Managing the Risk of a Layoff
Mitigating the risk of being laid off involves a mix of proactive career management, financial preparedness, and adaptability. Here's a comprehensive approach:
Career Strategies
- Stay Relevant
- Continuously upskill—learn new tools, languages, or techniques relevant to your field.
- Keep up with industry trends and emerging technologies.
- Demonstrate Value
- Make your contributions visible (track KPIs, share wins with your manager).
- Volunteer for high-impact projects or cross-functional teams.
- Be known as someone who solves problems and supports others.
- Be Adaptable
- Show flexibility during change (e.g., reorgs, new tools).
- Be open to learning new roles or responsibilities.
- Build Internal Relationships
- Develop strong relationships with your manager and team.
- Network with other departments or leadership.
- A good internal reputation can make you less likely to be cut.
- Understand Company Health
- Keep an eye on earnings reports, leadership changes, and layoff rumors.
- Look at your department’s ROI—are you in a cost center or revenue driver?
Financial Preparedness
- Build an Emergency Fund
- Aim for 3–6 months of expenses saved in a liquid account.
- Minimize Unnecessary Debt
- Avoid taking on new liabilities if your job feels unstable.
- Review Your Budget
- Know what expenses can be cut if needed.
Career Insurance
- Keep Your Resume & LinkedIn Updated
- Include recent achievements and quantify results.
- Maintain a Professional Network
- Keep in touch with former colleagues, attend meetups, and engage on LinkedIn.
- Explore Side Income or Freelancing
- Even a small side gig can be a safety net.
- Know Your Market Value
- Periodically check job boards and talk to recruiters, even if you're not looking.
Signs You Might Be at Risk
- Your team’s projects are being deprioritized.
- Budget cuts, hiring freezes, or leadership changes are announced.
- You’ve been left out of key decisions or communications.
We are happy to help. ApplyWithin provides business professionals with specialized resources for career growth opportunities. Visit our website applywithinservices.com to schedule an appointment with a personal recruiter.