Layoffs are the dark aspect of otherwise well-paying and incentivized jobs. Right from countrywide economic fluctuations, rightsizing, mergers, and buy-outs to being marked low on the skill or performance metrics, whatever be the reason, layoffs are stressful not just for you as an employee, but for most people dependent on you in some or the other way. Therefore, it makes sense to stay alert and be able to identify the signs of impending layoffs that your organization may carry out if the need arises. This helps you stay prepared and ensures a smooth transition to finding and bagging a new job. Here are a few warning signs which indicate that a layoff may be in the offing.
1.Overall economic scenario
Stay abreast of national and international economic developments, especially those which may have a direct bearing on the industry you are related to. Remember that your company is not an isolated unit and is bound to bear the impact of changes in the economy. Donald Trump’s decision to bring jobs back to the country and tightening the H-1B work permit rules is a case in point. “The crackdown on the visa program is already impacting job opportunities for Indians in the US - a vital market for the Asian nation’s $150 billion a year IT industry - and driving up costs for US-based companies. There's clear evidence that Indian companies that send workers to the US have already begun the process of hiring more Americans,” underlines a March-2018 report published in the National.
In the backdrop of such policy changes, Layoffs by Sapient and other IT companies are just a few examples of the effect of national or international politico-economic decisions on jobs and this may be true for any industry.
Related Article: Read the circumstances in which sapient doesn't layoffs
Be aware of the company’s finances i.e. quarterly, half-yearly, and annual earnings. Other than that, be observant about the stock prices and the stock analysts’ evaluation of your company. If there are consistent deep drops over a period of time, it is time to be cautious and start preparing for making the move.
3.Performance of products services
Sales and after-sales— review and feedback of both can tell a lot about the future prospects of your company and your job. If the product or a service is not doing well and there are no measures taken to improve the situation, sooner or later it may bring doom to the company. But, before the organisation, the workers or the division are done away with in such scenarios, either to bring in new people or to shut the division itself. Hence, innovation and caution may work in your favour during these times. If innovation fails to help make the customers’ response to product or service better, then it is time for you to exercise caution and plan to find another job.
Other Article: Steps to take after getting laid off
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