Recognizing signs of possible layoffs in a company
As layoffs continue to loom over global companies due to last year’s challenges, employees remain anxious about their job security and future prospects. Suzy Welch, a career advisor and CNBC contributor, shares valuable insights on identifying potential job cuts.
Stay informed through industry news: Industry media can serve as an early warning system. Keep a close eye on what industry analysts and experts are saying about financial health and future prospects. Subscribing to industry-related newsletters, blogs, and outlets will help you track trends in your sector.
Monitor your company’s financial performance: Pay attention to earnings reports, financial guidance, and movements in the
stock price. These indicators offer valuable insights into the company’s overall financial well-being. Understanding market sentiments is crucial in assessing your company’s stability.
Observe your boss for clues: Maintaining a strong rapport with your manager can be beneficial. In the event of potential layoffs, your boss may be aware of the situation before it becomes public knowledge. They might confide in trusted team members about such developments.
Watch for cost-cutting measures: Implementing cost-cutting initiatives can be a red flag. Cancellations of events, programs, projects, perks, or appraisals can be indicators of a company trying to reduce expenses without resorting to layoffs initially. Such measures may suggest that layoffs could be imminent.
Being aware of these signs can help you prepare and stay proactive during uncertain times within your company.