Preparing for Layoffs: Understanding Your Rights and Being Proactive in Your Career and Finances
Layoffs are a fact of life in the modern economy, and the tech industry has recently been hit hard with job cuts.[0] As companies look to cut costs, workers who may have been previously secure in their jobs now have to start preparing for the possibility of layoffs.[1] It’s not only the laid-off workers who stand to suffer in a layoff economy, however; the prospect of layoffs can have a lasting effect on the mental health of workers, and it can also change employees’ behaviour, stunting career development and damaging relationships with their employers.[2]
It’s important to be aware of your rights and entitlements if you are laid off. In certain nations, employees who have been laid off or terminated are legally mandated to receive severance pay. However, other countries do not have such regulations in place.[3] In any case, it’s important to understand what you are entitled to and to negotiate a fair severance package if you can.
It’s also important to be proactive and make sure you are doing all you can to remain employable if layoffs are looming. It’s wise to research the value of your skill set and to actively look for additional opportunities. If you’re still employed, you should also be doing your best to make a good impression on your bosses – don’t be afraid to raise your hand for extra work, and make sure you’re offering your full value to the company.
Finally, it’s important to be prepared financially if you are laid off. Make sure you know what will happen to your health insurance, and look into portable insurance options if you can. It’s also wise to look into other sources of income – such as unemployment insurance – if you are laid off.[4]
Layoffs are a fact of life, and it’s important to be aware of your rights and to be prepared in the event that you are laid off. It’s also important to be proactive in your career and ensure that you are doing all you can to remain employable. Finally, it’s important to be prepared financially for the possibility of a layoff, so you can ensure that you have the resources you need to continue to thrive.
0. “Leading after layoffs: How CIOs can reengage to support recovery” TechRepublic, 10 Feb. 2023, https://www.techrepublic.com/article/layoffs-cio-reengage
1. “What to do if you're facing layoffs at work: 3 questions, answered by an expert” Delaware First Media, 6 Feb. 2023, https://www.delawarepublic.org/2023-02-06/what-to-do-if-youre-facing-layoffs-at-work-3-questions-answered-by-an-expert
2. “Layoffs Are Harming The Mental Health Of Workers, Making Them Feel Vulnerable And Disposable” Forbes, 7 Feb. 2023, https://www.forbes.com/sites/jackkelly/2023/02/07/layoffs-are-harming-the-mental-health-of-workers-making-them-feel-vulnerable-and-disposable/
3. “Know How To Tell A Good Layoff Policy From A Bad One? Here's What Outgoing Employees Should Keep In Mind” Indiatimes.com, 8 Feb. 2023, https://www.indiatimes.com/trending/social-relevance/how-to-tell-if-your-company-has-a-fair-layoff-policy-or-not-592534.html
4. “Tech CEOs should be held accountable, or even fired, amid layoffs” Business Insider, 6 Feb. 2023, https://www.businessinsider.com/tech-ceo-accountable-layoffs-google-apple-intel-2023-2
