The job market is rapidly evolving, especially these two quarters, approximately half of the social media giant has been laying off. Meta, Stripe, Twitter, Amazon - you name it. The pandemic and economy are the two main reasons to blame for the massive tech sector layoffs. It seems to get worse, “the second largest bank failure in US history” last week with Silicon Valley Bank and US government taking control of Signature Bank's assets. Glazer fears more banks could fall, if you’re currently working in the tech and banking industry or in any industry for that matter, here are a few things you can do to prepare for a potential layoff, or navigate your next step if you’re in the midst of one. Preparation is the key to success.
1. Build your personal brand
Make sure that your skills and professional connections are up to date. Networking, maintaining contact with former colleagues, and staying on top of industry trends can make you marketable if you need to search for a job. Networking is about more than attending conferences or seminars, developing contacts on LinkedIn, attending alumni association and professional association meetings, and staying in touch with friends, clients, and past colleagues are all important.
2. Stay hungry, stay foolish
No matter how secure your job may feel, you should always make an effort to expand your knowledge and skills. While some organizations provide educational allowance and in-house leadership projects, there is always room to upgrade your technical skills. Understanding how you can provide value to your team, as well as how your team can provide value to the company, demonstrates that you understand the big picture.
3. Keep track of the market and job opportunities
Speaking to recruiters every now and then to stay updated with the market, opportunities, trends and transformation happening outside of your day to day job can be helpful. You should pay close attention to trends within your industry and make sure that your professional online profiles on LinkedIn are current in case employers are looking for talent, and be sure to maintain a portfolio of work that highlights your skills. Keep a current version of your resume handy, revisit your resume at least twice a year.
4. Contingency plan
Prepare a financial safety net and get an emergency fund ready, most experts recommend having enough money to cover between three and six months of expenses. Although this can seem like an enormous amount of money for those just starting their careers, even setting aside a few thousand dollars, with a plan to add additional money when possible, is a great way to get started.
Job layoffs are never an easy experience, both for the employees who are being laid off and the HR team who has to handle the tough decision. If your HR team has to handle the layoff unfortunately, below also some helpful tips that could help navigate the transition, make the process less traumatic for everyone involved.
1. Be transparent and honest
One of the most important things HR can do during a layoff is to be transparent and honest with employees; being upfront about the reasons for the layoff and what steps the company is taking to mitigate the situation.
2. Give employees plenty of notice
Another key factor in making layoffs less traumatic is to give employees plenty of notice. This allows them time to prepare for the transition and make alternative plans. HR should also provide support and resources to help employees find new job opportunities, such as career counseling, job placement services, or refer them to a consulting firm ahead of time.
3. Provide emotional support
Losing a job can be a traumatic experience, and it's important for HR to provide emotional support to employees during this time; include offering counseling services, connecting employees with support groups, or simply being available to listen and provide guidance.
4. Offer outplacement services
Outplacement services can be a valuable resource for employees who are being laid off such as resume writing, job search assistance, and networking opportunities. By offering outplacement services, HR can help ease the transition for employees and show that they care about their future success.
5. Handle layoffs with empathy and respect
It is very important for HR to handle layoffs with empathy and respect. This means treating employees with dignity and compassion throughout the process and avoiding any actions that could be perceived as insensitive or disrespectful.
If you have any doubts or queries, feel free to reach out to any of us here at DNA Recruit Partners. Our team is happy to assist you with market insights, learning and development advices, and career consultation.
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