There have always been economic rises and falls. During hard times, several universal signs can help you detect an upcoming lay off. Read this article to be prepared for any twists in your professional life.
1. Recruiting Stops
If your company has stopped hiring, cut down on its summer associate program and does not conduct interviews, most certainly, it is in trouble. Update your resume, add all new details to it and register as a job seeker on one of career websites. Being prepared for a possible layoff will help you start a new job quickly.
Rumors do spread fast, and although it may seem strange, it's important to pay proper attention to rumors because they do not come from nothing. Although every news your ear catches may be not true, gossip and rumors deserve to be paid attention to.
3. Changes Inside the Company
You have to be on guards if the company is being restructured and reorganized, and if your boss has asked you to train others how to carry out your duties. In this case, most probably, you are in danger of being laid off.
4. Independent Consultants Are Invited
Independent consultants are usually invited to help a company work out new development strategies in the conditions of a crisis. Unfortunately, very often layoffs become a part of their plan.
5. Your Competitors are in Deep Trouble.
Not only your company may be undergoing hard times. Study your competitors, maybe the whole industry is in crisis at the moment. Then you need to consider a career change, i.e. working in an allied industry or a completely new and unknown one. Try to be positive about everything, take it as a new career step that is sure to open new opportunities to you.
6. Cutting down on Perks and Benefits
There are various luxuries a company may cut down on - to call off company picnics and parties, to change company car policies and abolishing financial assistance.
7. Meetings Behind Closed Doors
Frequented closed-door meeting with partners and top personnel, evasive answers to direct questions about layoffs signal that the company's future is being deliberated.
8. Salary Cuts
Cutting down on employees' salaries is the direct result of cutting down on the whole company's budget. In this case, employees may be asked to list their job duties to prove they deserve the amount of money they get. Actually, being in financial trouble a company has got two alternative ways out: either to cut down on employees' salary or to start searching right candidates for layoffs. In both cases, you may be in jeopardy.