Tyler Cowen of Money Magazine has an astute recommendation for workers who think that a pink slip is a strong possibility. In the May Issue (link not available, yet) he suggests you go for the jugular, and I suspect he's correct.
What's your best strategy to keep your job?
You could quantify your accomplishments or praise some of your boss's recent acomplishments. But right now, that probably won't cut the mustard. Employers looking to cut personnel costs have two options: lay people off or lower their wages. For most firms that's a no-brainer. Firms will lay people off because they fear morale problems or even sabotage (according to Truman Bewley at Yale). I don't buy the sabotage conclusion. The employees I know understand that one of the most important relationship rules is never burn a bridge. Sabotage is a stretch and that's an action that would quickly get noticed.
Bewley is spot-on in his recommendation regarding morale problems. So if you'd rather have less money than no money, take the elephant by the ears and let your boss know you'd prefer a salary cut. Bewley's conversational openers are pretty smart. "I don't consider salary a final measue of my self-worth." Or, "My friend Peter stayed on at his job at lower pay to help keep his company afloat. I really admire that."
Admittedly, this is a risky strategy, but it's a far sight better than no strategy and a victim perspective.
I'll add a strategy that over the long run is far more important than any of these last ditch efforts. Make managing your boss a key strategy. I don't mean brown-nosing or sucking up. Unless a firm lays off by tenure, bosses inevitably keep their most valuable players. If you really understand your boss's objectives and needs and stay on top of them, you're on the road to being a valued long-term player, and among the more recession-proof employees.
Here are three posts about managing your boss: