Tips To Prepare Yourself For A Layoff

Tips To Prepare Yourself For A Layoff In today’s dynamic business environment, layoffs have become indispensable as companies going through financial struggles resort to layoffs for cutting down operational costs. What was once a rare phenomenon has now become common in today’s business world.

Employees are required to realize and understand that their company can be merged, bought or sold as per the demand of the market scenario and company’s financial strength.

Irrespective of how good you are at your job, you need to realize the fact that companies today are hiring when business looks good and resorting to layoffs when the results fall short of estimation.

If the dynamic market change sends a shiver of job insecurity down your spine, it would make sense for you to prepare yourself   with an attitude of preparing for the worst and hoping for the best outcome.

No job is 100% secure and no individual would savor or relish the idea of being laid off. Though a layoff need not be looked upon as an end of the world, preparing yourself for the possibility of pink slip would help in minimizing stress lessen the trauma you and your family might be subjected to post a layoff.

Even if you are feeling secure in your current job, you could be hit with an unexpected layoff at any moment. For this reason, it is always good to plan ahead for potential financial emergencies before they strike.

How To Prepare Yourself For A Layoff

A Ready Resume

The first step in preparing for a layoff is to keep your resume updated and ready. Make sure to include all the skills you have acquired through your experience, include your academic and professional achievements, career related milestones and projects successfully completed.

Talk about all the trainings you have undergone through your academics and work experience. Update all your online profiles and float your updated resume in the job market through all possible channels.

Professional Networking

While you are still working, it’s important to actively network with members of your professional groups. Join social network groups to connect with people not only in your area of work but also with people from related work groups.

Subscribe to the newsletters and make it a point to attend all alumni meetings. Participate in volunteering programs; and also to get introduced to new people. Quickly check with members of your network by email or phone regarding job opportunities.

How To Prepare Yourself For A Layoff

Focus on Skill Enhancement

For you to stay ahead of competition and enhance your employability, it’s of utmost important to not only sharpen your existing skills but also acquire new skills as per market demands.

Enrolling in new course and attending seminars and symposiums to keep yourself abreast in the latest happenings in your field would be a good way to start building on your knowledge and skills.

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Maintain your Balance

The very idea of a layoff could pull you into the pit of depression. The trauma you and your family might be subjected to through a layoff could put you off balance. Hence, as a part of preparing yourself for a layoff, it is important for you to take time off for yourself to build on your emotional well being.

A balanced state of mind will help you withstand the struggles of searching for a job. Picking up on your interests and hobbies outside the scope of your work will help keep your spirits high in dealing with emotional upheavals.

Career Change

If you have been contemplating on changing your career, it would be a good idea to take it up while you are still employed, as your priorities could change in the event of a jib change.

Financial Planning

preparing yourself financially for a layoff plays an important role in the overall preparation for a layoff. Setting up an emergency fund, living within your means, Cutting down on expenses, building a cash reserve, having a clearly chalked out written budget  and getting line of credit while still on job will help you deal with the financial struggles accompanied with a layoff.

A Positive Outlook

Remember that layoff is only a temporary trial and the positive side of looking at it could be that a more fulfilling job opportunity could be knocking at your door. There are a lot of people who are thankful for their layoffs as it has given them the time and opportunity to pursue careers of their choice and dreams.

The above tips can help you plan your career ad financial emergencies if you are hit by unexpected layoff by forces beyond your control. These tips would also ease your transition in the job market.