How to Tell If a Layoff is Coming and How to Prepare

How to Tell If a Layoff is Coming and How to Prepare How to Tell If a Layoff is Coming and What You Can Do to PrepareLook out for these five signs that a layoff is around the corner and then decide what youll do about it.Unfortunately, layoffs are a part of life for some companies and individuals. If youve never been laid off, you probably know someone who has. According to outplacement consultancy, Challenger Gray Christmas, U.S. employers cut about 418,770 jobs in 2017. Despite the reality that the figure is the lowest annual total since 1990, companies are still restructuring all the time, which means layoffs will continue to impact employees across every industry.No one has a crystal ball that can warn them when a layoff is coming, but there are some telltale signs of an impending reduction in force. The following five scenarios are some common examples of slight changes that could indicate an impending layoff.You can hear a pin dropWhen an organization is considering whether a layoff is necessary, often management knows before everyone else. If job cuts are looming on the horizon, you may notice managers and HR spending more time behind closed doors, the quarterly town hall meeting might get canceled, or your manager may communicate less than normal. If you sense that somehow things dont seem the same, your sixth sense may be trying to tell you something about your future at the company.The company just announced big lossesDisappointing business results are a strong indicator that organizational changes are coming. Lower-than-expected revenue or the failure of an important business unit will often trigger a layoff in companies as they look for ways to balance expenses with falling revenue. If your company is not performing well, chances are a layoff is on the table as a possible fix.Some roles are redundantMany companies often have more than one employee who performs the same function. There is often plenty of work to go around, and companies benefit fr om having a backup for important roles in the darbietung of a resignation or employee absence. However, if you start to notice theres a bit too much support, you can bet management has noticed it as well. If you have five staff accountants in your unit, but new technology or more efficient processes make it possible for three accountants to get the work done, layoffs may be around the corner.RelatedAsk Amanda How Can I Bounce Back After Getting Laid Off?A merger or acquisition is comingLayoffs are often a natural outcome of merger and acquisition activity. When two companies come together, there may be overlap in some areas, leading to the decision to eliminate positions. Not every merger leads to layoffs, and in some cases, companies add new jobs when they merge. But just in case, if your company announces a potential merger or acquisition, ask questions and try to understand how it could impact your job.Company spending slowsOne of the signs that job cuts may be on the way is redu ced corporate spending. If youre suddenly told to hold off on a project that requires an investment in new technology to get it off the ground, or that theres a freeze of all non-essential company travel, trouble could be coming. If extra thrift is the reservierung of the day, then ask around and see what the cause could be. If no one seems to know, a corporate reorganization with layoffs could be the companys answer.How to prepare for the layoffBeing laid off can be scary, but it can also be the time to relaunch your career. To be fully prepared for whatever lies ahead, there are some specific steps you can take to make sure youre in the best possible position to bounce back from a layoff. For exampleStart your job search Sometimes its better to jump ship before youre pushed into the water. If you have a strong sense that your company may begin eliminating certain positions, then update your resume, get in touch with your network, and begin exploring new job opportunities.Build you r skills If you think you could be affected by a layoff, focus on expanding your skill set with training, continuing education courses, or a new certification. If you suddenly find yourself in the job market, those new skills will come in handy.Stick around You may see a layoff coming and decide to do nothing. If youre considering retiring, you might not be too worried about being laid off. Or maybe you know your company traditionally offers generous severance packages, and youd like to stick around to get one. Whatever your reason, you may be among the few who arent all that worried about being laid off.Sometimes the writing is on the wall and layoffs appear to be inevitable. Other times, there are only signs of an impending layoff, with little clarity about its impact on your job. No one has all the answers, but if you read the signs and prepare yourself, you can survive and move on after a layoff.Click on the following link for more job-search advice.Worried about a layoff and wa nt to make sure your resume is ready for a new job search? Let us help with a free resume critiqueRecommended ReadingUnemployment Guide 9 Ways to Make the Most of It5 Signs Youre About to Be FiredI Was Fired. What Do I Put on My Application?Related Articles