Strategies to be Built at the time of Layoff

Roshni Khatri

15th Mar'23
Strategies to be Built at the time of Layoff | OpenGrowth

In both large and small firms, layoffs can be difficult to prevent. This is regardless of how excellent the workplace is. Layoffs may be unexpected. You're suddenly hit in the face with the looming dread of financial hardships and job setbacks for which you weren't prepared. 

 

Getting fired from your job can be, to put it mildly, a trying time for you both personally and professionally. This does not, however—and this is a big "but"—have to be your lot in life. You may easily get back on your feet with the appropriate preparation before a layoff. 

 

If you plan for the terrible while you're in the good, you'll traverse choppy waters. So see what you can do to prepare for a sudden job loss or layoff.

 

Layoffs and you

Layoffs seem to be on the rise after firms frantically searched for workers for several years to fill their job openings. According to a survey conducted by the resume writing site, 61 percent of corporate executives predict layoffs at their organizations this year, and one-third of them plan to eliminate 30 percent or more of their personnel. 

 

These figures are especially concerning for workers over 50 who frequently experience ageism when hunting for employment. So what to do if you are worried about being laid off? Well, here are a few steps you may do to get ready if you're concerned about losing your work. It is essential to cope with the common workplace challenges to have a secure work culture. 

 

1. Consider your perspective first 

Take time to consider the circumstance logically. What leads you to believe that you will be let go, and is there any truth to this? Is your business in a particularly affected sector, like technology in 2022, and has it made any announcements or started hiring cuts yet? 

 

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Determine whether the source of this worry is real or if it stems from your own nervousness and insecurity. Even when firms do intend to lay off workers, the majority do so anyhow. 

 

2. Glance at your money

The second stage is to assess your financial situation. Most people manage their finances automatically. They typically do not closely monitor their spending as long as they do not incur a monthly deficit. To gain a clear picture of your finances, analyze your savings as well as your income and spending trends. You may find it helpful to use free software like Mint or Fudget. 

 

Making a list of cost-saving measures like stopping subscriptions and cutting back on eating out is a good idea while you're at it. As a result of this approach, you may feel more in charge because you will have options to consider in the event that you are laid off. It helps you put such concerns in writing.

 

3. Stock up on emergency funds

If you're concerned about losing your job, increasing the size of your emergency fund will help you feel more at ease. The majority of people do not have at least $1000 in emergency funds so it is advisable to save as much as you can to aid in covering costs if you lose your job.

 

If you're having problems coming up with extra money to save, think about putting some of your budgeted spending cuts into action or just making the minimum payments on your bills to create a larger cash reserve. 

 

4. Check your unemployment benefits

Unemployment insurance benefits may be available to you if you lose your job. Each state oversees its portion of the combined federal-state programme. The initial unemployment benefit check may not arrive for a few weeks after you apply, so knowing this information beforehand may help you submit earlier and receive your benefits more quickly. 

 

5. Reestablish a network connection 

Your personal and professional networks may have reduced over the previous few years as a result of the pandemic, offshore outsourcing, and the absence of professional meetups. According to Employ, an HR technology company, people frequently learn about job prospects from friends and contacts in the industry.

 

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Hence, this can be a good moment to look through your LinkedIn contacts or get in touch with former coworkers and acquaintances. 

 

6. Update your LinkedIn profile and resume

Ensure that your LinkedIn profile and resume are up to date so that you are prepared to chase any new opportunities that may arise and start looking for a job. It's usually a good idea to maintain both up to current since you never know whether you'll require them. 

 

7. Start a side business

It is suggested to figure out how to diversify your sources of revenue. You should consider securing consultancy or freelance work, as well as a part-time position. Check your work contract or other agreements first to make sure you are not prohibited from doing so. In case you lose your main work, make sure to discuss with your accountant or financial advisor how having a side business may affect your ability to receive unemployment benefits. 

 

Besides this it is also essential to know about the challenges of starting your own business as it can reap you the best returns. 

 

8. Consider a career coach

If you're having trouble controlling the stress brought on by a layoff, you can speak with a career coach or perhaps a therapist. As long as you don't let it control your thoughts or your behavior, you can allow fear to exist. You could use a therapist or coach to handle these feelings and create a strategy for coping with a layoff. 

 

9. Acquire personal care

The worry that layoff concerns induce in your head and emotions are their most difficult aspect. It catalyzes a wide array of 'what if' scenarios that at our worst moments paint a bleak image of what could happen. Determine any unfavorable thoughts you are fighting. This exercise can be performed mentally or by writing your ideas down before challenging them.

 

Consider the worst-case situation and your own reaction. Create a strategy for action. If worst comes to worst, you could find the resolve you need by thinking back on how you overcame earlier obstacles. 

 

Thus it is essential to do proper preparation before layoff as it can guide you during difficult times. 

 

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Conclusion

It might be unpleasant and even frightening to consider losing your work, but by controlling your feelings and making a plan, you can be better ready for whatever may or may not happen next. Besides this you can also have information about the best websites to learn new skills as it can help us in doing preparation before layoff. 

 

We, at OpenGrowth, are constantly looking for innovative and trending start-ups in the ecosystem. If you want to have more information about any module of OG Hub, then do let us know in the comment section below.  

A keen observer, who loves to spend time with nature. A fun loving person, enjoys to explore the new aspects of life. Passionate about reading and learning new things. Roshni is dedicated towards her work and has worked in different professions.

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