How I'm Building Job Security in Analytics
Even though it doesn't exist
Job security doesn't exist in Analytics and I lose sleep over it.
It's not even about Analytics, job security doesn't exist anywhere. At any moment your job could be gone.
I'm lucky. I've never been laid-off and I've survived multiple company layoffs throughout my career, but I've witnessed the pain that comes with layoffs. I never want to experience it and don't want you to experience it either.
That's why I'm focused on a different way to build job security.
A method that doesn't place all the responsibility on my day job, but spreads my risk across multiple areas.
The 3 Pillars of Job Security
I believe job security only comes when you have 3 things:
- An antifragile career (a career with optionality)
- A profitable side business
- Financial stability
These are the 3 Pillars of Job Security.
Most people think about 1 and 3, but don't optimize enough. Number 2 is ignored by most.
You need all 3.
Why you need 3 Pillars
If one pillar is missing, you're at higher risk.
Without an antifragile career, you have low job market value. Without a profitable side business, you can't support yourself independently and are forced to dip into savings. Without financial stability, you're dead in the water; losing your job will be catastrophic.
The most secure position is to erect all 3 pillars.
Pillar 1: An antifragile career
An antifragile career has two attributes:
- Grows with volatility
- Has multiple options
Your career should improve over time and after setbacks.
The primary way to ensure your career grows after a setback is to have optionality. Pick a role or path that allows you to go in multiple directions. The Analytics Manager is an example of a role that has solid optionality.
How I'm building Pillar 1
- Become an effective manager and thrive in leadership positions
- Keep tech skills sharp in case I need to pivot to an IC role
- Operate one level higher (director) to keep the career ladder open
- Focus on leading projects vs completing tasks
Once your have an antifragile career, use your bandwidth to build something you own.
Pillar 2: A profitable side business
Some people love side hustles, others hate them.
To me, it's a tool that serves 3 purposes:
- Build my job security
- Fulfill my creative urge
- Act as my creative pursuit
A profitable side business is the ultimate protection against losing your job. It prevents you from draining your savings and reduces the stress of paying the bills. Most importantly, it has the opportunity to replace your day job.
If you lose your job, you can spend more time growing your side business and it may end up becoming your main gig. Not only are you financially protected, you're maximizing your potential upside.
How I'm building Pillar 2
- Build a career coaching business
- Write on LinkedIn 3-7 days a week
- DM people to build my network
- Write a weekly newsletter
- Run a monthly workshop
Even if you have a side business, you still need that emergency fund.
Pillar 3: Financial stability
This is the easiest one to do and the easiest to ignore.
Build a strong emergency fund.
It's basic personal finance advice but if you really care about job security you should have more in your e-fund than you do right now (I, personally, should have more). You'll sleep better at night knowing you can live off your e-fund for 6 months.
How I'm building Pillar 3
- Saving less for retirement
- Building a larger emergency fund
Job security is not a destination.
It's a structure you build.
I'm building mine.
Are you?