I realised I don't have any plan. I'm dependent on this job. Depressing at my age, 38 - that my life is at the whim of a nameless entity in the corporate machine. I have savings but can't live on that forever.
Local job market is difficult. Supply greatly outstrips demand (I am not exceptional).
Do you have a plan?
> life is at the whim of a nameless entity in the corporate machine
Observation: we aren't very far off from feudalism in medieval times from how humans organize work. Sure there is more choice of moving around physically, picking a career/job and there is certainly upward mobility possible but for the vast majority of people, this is how it goes. The organizational hierarchy is much the same.
It would be interesting to take my skills to a company selling brownies and then create like a dashboard displaying territory and dominance of agents within a certain territory, conflict within competing agents and distributors, optimize logistic routes, and so on. We solve travelling salesman for practice, why not actually take it to the real world?
I think it's important to find a "sweet spot" where you have good pay with low cost of living. Low cost of living let's you weather the bad times. Although with some FAANG compensation you breach a point where you're better off even in high cost of living areas. So this advice does not apply to everyone.
Last time my job evaporated I looked on job boards. It worked for me. I'm not a super social person so my "network" is a bit smallish. I have good relationships with my former bosses though. If job boards were failing me I'd call up my old bosses and see what they're doing. If that failed to produce employment, then I'd lower my salary expectations.
You have savings so don't panic
Be open minded - going into the self same job again may be an opportunity lost.
Persevere but make use of the bit freedom you get
Because if you have a rich social support then you can bear the loss of a job much better but otherwise, you'll be in a very depressed state.
Usually during life transitions we need even just moral support from people that love us and so it's probably important to cultivate that to surf the natural waves of life properly.
Maybe take a few months off to relax first though. Job market where I am seems pretty good, both for full time and contractors.
(1) preparation ( study the combined knowledge of the "Financial Independence/Retire Early"[1] communities ):
- while you have a good paying job, live below your pay grade, and invest the saved money ( i call it "a couch of tranquility" )
- keep an eye on the tech market ( it's global, you know, right ? ) and stay sharp with the skills on demand most often. Tech jobs can be translated between companies much easier than administrative/coordination/managerial jobs
- get yourself into any of the online contractor networks[2] around, now, and put it "on hold for new offers"; so if need arises, the bureaucracy is already taken care of ( but be warned, it's a "race to the bottom" on hourly rates... )
- keep a nice, large as possible, and thriving network of former colleagues you have worked with in the past. Reach, say an occasional "hello". Try to offer help to them as often as possible, soon it might be your turn to ask for help...
- keep an online portfolio of pet projects ( github/gitlab/bitbucket/whatever ) try to keep it nifty and clean, so any possible recruiter can find it, and publish it alongside your linkedin profile. Publishing an occasional linkedin article will not hurt, either
- keep your "ear on the ground", talk with your colleagues on your current job, so you might notice the dark clouds of downsizing approaching. Don't stay coding in your cave, away from the "corridor gossip" ( even if "the corridor" is just a slack channel ). Notice i said: "ear on the ground", not "mouth on the loudspeaker", be discreet.
- make sure you have a decent ( portable, preferrably ) personal machine, so you can still take work, if your main machine belongs to your current employer, and you will have to return it...
(2) action. When the dark days of downsizing come ( and they will come.... ) upon you
- you should be able to smell the "blood in water" sooner than most, but still, your savings will buy you time; hell, if it is properly invested, it can buy you a lot of time, to keep your head out of water and survey your options
- if necessary, you can move to a cheaper neighborhood/city even country; to stretch these savings much longer ( in case of moving countries, it's a whole different story, check the "digital nomad"[3] forums )
- which skills are still in demand ? which people in your network "owe" you ? which companies ( remember herbert mcluhan: it's a global village, more than ever ) are still hiring ? All of these answers should be easier if your preparation was ok
- how big of a pay cut you can afford, to not to deplete your savings too soon ? keep on taking contractor jobs while a full time job is too hard to come by. And try to keep living below your pay grade, so you can keep saving money...
( yes, i know, it's demanding... )
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[1] just an example: https://www.reddit.com/r/Fire/