How can newly joined AN1s best protect themselves from Layoffs & Recession?
First, I definitely want to acknowledge that what current mid-level to analyst level (some apparently with just 1 year tenure) are going through, across banks, is extremely unfortunate- as a first year, I have very clearly recognized the value-add and dedication my teammates have put in. This post is 100% without the intention of detracting from the current situation, but in thinking more proactively.
that said, I'm at a firm that hasn't formally rolled out layoffs, but I suspect (and have heard whisperings) that it soon will. While I don't suspect recently joined first years to be on the chopping block, I know that grace period will cease as time on the desk continues…
So I ask: what are things that first years should start considering / being aware of now, given that performance reviews are YOE? Obviously, doing good work is always recommended, but even then making mid/top-mid solid performance is seemingly not enough (per). We're entering a recessionary period, so ensuring conservation of our current jobs will be a theme to consider onwards.
How should we go about consideration of internal politics? Are layoff victims 100% identified by senior members? Or done jointly by HR? What really differentiates those who are let go vs are able to stay, sans marginal performance difference? Separately, is it recommended we revisit/tend to our networks now for downside protection, in case we are let go down the line?
Just some thoughts I have been thinking recently, any feedback is welcome. hopefully this can be helpful to many