Financehow-toLayoffs and Recession

How to protect myself from layoffs

While this site was started about personal finance, lots of this falls into well-being, balanced. It’s how one feels about their worth, their value and the basic things they need to do to live, succeed, get through the day.

In times of uncertainty like one that we’re going through now with layoffs, failing banks, increase in costs from inflation, and being one bystander in the ripple effects of a economy, it’s hard not to ask how to proceed situationally. We all have so much to think about. Our guard is up within the walls at our company, whether they speak transparently about it or not, it’s a waiting game to think about what the company will do, or how the economy will move, whether up or down. Here’s some tips and meant to be just one POV to aid you but this is not exhaustive. Everyone’s situation is unique.

There are several steps you can take to protect yourself from layoffs:

  1. Be a valuable employee: Make sure you’re doing your job well and exceeding expectations. Be proactive, take initiative, and be willing to learn new skills.
  2. Build strong relationships: Build strong relationships with your boss, colleagues, and other departments in the company. This will help you stay informed about the company’s plans and any potential changes.
  3. Stay informed: Keep up-to-date with the company’s financial performance and industry trends. Attend company meetings and pay attention to any announcements or changes.
  4. Diversify your skills: Develop skills that are in demand within your company or industry. This will make you more valuable to your employer and less likely to be laid off.
  5. Network: Build a strong professional network both inside and outside of your company. This can help you find new opportunities if you are laid off.
  6. Have a backup plan: Consider having a backup plan in case you are laid off. This could include having savings, exploring other job opportunities, or starting your own business.
  7. Cut the noise: Direct your attention solely towards what you can control. Choose specific, achievable tasks that contribute towards your or your team’s project or goal, and focus on completing them daily. Eliminate all other distractions and avoid negative external events that are beyond your influence, such as potential layoffs in other organizations or bank failures. Similarly, steer clear of internal changes, such as leadership reshuffles or upcoming layoffs that may not affect you yet, and switch off from them a few times a week.

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