As corporate layoffs remain a constant news headline, smart professionals are taking the initiative to be prepared in case their industry or sector is affected.
The most obvious step you can take is to create an impressive and comprehensive portfolio of career marketing documents now. You can stay ahead of any potential disruption from layoff announcements–putting yourself in the best position for success no matter what life throws at you!
Is Your Company Preparing for Layoff?
Being mindful is key when navigating an uncertain economic climate: take a closer look at your company’s situation for potential signs of forthcoming organizational restructuring efforts or job cuts.
It’s a difficult reality that companies must consider layoffs, and it is a process that affects all levels of the organization, from the executive team down to the individual employees. While it is never pleasant to discuss, layoffs are sometimes necessary for a company’s survival.
- One of the first signs that your company may be preparing for layoffs is decreased budgets and spending limits. If new spending rules or tightened budgets across departments are suddenly instituted, this could be an indication that they are anticipating cutbacks.
- Despite a company’s financial stability, big changes can occur if the board or stakeholders decide to appoint someone new as CEO. This may lead to other strategic alterations to the executive team.
- Job cuts often come post-merger / acquisition in areas where jobs are duplicated between the two companies.
- When a hiring freeze is implemented, the effect on employee morale can be devastating. Worrying about job stability is inevitable, and this uncertainty puts existing staff in an unproductive position, often leading to higher turnover rates and further financial strain for the organization, ultimately leading to more layoffs down the line.
Planning & Preparation
Planning ahead is essential when preparing for a possible layoff in your industry or sector. Taking a proactive approach includes:
- Having your finances in order with enough savings set aside for emergencies or speaking with creditors about flexible payment options could prove useful down the line if needed.
- Researching job opportunities in your field could provide useful insight on what employers are looking for and what type of jobs are available within the sector/industry itself.
- Advancing your skills. There are numerous online programs offering certificates or educational courses designed specifically for working professionals looking for additional training in their field or an entirely new field.
- Building your professional brand (how you want others to perceive you as an individual and as a professional). Before putting together your career marketing portfolio (resume, cover letter, LinkedIn profile + other social media profiles that showcase your professional brand), you need to know the unique qualities that make you stand out. By building a strong, memorable image of yourself, your audience will gain insight into who you are as a person while creating valuable equity with them.
- Documenting your milestones + accomplishments. Take a proactive approach by tracking and recording achievements on an ongoing basis to ensure that you have the information you need to craft an engaging, branded resume and supporting documents. Employers are interested in more than straight-forward employment data; therefore, your resume + LinkedIn profile should demonstrate tangible results + give insight into how and why success was attained, giving employers valuable context surrounding the achievement.
- In addition to building your brand and creating your portfolio, networking is another way to prepare for a possible layoff in your industry or sector. Networking involves connecting with people in similar fields or industries, and building relationships is an essential component of your job search success.
- Reach out to colleagues and friends who can introduce you to potential employers if necessary. It’s also beneficial to join online communities related to your industry or sector so that you can stay informed on industry news and trends while expanding your network even further.
With these tips in mind, individuals can rest assured knowing they have done what they can do to protect themselves against potential layoffs in 2023 and beyond!