Facing a layoff can be tough, but here’s how you can handle it like a pro!
So far in 2023, 200 technology companies have laid off more employees than in any other month since the pandemic started. In fact, the year is starting off worse than 2022.
Big Tech companies like Amazon, Oracle, Microsoft, Salesforce and Facebook went on a hiring binge during the pandemic when lockdowns sparked a tech buying spree to support remote work and an uptick in e-commerce, and now they face revenue declines. On the other hand, many small and large organisations have predicted a future recession.
The current layoff situation is likely causing stress, uncertainty, and financial hardship for many employees. It may also lead to feelings of sadness, anger, and anxiety. Some employees may struggle to find new employment, while others may be forced to take on lower-paying or less desirable jobs.
In response to the current layoff situation, managers can play a crucial role in supporting remaining employees. This can be done by providing a safe space for employees to process their emotions and facilitating two-way communication during staff meetings
It’s also important to note that the impact of layoffs can vary greatly depending on the reason for the layoff. According to a report by the Federal Reserve Bank of San Francisco, unemployment rates due to permanent layoffs increased by 0.3 percentage points, while unemployment rates due to temporary layoffs increased by 10.1 percentage points.
Facing a layoff can be tough, but with the right approach, you can come out even stronger. Here’s how to handle it like a pro:
● Look for potential employers, available opportunities and find ways to up skill and diversify into other sectors.
● Maintain and develop a network with your ex-colleagues and bosses to help you find leads. They can also uphold you in front of employers.
● Develop skills in sectors like stock market, programming and content writing which will always be in demand as long as the companies are operating.
● Deal with it practically rather than emotionally.
● Update and enhance skills: Focus on learning new technologies and developing skills in demand.
● Network: Attend industry events, connect with former colleagues, and join professional groups on LinkedIn.
● Update resume and online presence: Highlight recent projects and relevant skills, maintain a professional online presence.
● Look for job opportunities: Use online job boards, company websites, and recruiters to find job openings.
● Consider changing careers: Assess your strengths and interests and research other industries where your skills may be transferable.
● Seek support: Join a support group for job seekers, talk to a career counsellor, or connect with a mentor.
Don’t let a layoff bring you down – with the right mindset, you’ll be back on your feet in no time!
At Select Global Solutions, our clients across Africa, Asia and the Middle East have a number of new job opportunities, and have not suffered layoffs as much as in other markets.
To find the latest jobs, go to www.selectglobal.co.in/jobs