Career Cushioning: new name, old idea

News that several large tech firms are shedding jobs has led to concerns about wider job losses. So far, 18,000 jobs are to go at Amazon, 8,000 at Salesforce, 11,000 at Meta and 6,000 at HP. A further 3,750 jobs are going at Twitter and 1,300 at the owners of Snapchat.

Any sudden downturn in a sector which was once so buoyant is bound to make people jittery. So it's not surprising to hear that a new term known as “career cushioning” has emerged to describe an approach where employees try to “cushion” their careers by taking steps, while sitll in employment, to upgrade skills, refresh networks and update CVs.

Employable or just employed?

I first encountered career cushioning in 2008 when I was invited to speak at a management event organised by a prestigious London investment firm.

After the presentation, I spoke with the firm’s HR director. At the time, discussions were taking place among graduate recruiters about starting salaries for new recruits. I was curious to know how much they were paying, and whether they were as competitive as some of the other big finance firms.

They were – more so, in fact. The figure the HR director quoted sounded to me so generous that I must have gasped - a response which she must have misinterpreted, because she then added:

“Yes, I know – it’s not much, but they’ll soon catch up.”

Weeks later, the financial meltdown hit the City like a meteor. This firm was particularly badly affected. Many of those whom I'd been speaking to lost their jobs. Not that they were alone. Images of stunned city workers, meandering across Canary Wharf, cardboard boxes in hand, dominated the news. Apparently, none of them had seen it coming.

Or had they?

As I later discovered, many of those who lost their jobs in those early days of the 2008 credit crunch were quickly rehired by other firms. Some received promotions. It wasn't long before those cardboard boxes were being unpacked again. ????

Employed or Employable – know the difference

There’s another word for “career cushioning:” employability.

Employability helps you get a job, keep a job, and if the need arises, to find another job.

Employability insulates against sudden economic or organisational downturns. It ensures that you always remain marketable to other potential employers. And by doing so, the chances are it will make you more valuable to your current employer.

Although tempoarily unemployed, those city workers who walked from one job to another were employable. They had the skills, experience, contacts and attitude to make a rapid career transition. So it wasn't long before they were rehired. I suspect the same will happen to those IT professionals who are currently facing similar circumstances. Many of them will be swiftly rehired by other firms.

That’s why being employable is ultimately more important than being employed. You can be employed, but unless you're employable you’ll always be dependent on just one employer – a risky business in a volatile job market. ?

To be employed is to be at risk. To be employable is to be secure.