In the ongoing pandemic, it is prudent for any person to stay prepared for a possible layoff.
No matter how secure your current job looks, getting a layoff notice can happen to anyone.
Any company can start laying off employees in a slow economy when businesses are down.
Keeping a few tips in mind will help you and the ones you know who are facing this situation to overcome the unfortunate time easily.
Here are some action plans to prepare for a possible layoff:
1. Don’t panic
Losing a job is a situation no one wants to face.
However, if that happens, don’t blame yourself if your company has handed over the pink slip to you.
Losing a job is certainly not the end of your career.
Remember, it’s only the title of the job and not you who is being laid off. So, do not panic.
In such a situation, it is important to stay positive and plan the things with a calm mind.
Utilize the notice period to search and apply to relevant jobs.
Never hesitate to accept a short-term assignment during the time to ensure a constant earning.
2. Look for warning signs
Instead of waiting for your employer to break the bad news of laying off, keep looking for any warning signs to gauge the current situation in your company.
No annual raise, salary cuts, dropping client base, and not getting paid on time could be the signals of a bad situation in your organization that can lead to possible layoffs.
In such a situation, it is recommended to speed up your job search and get some job offers in hand to avoid the last minute panic.
3. Upskill & update your resume
You must always keep your resume up-to-date and stay prepared for any unforeseen situation.
You never know what is around the corner; therefore, don’t keep waiting for a layoff to happen and start updating your resume.
One of the best ways of staying prepared in an unprecedented time is upskilling and staying relevant to recruiters.
Adding value to your resume by pursuing some trending online courses can help you to develop new skills and explore more job opportunities.
Keep adding new achievements, skills developed and certification courses in your resume.
Staying prepared will ease any stressful situation in case any such thing happens with you.
4. Keep your job search active
You should always keep looking for companies and industries hiring now.
Even if your current job and company looks secure, constantly keep hunting for lucrative job opportunities.
You can easily get all updates about companies currently hiring with Naukri.com live company hiring tracker that helps you to search and apply to relevant job openings.
Keep applying to current job openings to gauge the job market and stay prepared for a possible layoff.
This will help you to stay informed about relevant job offers and get the one before any layoff happens in your organization.
5. Keep track of hiring trends
Staying informed is an important way to make informed career decisions.
Keep yourself updated with the current hiring trends to understand how the job market is responding to the current situation.
Naukri.com live hiring tracker is one of the easiest ways to get hiring insights about the companies laying off, hiring or freezing job opportunities at present.
Keep looking at this tracker for live updates and plan your job search accordingly.
6. Plan your funds
Whether you are a fresher or a professional with several years of work experience, it is crucial to create an emergency fund to stay prepared for any unforeseen situation.
Losing a job can cause financial constraints if you are not prepared in advance.
Start planning your funds now by saving some fixed amount from your earnings that can help you to manage at least three months’ living expenses.
Losing a job is one of the stressful situations in anyone’s career.
However, there are ways to manage and overcome the impacts of this situation by planning a few things.
Keep your resume up-to-date, upskill for better job opportunities, plan your funds, and keep searching for companies actively hiring are some quick tips for the same.
All the best!