Layoff red flags that you should NOT ignore, and how to prepare yourself.
In today’s market, layoffs have become a regular part of “doing business”. But how does it affect you and your career? Here are the signs to watch for, and what you can do to prepare.
Company Mergers and Acquisitions:
- Often, when two companies merge, there are two sets of employees for many roles, and one role may be eliminated.
- You may not agree with the cultural shift, new management, or company direction.
- Compensation plans, benefits, flexibility, and work from home situations may change.
- These situations may create low employee morale with constant uncertainty of job security and additional tension.
Changes with your boss or company:
- Company announces weak earnings; you see that business revenue has declined.
- Company brings in an “outsource” company.
- Hiring freezes.
- Company is for sale or owner mentions retirement.
- You are asked to write a job description of what your role is within the company.
- A freeze on pay increases and bonuses — even pay raises and bonuses that were previously approved.
- Scheduled projects are suddenly put on hold.
- There is a noticeable difference in how your boss treats you. You are not invited to participate in routine meetings.
- A lot of “closed door” meetings conducted by your boss, and unfamiliar guests coming into the office.
Changes with your job or performance:
- You don’t have enough work or you haven’t been given any new responsibilities recently.
- A new hire is brought in who could easily handle your work along with their’s.
- You are asked to train an outside resource to “help you with your job”.
If you see any of these layoff signs, you must prepare for a possible job change.
- Update your resume.
- Revise your LinkedIn profile.
- Ask current and former managers, colleagues, and clients for recommendations.
- Join and participate in LinkedIn groups in accordance with your skill set.
- Brush up on your interviewing skills.
- Evaluate and build your network of connections.
- Build your brand.