If you hear rumors of layoffs, there’s nothing wrong with looking ahead
Layoffs are like storms. You can see the dark cloud approaching and typically
have enough time to take cover. Careers, however, don’t pass us by under the cover of darkness and disappear when the sun comes out.
Despite some companies’ attempts at keeping layoff rumors at bay, word of potential staff cuts can spread at epidemic proportions. How will I pay my bills? Where will I send my resume? Where is my resume anyway?
A flurry of unanswered questions arise when word of layoffs hits. Stephen Seaward, director of career development at Saint Joseph College in West Hartford, Conn., says the fear of being laid off is very real in today’s work environment. If you suspect you’ll be axed, your gut instinct might just be right. “If a worker fears a layoff is coming, chances are it is,” he says. “Companies give some telltale signs that workers should look for, such as consistently poor financial performance, reorganization, budget cuts, mandates to curb expenses, resignations of top management personnel or hiring freezes.”
One of the first things you may want to do when the wind of staff cuts blows in is to take inventory of how much severance pay you will receive. Companies vary in the way this is divided, but generally speaking, you will receive one week of severance per so many months or years of employment. Similarly, health benefits have an expiration date as well.“Unemployment benefits run out so plan accordingly,” says Seaward.
The main issue many victims of layoffs deal with is money. For many, there’s a moment of panic when they realize their job will likely be eliminated. Lack of a steady income is frightening, especially if your industry is in a hiring lull or job prospects are slim. Often, employees going through a layoff will take that time to go back to school. Even though the very idea of being forced out of a job is cringe-inducing to some, it is possible to make the best of the situation, even after the pandemic.
“Many working Americans are in jobs they don’t like,” explains Seaward. “Perhaps in that dark cloud lies a silver lining that provides the energy and motivation to do something that helps a person reach their full potential.”
When whispers of a layoff become more than just gossip, it’s wise to discreetly put your resume together. If you haven’t updated it in a while, now is the time to do so. Remember that burning bridges or making a ruckus about something that may or may not happen is a definite faux pas.
Next, make a list of potential employers and see if they are hiring in your area of expertise. Chances are, your
company will give you more than two weeks’ notice if they are eliminating
staff, so it might be wise to postpone any job interviews until talk of layoffs
is more concrete. “A person’s career is an investment,” Seaward says. “If your
career stock in one company stops paying dividends, it’s time to reinvest with another company.”