If you have a job, consider yourself lucky, even though surveys seem to show–unsurprisingly–that people are more dissatisfied with their jobs than ever. They don’t want to switch because they don’t know where to find another job.
The job creation numbers lately have not been all that inspiring, while news of layoffs continues to appear in the headlines. And while some industries such a real estate and home construction are well known for the pain they’ve been through, many other sectors of the economy have and may yet suffer. The point I’m trying to make here is that you need to keep in mind the possibility that you could face the unemployment abyss in the not-too-distant future.
The first thing you should do is try to assess your chances of a layoff. Low morale at company will say a lot. If management isn’t trying to address poor morale, that says even more. Are your fellow employees asking you to be a reference? Are they updating their resumes? If a buyout is coming, management might be absent more than usual. Feel free to do some basic intelligence gathering to find out if something is in the works that will result in job cut-backs. Budgets may also be cut back. If there is a succession of cuts that eliminate departments or other large pieces of the company, worry.
Watch for changes in processes and communication, particularly in things that concern you. Layoffs don’t happen overnight; they are usually decided upon in advance. If you feel your supervisor is a stand-up kind of person who will be straight with you, ask him or her if you could be laid off. If said supervisor is leaving the company, that might also be a sign. It may also be a good opportunity to ask that question.
A website called The Dollar Stretcher has this quiz to help you figure the odds of getting laid off.
There are a lot of things you can do to prepare for the possibility of a layoff, and we’ll cover them in detail in another post. But for starters, the easiest option is to keep the job you have. That may mean taking on extra work, getting additional training, or adopting some other strategy to make you indispensable, at least for a while longer. But in the meantime, start looking for a place to land if you lose your job. Refresh your old contacts and cultivate some new ones. Create a private communications channel such as a yahoo or hotmail account you can use instead of your email at work to talk to potential employers. Set up a free account on LinkedIn. Google yourself to see what a potential employer may find–chances are they’ll use Google to check you out.
Look into your 401K. If it looks like you may lose your job because they company is about to go bust, find out if you can reallocate any company stock in your 401K to something else. If you have credit card balances, pay them down as much as you can.
An excellent source of strategies and tips for people who may be facing layoffs is located here at job-hunt.org. You should also download their excellent “15 Minute Guide to Layoff Self-Defense” and other guides.
