Top 6 tips to prepare for a layoff
Source : https://www.businessmanager.in/white-collar-gigs-are-getting-stronger-aimed-layoff/
From Google, Amazon to Microsoft, the first three weeks of January have already witnessed layoffs of 55,970 employees across 173 companies around the world, as per data on job cuts tracker website Layoffs.fyi as of Monday morning. This is already 35 percent of the total layoffs seen in 2022 when tech firms began letting go of staff amid a fund crunch, to become profitable to stave off the macro uncertainties.
Layoffs are common in a variety of workplaces and can be caused by a variety of factors. In There’s a good chance you or someone you know has been laid off. No matter how secure and safe your job appears to be, anyone can receive the dreaded “pink slip,” sometimes through no fault of their own. Increased competition, a slowing economy, or a natural disaster can all result in job losses. All of these factors encourage people to prepare for a layoff.
The economy always recovers, and this recovery frequently happens fast, even during periods of economic downturn. The economy can suddenly deteriorate, which would result in layoffs. For some layoffs, you may be informed of your final day months in advance. While for some people it might be more immediate. If you have time to plan for a layoff, it can be to your benefit and the benefit of your business. As a result, it’s imperative to prepare for a layoff so that you are aware of all of your options and can make a decision on how to proceed.
If your company is planning to lay off employees or if your boss has already informed you that you will be part of a layoff, knowing how to prepare can be beneficial. In this article, we’ll look at some preparation strategies and explain why it’s so important to be prepared for a layoff.
If you plan ahead for a layoff, you’ll be able to have a solid strategy in place. Even if your employer offers you a significant amount in severance pay, you might want to move into a new position quickly for a number of reasons, such as wanting to save money, not wanting to jeopardise your professional goals, or hoping to avoid a lengthy time of unemployment.
Layoffs are nothing new, but recently, they have attracted a lot of media attention. It is hardly surprising given that company growth is slowing down and that a recession could happen soon. Utilizing preparation strategies will benefit you because of this.
The following steps can be taken to prepare for a layoff:
1. Don’t believe any office rumours : What coworkers and others may be guessing about your layoff is of much less importance than the actual circumstances of it. Concentrate on those factors if you already know you’re going out of business and have to think about an end date and severance arrangement. It is advised to postpone taking action until you get more information if you are hearing rumours about the organization’s plans but are unsure if you are being laid off.
2. Don’t hesitate to talk about your negotiation package : You might be able to negotiate your layoff package if your employer includes severance or other benefits. This may entail receiving a larger severance package, having your benefits extended, or receiving other advantages like help finding employment. If you decide to negotiate a severance package after receiving one, be ready by compiling the evidence that will support your demands.
3. Update your CV and cover letter : When you become aware that layoffs are imminent, update your résumé and cover letter. Include any additional responsibilities and qualifications that can help you in your quest for the appropriate new job. By looking at job descriptions in your field, you can decide which keywords to include on your resume. Spend 30 minutes each day working on one section of your resume.
4. Actively tap into your network : When you’re prepared to begin searching for employment, tapping into your network can assist you in finding a new job. Begin by inquiring about any positions that they may be aware of that you would be a good fit for through your professional contacts, friends, and family. This might introduce you to possibilities you weren’t aware of before, such unlisted positions.
5. Set aside funds from savings : It’s a good idea to save aside some cash to get ready for being unemployed if your layoff date is in the future or you’re receiving a severance. This is crucial if you can’t land a new job before your last day at your current one. While you may be able to boost your funds once your layoff goes into force by applying for unemployment benefits, having savings set aside can also be helpful.
6. Don’t panic or stress out : Losing your job could be challenging. Don’t panic, take slow breaths, and remember that things will improve. These are a few of the most important things to remember. Set yourself up with a plan so that you won’t feel disoriented during the day, keep networking and job applications going, and take a minute to remind yourself that something will come along as long as you are looking for work.
Situations are unpredictable right now, but if you’re about to lose your job, they’re even more so. Just remember that getting fired and getting laid off are two different things. It’s important to remember that the former is not due to subpar performance. The loss of a job is among life’s most distressing occurrences. However, there are steps you may take to ease the transition a little. Verify your financial situation, keep your résumé up to date, contact your contacts, and, if at all possible, discuss severance pay. Remember that getting ready for a layoff is a great time to think about your life and follow your hobbies.