Now that Covid’s no longer a public health emergency, we can all feel more secure in our careers, right?
Unfortunately, I’ve got bad news for you.
As the world economy struggles to recover from the pandemic’s effects, many companies are laying off employees to survive.
Even IT giants like Google, Microsoft, Cisco, and eBay have laid off hundreds of employees this year.
The idea of suddenly losing your work from home job, is a scary prospect for many Filipinos.
So, how do you spot the signs you’re about to be laid off and prepare for them? Let’s find out.
Hiring Freezes and Budget Cuts
One of the most common signs you’re about to be laid off is when your company implements drastic cost-cutting measures. This usually happens during economic uncertainty or when the company fails to meet its revenue targets for several quarters.
For example, has your company stopped hiring new employees recently? Or perhaps they cut down on Christmas bonuses last year?
Employees Who Leave Aren’t Replaced
Another red flag showing layoffs are imminent is when your company doesn’t replace employees who leave the company.
This usually means they’ve eliminated that position to streamline their workforce and save costs.
Usually, employees who get laid off first include recent hires, underperforming employees, contractors, and employees in redundant positions.
High-Level Executives Are Leaving the Company
When things aren’t going well for a company, the higher-ups usually get wind of it first.
If you notice that more and more executives are leaving, it’s a sign that the company’s in poor shape and layoffs are coming.
The Company is Bringing In More and More Consultants
Another sign you’re about to be laid off is when your company introduces several new consultants at work.
These consultants help struggling businesses operate more efficiently and profitably… which sometimes means letting go of “redundant” employees.
Of course, this isn’t always the case.
Sometimes, companies hire consultants to improve business processes or help them expand.
However, when companies hire consultants to deal with financial difficulties, it may be a red flag that imminent layoffs are incoming.
Your Company Recently Went Through a Merger or Restructuring
Mergers or restructuring sometimes lead to layoffs to further streamline operations.
Aside from these, a merger or restructuring involves changes to the company’s organizational structure.
Some employees’s roles may no longer align with this new direction and are thus laid off.
Your Workload Just Got Lighter
Are you receiving fewer and fewer assignments lately?
Although it seems harmless on its own, when combined with other factors like financial difficulties or restructuring, a lighter workload can be a telltale sign you’re about to be laid off.
How to Prepare Yourself for Layoffs
If you’re seeing signs that you’re about to be laid off, here’s how you can prepare for it:
Regularly Update Your Resume
It’s easy to forget about your resume once you’ve finally found a full-time work from home job.
However, in this time of job insecurity, it’s a smart move to keep your resume up to date.
Start by adding all your recent accomplishments, such as promotions, certifications, and significant projects. Next, revise or remove any outdated or irrelevant information on your CV.
This ensures you have an updated resume ready once you find a job opening.
Establish an Emergency Fund
“Pag may isinuksok, may madudukot.” (“If you put something aside, you’ll be able to draw something.”)
Whether you get laid off or not, having an emergency fund helps you remain financially stable while looking for a new work from home job.
Although the amount in your emergency fund may vary depending on your lifestyle, income, and dependents, ideally, it should last you three to six months.
Read Up On Your Company’s Severance Package
Most companies offer severance packages to help their employees land on their feet after being let go. These include severance pay, continued insurance, or even outplacement assistance to help you find a new job.
In some instances, you can even negotiate more from your severance package.
Of course, this isn’t guaranteed to work, especially if the company is experiencing financial difficulties, but it’s worth a shot.
Grow Your Network
Sometimes, having an excellent resume isn’t enough to help you quickly find an online job. You also need to have the right connections.
Thus, learn the ins and outs of effective networking, even while you’re employed. An extensive network helps you discover opportunities you probably aren’t aware of.
Start by talking to your former co-workers and mentors, batchmates, or family about any possible job openings they might know of.
Don’t be afraid to expand your network by attending events and joining social media groups to engage with other professionals in your field.
Upskill Yourself
In the age of Artificial Intelligence (AI), the first employees to go are those working on repetitive or entry-level tasks.
The best way to remain competitive against AI is by growing your skill set or learning new ones.
Consider taking online courses and workshops or attending professional development programs to increase your value to a company -as well as to broaden the industries you can apply to.
Maintain a Positive Attitude
It may be difficult to believe at the moment, but experiencing a layoff isn’t the end of your career.
No matter how uncertain or daunting your current situation is, things will get better.
Staying focused and positive throughout this ordeal helps you build resilience and cope with losing your job.
Final Remarks
Suddenly losing your job, especially in today’s economy, will devastate many employees.
However, keeping an eye out for signs that you’re about to be laid off and preparing for it will make it easier for you to get back on your feet.
Were you recently laid off? Or perhaps you’re just looking for online work from home opportunities?
Whatever the case, Remote Staff is here to help.
Our jobs list contains plenty of positions for you to choose from. These range from online transcription jobs to online design jobs – and everything else in between.
So, what are you waiting for? Sign up here. Good luck!
