How To Prepare Yourself During Company Layoffs
My deskmate was called to the conference room around the last couple of minutes of the workday. She returned to our desk shaken and in tears, revealing to the rest of the department that she was let go from her job. The next day, more and more employees were let go, and I sat there with my stomach in knots every time the COO came to the door. Would he be calling my name next? Just days prior, a memo went out to all employee inboxes detailing the downsizing of certain departments and detailing the company’s performance. Panic spread across the company as people gathered around desks, restrooms, and eating areas, whispering about the fate of their company and their jobs.
All year round, people are laid off from their jobs. Whether it's a round of company layoffs or just an individual incident of job termination, many of us will experience this fate at one point in our lives. Here are five ways you can prepare yourself during layoffs:
Never Get Comfortable
They are always watching, and that’s one thing people forget as they accumulate years in their job positions. The years you occupy a specific role doesn’t determine loyalty; therefore, you should never get comfortable in your position. Stay on your toes! Always conduct yourself with business decorum, stay honest, and complete processes using the mandated policies. Once you slack off of your A game, you become vulnerable to being fired or being placed in the top tier for company-wide layoffs. Sometimes, being let go won’t be personal, but putting in a little extra work won’t hurt. Brush up on your skills, find ways to improve efficiencies, and add value by bringing in new business, contributing to revenue, or saving the company some dollars. Make sure the people in charge feel that you are irreplaceable.
2. Keep a Documented Timeline of Events
When it gets down to the wire, people’s true colors come out. Like they say, not everyone is your friend. Employers and employees will lie to you, so keep your receipts. Document the incident every time you are corrected at work or make a mistake. Also, keep track of things you hear that could affect your job. Keep documents on when people praised you for your contribution to the company as well. These documents can help you prove your value. It can also help you if you get laid off and need to claim unemployment. Some companies will let you go and refuse to pay unemployment or offer a fair severance package. When fighting to get the fair pay you deserve, having these documents will help your case against your former employer.
3. Know How Your Industry is Trending
Keep a pulse on your industry and how it’s performing to stay ahead of some company layoffs. For example, retail workers have experienced many layoffs based on the change in how consumers purchase goods. Many storefronts are closing as people move to online shopping. The energy and tech companies are also experiencing an increase in layoffs. Understanding what’s happening in your industry will help you plan for your next step. If your industry is hit hard by the economic changes, you can start working on plan B. You can return to school or gain certification to enter a new industry. It could also be your chance to work on your entrepreneurial endeavors and learn a new skill set.
4. Find a Side Hustle
If the talk of layoffs is looming, then it’s time to build up your bank account. The best way to do that is with a side hustle. Find ways to monetize your skill set outside of work to help bring extra income your way. Become an Uber driver or marketer, start babysitting, launch your catering business, or even your consulting practice after work hours. Starting your side hustle before the layoff will allow you to have a steady flow of change so that if you are let go, you won’t be totally out of luck. You may even be able to turn your side hustle into a full-time gig once you are terminated.
5. Keep Your Relationships Fresh
Are you regularly keeping in touch with your mentors and peers? When did you last write an alumni or have coffee with another industry professional? Relationships are key to matriculating through your career journey and will prove vital during this time of uncertainty. Refresh your relationships and connections with mentors and other industry professionals. Let them know what’s happening and ask them to keep their ears and eyes open for opportunities at other companies. This support system will help you pick yourself up if you become unemployed. They may be the very people to help you secure your next role.
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