You must have read about the recent laying off news where mass employees are being fired by several MNCs like Twitter, Salesforce, Stripe, Meta, Apple, Amazon, and many more. It is creating macroeconomic uncertainty, financial insecurities, and fear of job loss among working professionals.
The mass employees laying off are resulting in stress, anxiety-related disorders, and sleepless nights among many individuals. They are reaching out to mental health experts to come out of the problem and lead a normal life.
It is true that uncertainty in the workplace is an inevitable part of the job. Employees are in constant fear of the company layoff, and it is difficult, especially for sole breadwinners in the family. The gloomy market scenario is definitely depressing for most people but trying to cope with grueling situations is the only way to sail through these times.
What Do Laying Off Mean And the Possible Reasons Behind Them?
Getting laid off from the job means being terminated temporarily or permanently from an organization or company with or without notice, and sometimes it can even happen without the employees’ fault.
Depending on the requirements of the business, it may need to go for employee layoffs for various reasons. It can include cost-cutting, bankruptcy, business closing, mergers, acquisitions, seasonality, project cancellation, offshoring, etc. So, laying off doesn’t necessarily always reflect an employee’s performance.
Employees laid off can be often termed as downsizing, smart-sizing, or rightsizing the workforce. However, it affects groups of people ranging from a hundred to thousands. In that situation, employees may be offered early retirement by giving layoff compensation instead of retirement benefits. It is seen in some cases that employees get laid off even when the businesses are thriving, to increase profits, or due to a shift in market operations.
What Is The Current Scenario Of Company Lay-Off?
Over the past few months, giant multinational and Indian companies have been on a laying-off spree. Companies, including the IT sector, Edu Tech, and social media, are making their employees leave their position.
- In the month of September and October 2022, giant companies like Morgan Stanley, Intel, Twitter, Meta, Citi, and several coaching firms, laid off more than 60,000 employees from their positions.
- In the month of November 2022, around 5,000 employees were laid off at large tech companies and startups.
- The American multinational company HP plans to lay off its 6000 employees by 2025 to save as much as $1.4 billion by that year.
- Reportedly, Amazon has cut off less than 1%, amounting to 1.5 million workforces worldwide, considered to be the biggest job cut in the history of Amazon.
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What Is The Impact Of Layoffs, And How Should Layoffs Employees Deal With The Uncertain Times Of Job Loss?
Laid off employees feel not only the brunt of a job loss but also a financial crunch and other loss of benefits. Along with it, an employee also experiences loss of satisfaction, depression, isolation, and loss of purpose. It can deeply impact their mental health and social life. It is easier said than done, but coping with a job loss is one of the toughest times in an individual’s life.
Finding the balance between job security and happiness in tough times becomes grinding. Here is some advice on how you can plan and manage your next steps to get out of laying off circumstances.
1] Accept The Reality
Even if it takes days and weeks to grieve, you must first accept the reality. Your mind needs time to adjust to the changed scenario. You need to take a break to realize what has happened that can’t be changed now and think calmly about the smart steps to take in the future.
It might look as if there is no way forward, and you may feel stuck. But believing in yourself and your capabilities is the way to move forward and deal with the company’s mass layoffs.
2] Think Of Alternative Options
After getting laid from the job, one must not immediately start looking for other options in a rush. You might lose out on some better opportunities if you do so.
Take your time and think carefully about the further course of action that needs to be taken. Look for options that you find comfort in, and do not go for choices that pay you way less than what you were getting paid earlier unless it adds value to your CV.
In times of crisis, we tend to pick up the first option that comes our way, thinking that it is the best opportunity. But this may lead to further burnout and frustration. So, it is better to analyze the options and then move ahead with them.
We also tend to make more mistakes that can cost us our job. Watch the below youtube video to know the career mistakes to avoid. Do subscribe to the channel as well.
3] Upskill Yourself
Several IT companies lay off their employees because they do not get similar productivity from their previous employees. So, they find firing the employees feels a better solution for them.
If you have been laid off for the same reason, then the only way to be in the competition is to upskill yourself. Upskilling is an important requirement needed by every employee from time to time. Once they stop being productive, their chances of getting fired are higher.
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Is Layoff Employee Legal?
Some people wonder if the laying off by the company is legal. According to the Labor Employment Ministry, a layoff in labour law is illegal if it doesn’t fall under the provision of the Industrial Disputes Act.
“Am I the next to leave?” is the question that haunts most of the employees. In case of getting laid off from the company, it is necessary to look at the laws and clauses and make a fair decision about further steps. Then move on by coping with the present tough situation and having a positive approach.