Layoff - if and when it happens
Posted on January 22, 2023 by Johncey George, One of Thousands of Executive Coaches on Noomii.
in today’s world, layoffs seem quite common and often have nothing to do with the person’s performance. It is only prudent to be ready for a layoff
I wholeheartedly wish that you would never have to face such a scenario.
But in today’s world, layoffs seem quite common and often have nothing to do with the person’s performance. Even the best performer can be laid off by the organization in alignment with the decision taken by the Board or Senior Management team.
So, it is only prudent for you to be ready for such a scenario, if unfortunately, it does happen.
1. Start networking with people outside your organization
a. Attend seminars and meet-ups in your industry
b. Use LinkedIn and connect with more senior professionals
c. Connect with your ex-colleagues who are still in the same industry as you.
2. Start researching those companies, which are related to your field and are hiring
3. Connect with recruiters or recruitment companies who hire in your specific industry.
4. You can read some articles written around preparations for a job search. I too have written one. You can search for these articles.
5. Work on your personal brand to increase your visibility. Again, LinkedIn is a great tool to get started
6. Keep your resume and LinkedIn profile updated
7. Upskill yourself – figure out what areas you would like to upskill based on the kind of role you want to get into. This is one area you should not compromise on.
Now a few personal aspects.
8. Ensure that you don’t keep any personal files on your official laptops, or that you have a backup. It is better to store them in the cloud.
9. Ensure that you do not use the company’s email address for any of your personal logins.
10. Health insurance – many may not have health insurance outside their company group health insurance. The day you lose your job, you also lose the health benefits under the company policy. I highly recommend you buy health insurance personally
11. Consult a financial advisor to better understand your financial situation. You may not see the real picture till someone shows you the mirror. You can be in for some surprises if you don’t do this
12. Restructure any personal, vehicle, or home loans to reduce the outflow of the EMIs. A loan consultant can help you here.
13. Ensure that you have claimed any reimbursements which are due, especially if some of them require managerial approval. Your manager may also be part of the layoff plan.
Hope these tips are useful. Be layoff ready, if that unfortunate situation arises.
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Author: Johncey George is an International Coach Federation Accredited Leadership and Life Coach.
