take ownership for overall delivery cadence and quality for teams. Applicants will need three or more years’ experience leading and managing software engineering teams. Experience in Kanban or other immediate type of delivery is a must, as is previous experience in developing either Java, React, C# etc. Apply for the job now.