I survived this past round of layoffs. I haven't been at Fossil that long so my severance wouldn't be that great if I were to get laid off in the future. No raises this year, should I be looking for a new job?
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Yes.
You absolutely need to be looking for a new job. Even if you like it here there is almost no chance Fossil can pull through the toughest times they’ve ever had. HR said that more layoffs are coming this year and that was before the corona virus arrived. Our ELT isn’t even prepared for that as evident through the lack of communication and care.
Don’t be foolish and think you’re safe.
Would not hurt to have resume current and ready. But it does not mean you have to look for new job if you are finding satisfaction in this one.