17 Signs That a Layoff is Coming
Stay calm and be prepared by knowing ahead.
In today's unpredictable economic landscape, layoffs have become an ongoing occurrence, particularly prevalent in the technology sector. This situation is undoubtedly exasperating and disheartening. It leaves you pondering not only when it will happen but also how.
The looming threat of a layoff casts a shadow over your future plans, making it impossible to even consider scheduling your next vacation or taking a sick day for fear of returning to a termination notice or, worse, a full-blown layoff.
Feeling helpless in the face of potential layoffs, we often resort to submerging ourselves in work, saying 'yes' to every task and project, regardless of the difficulty. This might be an attempt to demonstrate our value to the company, to prove our indispensability. However, this approach can lead to burnout and does not guarantee job security. It's important to be proactive, to look out for signs that layoffs might be imminent, and to start preparing for such a possibility.
Signs of a Layoff
Budget Cuts: One of the most noticeable signs of an upcoming layoff is when the company starts cutting costs. This could be in the form of reducing office supplies, limiting travel, cancelling company events or activities, or delaying or eliminating raises and bonuses.
Hiring Freeze: A hiring freeze, where the company stops bringing on new employees, could be an indication that the organization is trying to save money, potentially in preparation for layoffs.
Increased Management Meetings: If you notice an increase in high-level meetings or closed-door sessions, especially in the HR department, it might be a sign that layoffs are in the pipeline.
Poor Company Performance: If the company's financial performance is consistently poor, layoffs might be an unfortunate result. Keep an eye on quarterly reports, stock prices, and news about the company's financial health.
Department Mergers: Merging departments can often result in job redundancies, which could lead to layoffs.
Decreased Workload: If your workload suddenly decreases without a clear reason, it might be a sign that your position is being phased out.
Lack of Communication: When management becomes less communicative about the company's future or dodges questions about security, it can be a warning sign.
Less Investment in Employee Development: If there's a sudden halt to training programs, professional development opportunities, or promotions, it could signal the company preparing for layoffs.
Your Role Isn't Crucial: If your role isn't directly tied to revenue generation, or if the tasks you perform can be distributed among other employees, you may be more susceptible to being laid off.
Vendors Not Being Paid On Time: If the company is struggling to pay its bills, it could be a sign of financial trouble leading to layoffs.
Rumors About Layoffs: While office rumors should always be taken with a grain of salt, consistent whisperings about layoffs can't be completely ignored.
High Employee Turnover: A sudden increase in employee resignations or terminations may be a sign that others are noticing the red flags and exiting before the layoff.
Company is Acquired or Merges: If your company is acquired or merges with another, redundancies can often lead to layoffs.
You're Left Out of Important Meetings: If you're suddenly excluded from meetings you used to attend, it may be a sign that you're being phased out.
Negative Feedback: If you're receiving more negative feedback than usual, it could be the company building a case for your layoff.
Your Responsibilities are Being Offloaded: If your responsibilities are gradually being transferred to other employees, your role may be in danger.
Outsourcing of Tasks: If your organization starts outsourcing tasks that were previously handled in-house, it may be preparing for a layoff.
Please remember, that these signs are not definitive proof of an impending layoff, but they can give a hint towards what may be coming. Always seek advice and keep your options open if you notice one or more of these signs.
What to Do if You Recognize These Signs at Your Workplace
Recognizing the signs of a potential layoff at your workplace can be distressing. However, instead of panicking, it's important to take proactive steps to secure your career future. Here are some pieces of advice:
Update Your Resume: If you suspect a layoff might be approaching, it's a good idea to start updating your resume and LinkedIn profile. This includes highlighting recent skills and experiences that make you marketable.
Network: Reach out to your professional connections. Networking is a crucial aspect of job hunting, and you never know where your next job opportunity might come from.
Look for Other Job Opportunities: There's no harm in looking for job opportunities while still employed. It's better to have options and prepare yourself for any eventuality.
Save Money: If possible, try to save money to cushion yourself in case of a layoff. Having an emergency fund can make the transition period less stressful.
Upskill: Use this time to upskill or acquire new skills that could make you more attractive to potential employers.
Speak to Your Manager: If you feel comfortable, approach your manager about your concerns. They might not be able to give you a definitive answer, but they could provide some reassurance or guidance.
Think About What You Really Want: This can be a good time to reassess your career goals and what you want from your next job.
Remember, while layoffs can be extremely unsettling, they can also open doors to new opportunities. It's all about how you handle the situation and prepare for the future.