full image - Repost: Warning signs before a layoff (And how to prepare yourself) (from Reddit.com, Warning signs before a layoff (And how to prepare yourself))
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I've witnessed many friends get laid off, survived a layoff myself, and numerous former MBA classmates and people in my network reach out for job referrals. These experiences have taught me to recognize the warning signs of an impending mass layoff.Here's what I usually share to my friends during coffee chats to help them prepare for the worst-case scenario.Sign 1️⃣: Decline in Sales or Market ShareIs your company struggling with a drop in sales, losing clients, or a shrinking market share? These are often early indicators of potential layoffs as the company may need to cut costs to stay afloat.Sign 2️⃣: Decreased SpendingHave you noticed a significant reduction in budgets for projects, events, or employee benefits? Companies often cut non-essential spending before considering layoffs, so this could be a red flag.Sign 3️⃣: Lack of CommunicationIs there a noticeable change in how transparent your company is about its future plans or current challenges? Reduced communication from leadership can be a sign that the company is facing difficulties and might resort to layoffs.Checked off any or most of these? Then make sure you’re preparing yourself for a layoff as early as now:Finances✅ Understand your severance packagesKnow what you're entitled to if you get laid off. This can include severance pay, health insurance, and other benefits.✅ Minimize credit card & high-interest debtReducing high-interest debt can free up more of your resources in case of a layoff.✅ Build an emergency fundAim to save at least 3-6 months’ worth of living expenses to cover your needs during a job search.Career✅ Keep your resume updatedRegularly update your resume with new skills, accomplishments, and roles to be ready for new job opportunities.✅ Acquire new skills or certificationsContinuously learning and gaining new certifications can make you more competitive in the job market.✅ Network within your industryAttend industry events, join professional groups, and keep in touch with colleagues to stay connected and aware of new opportunities.✅ Set up coffee chats with people to discover possible opportunitiesInformal meetings can often lead to job leads and valuable advice.Benefits✅ Understand your current benefitsKnow what your current health, retirement, and other benefits cover, and for how long they last after your employment ends.👉 Coverage levelsUnderstand what your health insurance covers.👉 DeductiblesKnow the out-of-pocket costs you’ll need to pay.👉 Duration of benefits post-employmentFind out how long your benefits will last after you leave the company.✅ Take advantage of healthcare benefits while they are still in effectSchedule necessary medical appointments and use available benefits before they expire.Stay proactive and prepared to navigate through any uncertainties in your career.Are there other tips you think are worth adding to this list?
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