When to start job search?

[Covergirl82]

My company just announced a huge workforce reduction (around 900 jobs total (around 1/3 of jobs in the US), but not all areas are impacted, so it's likely that the areas that are impacted (which includes the department I'm in) will have a significant impact (maybe 1/3 - 1/2 of jobs)).  Impacted employees will be notified in July/August, with separations occurring in September.  A voluntary separation program (VSP) is being offered, but it's anticipated that it will only get the company around 30-40% of goal.

At this point, I'm planning to wait it out to see if I'm picked to stay or not.  (For background, I started working for this company in Feb 2020.  I would like to stay because I like the mission of the company, I enjoy the work I'm doing, the pay and retirement benefits are excellent, and the 401k employer contributions I've received aren't vested yet.)  However, if I'm selected to leave, I'll get about 2 months of severance, and I can also get unemployment.  We can get by on DH's pay alone, but it means we absolutely need to stick to a reduced budget with few extras.  (Thankfully we found out about this before we spent DH's bonus, so we have that plus our e-fund, if need be.) 

My question is, at what point would it be prudent/realistic to start a job search?  We don't want to relocate, and my job is one that can be done 100% remote, so I should have some options outside of my commutable area.  (I'm a compensation analyst, which is a specialization within HR, and is more common in mid- to large-size companies.)  I was thinking I could start applying selectively in June, knowing that it would probably take a few weeks at least to even get a first-round interview (if I'm selected for one), and by then I might know if I'm staying or going, so there's a low chance I'd be at an offer-acceptance situation before I know if my job is being eliminated or not.  But I thought I would get thoughts from the great minds on this board.  So...WWYD?

[ohgillian]

If I were in this situation (and to be clear, I haven't been through a layoff), I would start searching now. But that's just my personality. I would also assume that "last hired - first fired" applies, even though I know that's not always the case. I guess the downside of starting now is that you want to stay here if you can. But with the job market being so all over the place (not sure how it is in your niche), I would have a hard time just sitting still for now.

Sorry this is happening. :/

[Velar Fricative]

Because you like your job and you could withstand a layoff financially, I personally would hold off on the job search until you know for sure that you're going to be laid off.

[wanderingback]

I'm in a similar situation although not in your field.
Interviewing is a pain in the ass, so I don't want to do it unless I absolutely need to, so I'm waiting to find out for sure if our funding has run out before I decide what my next steps will be. I might just continue doing my other work and not get something full time. But once I find out if my full time job is ending I'll have about 6 weeks of my paychecks, so I'll figure out from there.

Like you, I also enjoy my current job, so I don't want to jump shark early.
If you will have 2 months of lead time and you don't 100% need the money asap, I think applying in July sounds reasonable, but I don't know how long it takes for your field to interview and hire.
Sucks to be in limbo, sorry you're in the same place!

[HitchedIn2006]

I wouldn’t apply to everything and anything yet- but get your house in order- update resume, connect with those that could serve as references, don’t make any big purchases, set up an indeed.col alert. If something is a perfect March, you could apply... but I’d ramp it up in July if you won’t be staying at your current company. Blessings you have DHs job to hold everyone over until you have a new position.

[Covergirl82]

Thank you all for your suggestions and encouragement!

I will plan to update my resume over the next few weeks, connect with some people in my network, update my LinkedIn account in June to say I'm open to new opportunities, and then start selectively applying in early July. Interviewing is definitely a pain and not something I enjoy, so I'm definitely not going to apply broadly unless I have to. I do feel very blessed to be in a situation where we can make it by on DH's income alone for a while.

wanderingback, I'm sorry to hear you're in a similar situation. Best of luck to you with your situation!