How Older Workers Can Prepare for Job Loss

With uncertainty in the job market rampant in the midst of a pandemic, it behooves older workers to take protective steps against job loss, writes senior economics contributor to Minnesota Public Radio Chris Farrell in the Minneapolis Star Tribune . "Maintain your network of colleagues, former workmates, and acquaintances," he advises. "Most job referrals come through personal connections, especially for older workers. Examine your household budget, figure out where you're most financially vulnerable, and take steps to reduce that particular risk now." Farrell also recommends that older workers consider their options if their job is eliminated. Also worth pursuing is expanding one's prospects for self-employment, freelance work, or gig jobs. Farrell cites UpWork's Freelance Forward: 2020 workforce survey , which observed modest growth in freelancing during the pandemic, helped along by many freelancers' teleworking long before the crisis hit. "When thinking about what might come next, I would see if self-employment is a practical option for you," he suggests.