With 2023 off to a rocky start for different industries, Microsoft has just joined the long list of companies who have announced recent layoffs. A new survey by PwC has showed that CEOs are feeling slightly pessimistic, with 73% of those surveyed stating that 2023 would have a drop in global growth. These uncertain times can make or break entrepreneurs, creatives, and motivated individuals, so it’s important to ask advice from those who are moving forward. I’m excited to announce that The Platinum Mask is partnering with Voyage Group of Magazines on another interesting collaboration, where we can discuss what professionals are feeling like in these uncertain times.
Have you or anyone close to you been impacted by the series of layoffs? Do you have any career/financial strategies just in case that would happen?
How the job market it today it is best to have multiple different skills under your belt. I myself have a CNA license, getting my BA is business management, real estate license, lash tech certification and working on my series 6 and 63 licenses. Understanding how you fit and what you are not just good at but passionate about helps show your spotlight in this tough market.
Tyana Golden | Entrepreneur, Tax preparer, Hair Mogul
Yes, I was laid off in November of 2021 which prompted me to step out on faith and start my business. I definitely suggest having an emergency account for situations as such and invest in 401k if your employer offers it. With the way the economy is you can never be too prepared. I also recommend for this who want to start a business to start moonlighting. Use your social media platforms to get your business name out there. You never know who’s watching!
Latasha Burger | Self-Love Coach & Spiritual Advisor
Everyone has been affected by the Great Resignation in some shape or form. My career/financial strategies to decrease my anxiety about mass pandemonium is to center myself on what I really want to do, check in with myself to understand if I’m happy, always have other opportunities lined up and be ready to capitalize on them, become resource minded, invest in something, learn new skills, develop optimum communication skills, and find myself in a foreign place where I don’t belong to foster new connections.
Dr. Keisha Clark | Modern Underground Railroad
Financial strategies that I have in place are to always have multiple streams of income. There is a lot of uncertainty within a lot of industries right now and unfortunately close friends of mine were negatively impacted by the recent layoffs in the tech industry. I am an advocate for entrepreneurship and the stability it can offer a person. My career strategy has always been to have several projects running at the same time that allow me flexibility in the event an industry is impacted. I am the cofounder of a social group- Brown Skin Brunchin; I own a wine line – Brunch in the Bottle; I offer HR consulting work through The RedHead Solutions; and I find contracting roles through my company Afrofreelancer. Having multiple streams of income has always offered me reassurance during tough times.
Lillian Jackson | Brown Skin Brunchin’ Co-founder
I was actually laid off in 2021. It was very unexpected. Strategies that I suggest is saving and continuously working side hustles until you’re able to come into your niche or career choice. Bad times don’t last forever.
Tyra Racquel | National Bestselling Author & Content Creator
My business was definitely impacted over the few years. I didn’t want to stop so I started trying to find other ways to incorporate things. I downgraded my life style for awhile & recollected myself. Instead of looking at it for the worse I took the time out to work on myself, rebrand & find my niche. When you are living in your purpose sometimes a break is needed to evaluate everything. You get so busy working you forget about the true values of life. The business/job will always be there & if it’s not God must have a better opportunity for you. So instead of looking at it in a negative way just turn it into positive. You don’t always have control. But, God does.
Tasha Norwood | Mompreneur & Self love Coach
In May of 2020, I was working as a legal assistant at a law firm in Downtown, D.C. This was at the height of Covid-19 and several lay-offs were happening. I was one of the thousands of individuals who were laid off. This was a big eye opener for me as something like this had never happened to me before. At the time, I was not that educated on how to save, and how much to save when situations like this occur. When it had happened, I was working from home and from time to time I would research and work on how to start my own makeup brand. I started to focus more heavily on that as I had a lot of idle time. This setback allowed for me to go down my own path with starting a company from scratch and building it. I did not have a lot of funds at the time to maintain or even get a lot of inventory to start my brand but it was the day I decided that I would never put my life in the hands of another company. My advice to anyone who feel they may experience something similar is to save every dime you can. Whether it is $20/week or $100/month. Just start somewhere. You never want to put yourself in a situation where your income has drastically lowered and you are stuck trying to figure out your next move. Always have a plan in place.
Justice Cierra | Beauty Enthusiast, Mentor, & Female Advocate
I personally don’t know anyone who has been impacted by layoffs. I still work a 9-5 currently in a local government position. I currently run a short term rental arbitrage business that is mostly run online, so that allowed me to be able to continue to work a regular job. Recently, I have entered in to a franchise agreement with The Peach Cobbler Factory and I am working to get my store opened. I will have the ability to hire management to run the store if I decide to continue to keep my job. I also have some real estate investments that I acquired this year. I think that it is extremely important to have as many streams of income as possible so that if mass layoffs happen with your employment, you have other ways to make money and have financial freedom. My strategy is to invest in opportunities that will give long term dividends such as real estate.
Ebonee Copeland | Owner of ELH Enterprises LLC
