Black women face a unique set of challenges in the workforce. Despite being the fastest-growing group of entrepreneurs and earning more degrees than ever, we continue to experience pay gaps, job discrimination, and higher unemployment rates during economic downturns. A 2023 report from the National Women’s Law Center found that Black women earn only 66 cents for every dollar earned by white, non-Hispanic men. These disparities make it necessary for Black women to approach financial and career security proactively.
Build a Financial Cushion
One of the best defenses against sudden job loss is financial preparedness. Experts recommend having three to six months’ worth of living expenses saved, but for Black women—who are more likely to be supporting extended family or managing student loan debt—this can feel daunting.
Although it may feel insignificant, starting small is critically important during this journey.
Automate your savings
Consistency builds security even if you can only put away $25 per paycheck. Ensure that your bank’s settings are set to automatically withdraw small amounts to add your nest egg. Helpful apps like Rocketmoney are also great with helping save mini amounts of money by assessing your living expenses and saving your “change” in a digital savings account.
Eliminate unnecessary expenses
Reevaluate subscriptions (personally I’d cancel 90% of them, especially streaming services), dining habits (no delivery!), and impulse purchases to redirect funds into your emergency account.
Explore multiple income streams: Whether it’s freelance work, consulting, or selling products, having an additional source of income can provide a buffer during tough times.
Review Your Benefits Package
Once you’ve established that you still have access to your benefits portal, it’s important to get a sense of how you can leverage it now that you’re no longer with the company. One of the first steps you should take is looking into your unemployment insurance eligibility and healthcare continuation options (like COBRA). Additionally, look into pro-bono employment rights legal guidance that can help you understand worker protections and rights in your state, especially regarding discrimination and wrongful termination.
Network, Network, Network
Job opportunities often come from relationships, not just resumes. After taking some time to list your skills, comb through your social media follower list and reach out to let them know you’re open to new opportunities. If you’re stuck on exactly what your note should say (I can imagine that your head is probably swimming now) use ChatGPT to draft it for you. Once that step is complete, reach out to your immediate social circle and ask them for any leads that’ll be a fit for your skillset.
Lean Into Entrepreneurship
Many Black women have turned career uncertainty into opportunities for business ownership. If entrepreneurship has been on your mind, consider starting small while still employed, especially if you have a heads up about pending layoffs. Conduct market research, test your idea, and build a customer base before making a full-time leap.
For those interested in freelancing, platforms like Upwork, Fiverr, and Toptal offer opportunities to leverage existing skills for independent contract work. Consulting in your field provides financial stability while you explore new job options.
We Know It’s Hard, But Remember Your Mental Health At This Time
Research shows that job loss and financial insecurity can take a significant toll on mental health. Black women are often expected to “push through,” but it’s essential to acknowledge the emotional weight of career uncertainty.
Seek Support
Whether through therapy, coaching, or support groups, having a safe space to process your experience is invaluable.
Practice self-care
Journaling, meditation, and regular exercise help manage stress and maintain focus.
Redefine Success
A layoff does not define your worth. Use this time to reassess your goals, passions, and what fulfillment looks like beyond a paycheck.
Moving Forward with Confidence
Layoffs and economic downturns can be daunting, but Black women have always been resourceful, strategic, and forward-thinking. You’ve got this, girl.