Layoffs! A prevalent term in the corporate world, right? But, an even more common phrase trending today is keep yourself safe from layoffs.
This term strikes a sense of nervousness or anxiety inside you if you are an employee. But, on the other hand, if you are an employer, you may feel a sense of determination. And, why this sense of determination? This is because employers often see layoffs as necessary to ensure the long-term survival of the organization.
After all, “profit is the universal god” in the world of business. Everything else is just incidental to support the ecosystem of the organization or the company. For instance – the mission, vision, culture, value, etc. – said the Managing Partner of Beewise Consulting.
However, are you aware of the real meaning and reasoning behind layoffs? Do you think they are necessary? How to keep yourself safe from layoffs? How to lay off employees? What is Employment Security? And lastly, How do you secure your job?
We are going to take up each question section by section in this blog. So, leave whatever you are doing because we need your entire attention!
Demystifying Layoffs
This word conjures an image of worried employees, empty desks, and a sudden sense of uncertainty. Layoffs are when an entire group of employees or a single employee is terminated from his/her duties at work.
On the other hand, you must be wondering, isn’t that called ‘being fired’? No, this is entirely different from being fired because it is done as a cost-cutting measure when a company faces financial difficulties. Whereas, the cause behind getting fired involves a specific mistake made by that particular employee.
Having explained what a layoff means, let us now get into the causes of layoffs. Here is a list of a few of them.
- Cost Reducing Measures – No financial backing or fewer sales in a company can induce such layoffs. By eliminating a few employees, the company can use those funds for something else.
- Loss of Money – Loss of sales can lead employers to lay off employees. This is because they are unable to pay those employees.
- Company Relocation – In certain situations, some stakeholders decide to move their organizations to other cities. In this case, the employees who are not able to relocate are laid off.
- Technological Improvements – Automation has become very common in business nowadays. This has happened because of a sudden increase in technological advancements. Hence, employees are laid off to reduce redundancies.
How to lay off Employees?
We can agree on the fact that it is not easy to lay off an employee. It is a difficult process for both, the employer and the employee. So, it is important to be fair, ethical, reasonable, and respectful during the process.
Therefore, let us look at a few ways to lay off employees to understand this situation better.
- Being compassionate when the employee leaves, even if he/she worked for a short time
- A study by the American Psychological Association (APA) suggests that “employees who feel treated unfairly during the procedure of a layoff are more likely to sue.”
- That is why compassion is an important value to instigate when working in an organization. Laying off employees without being compassionate and respectful may have repercussions. These include feelings of anger, resentment, or disappointment. And it may gradually lead to a bad reputation for the organization. I’m assuming nobody would want that? Hence, it is important to understand the feelings of the employee and reciprocate them while laying him/her off.
- Consider redeployment for impacted employees.
- A study conducted by the Harvard Business Review says that “redeployment programs result in cost savings of 15-20% as compared to traditional layoffs.”
- Having said that, the senior management teams must look for alternative vacancies within different departments to deploy employees affected by the layoff. By doing this, they stir a feeling of trust and reliance within the employees. It shows that the company cares and wants to find a solution that benefits everybody. To provide support, companies can conduct training for the new positions of the employees. This may heighten their morale and productivity during a tough transition period.
- Offer financial and emotional support.
- “Employees who receive financial and emotional support during a layoff experience lower levels of anxiety and stress,” says a study by the American Psychological Association.
- Consequently, after the initial announcement of the layoff process, employers could offer financial counseling to the retrenched employees. In addition, they can provide them with a private space where the employee could speak and open up about his/her experience. This would ease the whole situation and benefit everyone.
- Be honest about the reason you want to lay off employees.
- A study by the Society for Human Resource Management figured that “70% of employees trust their employers more when they are transparent about tough decisions, such as layoffs.”
- Employers must be honest with their employees during the process of layoffs. If not, it increases the chances of misunderstandings and rumors. This does not create an ideal workplace environment. Hence, being transparent and truthful to the employees is very important to understand the situation and move forward easily.
Employment Security
In such a situation where there are increased chances of layoffs, employees seek some sort of comfort. This comfort is given to them by Employment Security. Let us learn in detail what it means.
Employment security refers to the stability of an employee and reduced risk of losing their job. There are several aspects to it:
- Job Stability – A work environment where frequent changes, unpredictable schedules, and temporary contracts are not common.
- Protection from unfair dismissal – Some legal frameworks and laws make it harder for employers to fire employees without a valid reason and proper procedure. This saves the employees from sudden or arbitrary loss.
- Reduced Layoff Risk – This means a lower chance of being laid off due to company restructuring, economic downturns, or other factors beyond your control.
Not only this, but because of employment security, employees gain many benefits. Some of them include peace of mind and lower amounts of stress, financial stability employee skill development that benefits both the employee and the employer.
So, now that we have understood all the important terms, shall we dive into how to keep yourself safe from layoffs? What are the tips that could be useful?
How to Secure Your Job and Keep Yourself Safe from Layoffs
Here is a list of 10 tips to keep yourself safe from layoffs.
- Become Indispensable – Stay updated on industry trends, and develop skills and knowledge necessary for your organization’s success. Additionally, try to acquire in-demand certifications.
- Maintain a Positive Attitude – Cultivate positive work ethics, be a team player, and show a willingness to help others. This will enable you to keep yourself safe from layoffs. Moreover, it will make you a valuable asset to any organization.
- Network Internally and Externally – Networking can provide you with valuable insights and potential leads if layoffs occur. Hence, it is important to build your connections with colleagues and professionals across various departments.
- Be a Top Performer – Be proactive in your approach, deliver excellent work, and meet expectations. This leaves a powerful impression on the professionals. Consequently, this impression can help you keep yourself safe from layoffs.
- Be Willing to Learn and Stay Adaptable – Keep your mind open to new opportunities and keep learning new skills. This adaptability highlights your value across different roles in the company.
- Track Industry News – Stay updated on ongoing market trends, company performance, and potential economic downturns. Early awareness can help you prepare better for difficult future situations.
- Keep your Resume Updated – To keep yourself safe from layoffs, it is necessary to regularly update your resume with recent accomplishments, tasks, etc. This makes you ready for a quick job search when required.
- Become a Problem-Solver – Try to give solutions for certain problems and difficulties within your role or department. This showcases your critical thinking skills and proactiveness.
- Maintain a Side Hustle – One more way to keep yourself safe from layoffs is by exploring freelance projects or activities. However, make sure to check your company policies before taking any such step. This will keep you financially motivated and happy.
- Create your Brand – Continuously participate in online forums, ongoing activities, or social media discussions. This increases your visibility and establishes you as a thought leader.
Strategical Approach: A quick Run-Through
After covering all the topics, you must have realized that layoffs are a harsh reality in today’s business dynamics. However, if you keep yourself equipped with the right knowledge, and take the right steps with a positive mindset, you can conquer these situations.
Furthermore, let us get a recap of the topics covered.
- Understanding Layoffs – We explored the different aspects of layoffs, their causes, and implementation.
- Employment Security – We looked at the concept of employment security closely. We also highlighted its benefits for the employees and the employers.
- How to Keep Yourself Safe from Layoffs – We looked at a few tips to stay safe from layoffs and make yourself a valuable asset for your company.
Feeling motivated enough? Take the first step now! Remember, your career security is in your hands.
