Purpose The authors conducted 22 in-depth longitudinal interviews with 11 Hungarian migrant workers in the Dutch logistics sector, before and during the COVID-19 crisis, using thematic analysis and visual life diagrams to interpret them.Design/methodology/approach This study aims to contribute to conservation of resources theory, by exploring how global crises influence the perceived employability of migrant workers in low-wage, precarious work.Findings The authors find that resources are key in how migrants experience the valence of global crises in their careers and perceive their employability. When unforeseen consequences of the COVID-19 crisis coincided with migrants' resource gain spirals, this instigated a positively valenced career shock, leading to positive perceptions of employability. Coincidence with loss spirals led to negative perceptions.Research limitations/implications The authors contribute to careers literature by showing that resources do not only help migrants cope with the impact of career shocks but also directly influence the valence of global crises in their perceived employability and careers.Originality/value Interestingly, when the COVID-19 crisis did not co-occur with migrants' resource gain and loss spirals, migrants experienced resource stress (psychological strain induced by the threat or actual loss of resources) and no significant change in their perceptions of employability.