Getting laid off can be a traumatic experience, especially if you are not prepared for it. What if you are living paycheck to paycheck – your salary only covering your monthly expenses? You’ve always thought that your company can handle anything that comes it’s way; that it can save you every month.
Finally, the day has come. The worries turned into reality and the company has started announcing redundancies, and you might be next. If only you had seen the signs of layoffs coming your way, then you probably would have started looking for a new job on job search websites a long time ago.
I’ve been in this situation, I saw the signs but chose to ignore them. Managers stopped making eye contact, or months before, there has been restructuring and pivoting meetings. Once you sense these signals, the best thing to do is update your resume and start sending it out to your target companies.
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Merging can be good for business. It is a win for the shareholders, but not for the ones at the bottom. It means uncertainty for some employees. Companies cut costs and make sacrifices, meaning employee lay offs are the first port of call.
According to Harvard Business Review, roughly 30% of employees are deemed redundant after an acquisition takes place in the same industry. Mergers happen to cut the fat during difficult economic conditions. Unfortunately, if there is an opportunity to cut costs, companies will opt for it, despite losing their most loyal employees.
First, all managers are pulled into a series of long meetings in the conference room. If managers have difficulty answering questions about the purpose of increased meetings, it might be one of the confirmed signs of layoffs.
You’ll find they are more agitated or stressed than usual. If you are good pals with your manager and suddenly they can’t even look straight in the eyes, then it’s time to prepare for the big news. Managers are usually privy to what’s going on at the top, so they carry the news on their shoulders longer until getting the green light to inform staff. If it’s difficult for you, it’s difficult for them, too. Thus, they start quitting. They just can’t face it.
Watch out when your company starts using the words “restructuring” and “reorganizing”, because it can also mean “downsizing”. Unfortunately, your great performance does not guarantee that you’ll still have a job after the restructuring. If they find your role obsolete, you can be a target for a layoff.
Layoffs cost a lot to a company. Aside from navigating legal issues, the company also needs to pay severance packages. They also need to boost the morale of the remaining workforce. With this in mind, firms would choose to find and implement options before getting into the stage of layoffs. They’ll probably stop hiring new staff, eliminate any kind of promotions or even stop paying raises.
Almost all companies got this big product or service that is their bread and butter. If its sales are getting weak lately, it will eventually affect the company’s profits, too. If the management doesn’t have any backup plans, the usual step is to cut the cost down.
If you’re not in the sales department, get an update with a buddy to keep a pulse on how the product is doing.
Yes, it can go both ways, but the clue is your workload is changing.
Do you have less workload than you are used to? You might think it’s time to relax and that you deserved it. However, it could also mean your company isn’t doing well.
If you find yourself with more things on your plate, it may also mean that the company is making cuts, so you have to do more things than the usual.
This is usually one of the last signs of layoffs in a company – your HR suddenly booking up the conference rooms. This often means mass layoff, and they’ll need the conference rooms to call people in one by one to inform them of news that they’ve been let go.
Shall the inevitable happen, take the next steps to ensure that you will still find yourself in a winning situation.
Check with your network, friends, and family if they know any job opening where you can apply while also browsing job finder websites. Gear up by updating your cover letter and preparing for job interviews. The soonest you can do this, the better!
You don’t have to wait for the signs before updating your resume or your LinkedIn profile. Keep your resume handy, updated, and optimized. Hire a resume editing service to help you ensure that you are showcasing your skills and experiences in the best way possible.
If ever you get called onto the conference room, take your courage, a paper, and a pen with you. Losing a job can be an emotional experience, but you have to stay strong as you write down all the necessary details, such as your final pay, as explained to you by your HR.
You should have been doing this a long time ago, but in case you haven’t started yet, check if you can afford to pay your rent next month. It might also be a good time to cut down shopping costs. If you live with your family, schedule a talk with them and explain to them that everybody needs to help out with the finances as you tighten your belt in the coming months.
Once you get laid off, file for unemployment compensation immediately. You wouldn’t know how long your job-hunting process can take, so never delay filing for unemployment compensation. The longer you wait, the more things you’ll need to do. This will help pay the bills temporarily.
If your fears are proven right, don’t hit the panic button just yet. Instead, take the driver’s seat and start navigating your way around your next job. It may sound cliché, but things happen for a reason, which is always for the better. Good luck!
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