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Da-dah. Da-dah.
You can almost feel it coming.
Da-dah. Da-dah.
Impending doom is around the corner.
Think of the opening theme in the movie Jaws. We feel a sense of dread. Only we do not dread sharks; we fear pending layoffs.
You are not alone. “According to the 2019 Layoff Anxiety Study, 48 percent of employed Americans experience layoff anxiety. Of those, 34 percent say this is fueled by fear of a pending recession, 32 percent cite rumors around the office as the cause and 30 percent say a recent round of workplace layoffs is to blame.” The recent up and down gyrations of the capital markets have done little to assuage fears of a recession.
According to CareerArc, who partnered with Harris Poll, to conduct this study:
- Women are feeling less prepared than men for a layoff (54% of women vs. 41% of men)
- Younger, less experienced workers facing more challenges finding or switching jobs during a recession
- Men are more likely than women to have ever been laid off or terminated (45% of men vs. 36% of women)
What can you do to protect yourself?
First things first. Don’t panic. Layoffs are not unexpected; they occur when companies need to make adjustments to market conditions. No one is predicting another Great Recession as we experienced in 2008. This recession, when it comes, will be more of an adjustment. Yes, some sectors will be hit harder than others, but many companies will continue to hire.
As for rumors of layoffs, they are part of work life. Often management exacerbates them by either saying nothing or providing no insight into future plans for growth, or downsizing.
So the anxiety festers. But you can take steps to protect yourself.
Plan ahead. Consider what you will do if you are laid off. Will you stay in the same field, or will you go back to school to learn new skills? Have a plan for what you will do. Start scanning job placement sites to see what kinds of jobs are being offered to individuals with your skills and experience.
Itemize your talents and skills. Know what you do well. It’s not enough to say that you are an analyst, an engineer, or a marketer. Consider what you offer an employer. That is, how does what you do help an organization address current and future challenges. Focus on the human aspect of what you offer: teamwork, problem-solving, creativity, etc. Knowing this will help you polish your resume.
Look for growth opportunities internally. Layoffs are often targeted. That is, one department might be downsizing while another is growing. If you are in the down cycle, look to what’s required to get in the upcycle. For example, if you are in finance or IT, your skills are transferrable.
Be ready to jump. When a decision is made, prepare yourself to move quickly. Get your resume distributed. Work with an outplacement service, if one is provided. And most importantly, buck up. Things happen; put the best face on what has occurred. It is not too optimistic to think that you will find a better job.
Of course, there is every chance you will remain where you are, so in that case, you want to keep doing what you are doing. Even better. Just because you are looking for new possibilities does not mean you can slack off in your current job. In fact, doing so might usher you out the door faster than a potential layoff.
Word to managers. Be cognizant of what your employees are experiencing . Keep them in the loop on two fronts. One, provide regular feedback on their performance. Two, let them know that should employment conditions change you will let them know as soon as you are able. Yes, this is a wholly satisfactory answer, but it’s an honest one.
Keep in mind the words of the 19th-century British novelist, George Eliot, “It is never too late to be what you might have been.” With adversity can come opportunity, so be ready for your next step.
