Layoffs, Layoffs, Layoffs.
Everywhere you go, you hear this term. It could be a post-pandemic impact, but it is getting more prominent in 2023.
Big firms like Microsoft, Amazon, Google, and many others have laid off more than 56000 people. And it’s still March yet. We aren’t sure of how many Layoffs are yet to happen.
Of course, many professionals (even experienced ones) are living in the uncertainty of whether they are on the downsizing list or not.
For those who don’t understand the concept of Layoff, let us explain.
Layoff means firing an employee to reduce the size of an organization. It doesn’t matter how loyal or good a performer they are, if their employer wants, they have to go home with no bread.
Reasons for Downsizing
There are multiple reasons for downsizing an organization. Some of them are,
• Automation: We all know how much AI is taking over jobs. AI is managing jobs like Data entry and management, Transportation, Retail, and IT Testing with precision. It simply means lesser jobs for humans.
• Covid-19: We all know how millions of people worldwide have lost their jobs because of this pandemic. People had to move cities or countries and sit at their homes solely because their organizations were unprofitable and made them leave.
• Cost cutting: Every organization wants to be profitable. Cleary for that, the best they can think of is firing people. Fewer employees mean lower costs and a more profitable business.
• Restructuring: The industries are growing. And to keep up with the growth, organizations need to restructure the policies and job roles. It might lead to a reduction in particular positions.
• Lacking Leadership: Mentioning this is pain itself. However, failing to manage a large workforce is often due to a lack of management.
• Following the trend: A Standford Professor calls this layout session a copycat move. Like “when everyone is laying off, why do not you do it and increase the profit.”
• Overstaffing: Some tech giants claim that the sudden boom in the tech industry in 2020 and 2021 has led to “overhiring” to match the growth. That’s why they are firing now.
Time for a Job Shift
Either one or multiple of them might become a reason for your layoff. This fear has been so prominent that people are considering job change before this wave hits them. A Study says 4 in 5 people are looking for it.
Although you don’t have to live in fear. Just take a stand and upgrade your skills to switch jobs.
So What are the Skills to Need to Work on
• Do Networking: We couldn’t emphasize the importance of networking, especially at this hour. Being in contact with professionals in big firms can usher to job leads even before they get formally published. Moreover, you can have important information about the skills needed for the specific job role so that you can work on them.
• Update your CV and LinkedIn Profile: The first thing to do before seeking a job is to update your CV. It should contain all the information, such as your skills, experience, and educational background. It helps the recruiter to know a lot about you before the interview. And don’t forget to update it on all the job portals like LinkedIn to get good reach.
• Online Job Search: One should grab the job leads they get through their networks. Although relying only on those might end up with no job at all. So explore every virtual job search engine you find. Using tech and ease out your job hunt.
• Be Open-Minded: We understand that it’s hard to change a job when you have experience in other roles. But being open to all the opportunities you get is the key to success here. If you have to move to another city, move or if you have to explore a different industry, go for it. But get the job.
• Leverage Your Skills: Today’s employment industry is 80% based on the skills you have, whether soft or hard skills. Learning new skills can be a life changer here. Make them your weapon and win this battle.
• Be Proactive: After all of this, there might be a situation when you might not get a job. Don’t get discouraged, though. Email multiple recruiters and companies regarding the job search and remain in touch with them. Keep making an effort and grab the right opportunity.
Although it is saddening that thousands have to sit at home because of this Layoff spree. After all, they were the breadwinner. But you can’t let this critical situation decide your future. Hone your skills, Be positive, and Find great opportunities.
And if you need an extra hand with your job hunt, we are here for you.
Corporate Stalwarts, India’s Leading Recruitment Agency, assists job seekers land the job they desire.