We finally received some good economic news on March 23 with the stock market going up nearly 500 points. However we certainly aren’t out of the woods yet. In January alone, the US lost nearly 600,000 jobs, pushing the unemployment rate to its highest level since May 1992. In these economic times, many companies are being forced to reduce head count.

Trying to avoid the pink slip is harder than ever. Here are some strategies for holding on to your job during these tough economic times:

1. Volunteer for more work – Talk to your boss and let him or her know that you’d like to take on more responsibility. Nominate yourself for a tough assignment – even if you are not crazy about the work you will be doing.
2. Reduce costs – Skip the expensive lunches – meet your team (or potential customer) for coffee instead of steaks. Fly coach instead of business class.
3. Show up for work – Face time matters these days. Even if you have a telecommuting option, show up at the office more often.
4. Don’t miss the company picnic – Prove to the team that you are invested in your career by attending all company functions.

Unfortunately, even if you follow each of these suggestions, you may find yourself out of work. If this happens, don’t over-react. First, work with your employer to try and find an alternative. For instance, perhaps there is an opportunity for a 3-day work week, a short-term furlough, or even a temporary reduction in salary.

After you have unsuccessfully moved through these alternatives, calmly negotiate a severance package. Next, begin the process of reaching out to your connections. Under no circumstances should you start blasting your resume to every open position on the web.

While you might feel as if you are taking action by blindly firing your resume to a multitude of companies, recognize that you have almost no chance of a response from such tactics. More than ever, these times require solid relationship building.

I hope these suggestions and strategies help.