Q: My company laid off 20 percent of its workforce right before the holidays. It was a big shock, and we’re still reeling. I wasn’t laid off, but now I’m worried about my job stability — what if this is the first of multiple waves of layoffs or a sign that the company is failing? Should I look for a new job or wait it out anxiously?

A: Big layoffs can happen at any time, and they often breed nervousness about the stability of the company among what are often called the “survivors.’’ But take stock of the full situation before you panic.

Consider why the layoff ­happened. Was it a strategic move related to a change in direction? Did the company jettison one business but start hiring in another business? The specific impetus for the layoff is a huge part of how remaining employees should evaluate the organization and its future. Read everything published about the reduction, internally and externally. Talk to colleagues in other areas of the organization to get a different perspective.

Pay attention to what you already know about the business and its performance. If you saw that the company’s average billings fell 60 percent for the last three months, what would that tell you? You should know what makes the business strong and what puts it at risk, regardless of what your job is. Being tuned in to the business beyond your individual role can help you ­assess the future and anticipate the possibilities.

Layoffs are not necessarily a sign that your company is ­failing. Reductions in the size of the workforce are part of the talent life cycle — bringing ­people in, developing people, and transitioning people out.

You don’t need to start searching for a new job, but you shouldn’t just “wait it out anxiously,’’ either. Always be prepared for the unexpected: Keep your resume current, be able to clearly articulate your value to the organization, and take continual steps to develop yourself and make yourself more valuable to your employer. You should also reinforce with your manager your commitment to the company and your continued contributions.

Many people in your situation will ask their managers directly whether they should be worried about their jobs, which is fine. Managers are bound by confidentiality, and they might not be able to share information explicitly.

Regarding your standing in the organization, pay extra ­attention to the feedback you receive. Look for subtleties in what is being communicated to you. Where do you fall on the raise scale, and what message does that send? Being on the high end of the raise scale and receiving a bonus, for example, demonstrates your value to the organization. Being given — or not given — highly sought after projects also will convey a ­message about your value. Take notice, and communicate ­regularly with your manager to address any potential issues.

Layoffs can happen anywhere at any time, and it is good for any level of employee to know how marketable they are. Don’t let your anxieties run wild, but be prepared. Have emergency savings, cultivate your professional network, and prep for however long it could take to find a new job. Ease your fears by balancing the reality of potential layoffs with preparation and mindfulness of the state of your organization and the economy of your industry.

Elaine Varelas is managing partner at Keystone Partners, a career management firm in Boston, and serves on the board of Career Partners International.