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#JobSearch : New Year, New Layoffs- 3 Ways To Prepare If Your Job Is At Risk. Question: How Secure are You in 2024?

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A new survey from ResumeBuilder says that 4 in 10 companies are anticipating layoffs in 2024. Over half of these companies are planning on a hiring freeze in the coming New Year. These small and medium-sized businesses join the ranks of several firms that have announced major job cuts. Nike has announced a $2 billion cutback over the next three years, with an uncertain number of job cuts included. Toy giant Hasbro will cut nearly 20% of its workforce in 2024, according to reports from the Wall Street Journal.

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Music service Spotify announced a third round of layoffs. A recent email from CEO Daniel Ek says the company plans to cut its workforce by nearly 20%. Roku is going to be limiting new hires, and laying off about 10% of its workforce, while Amazon layoffs are effecting its new gaming division (all 180 jobs there are being eliminated). Citi CEO Jane Fraser announced layoffs in September, and sources have told CNBC that the bank could let go of at least 10% of its workforce, across several business lines. Flexport Logistics plans to cut up to 30% of its employees, and financial services company Charles Schwab is cutting back by 5-6% of its workforce, according to reports from Business Insider.

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Leaders from industries surveyed with at least 50 respondents say layoffs at likely the following rates, according to ResumeBuilder:

  • Construction (66%)
  • Software (65%)
  • Information (44%)
  • Retail (44%)
  • Finance and insurance (38%)
  • Education (34%)
  • Health care and social assistance (28%)

Jobs Outlook: Why Are Companies Cutting Back in 2024?

Three factors are driving the cutbacks, for companies both large and small. Number one with a bullet is AI. A recent Goldman Sachs study found that generative AI tools could impact over 300 million full-time jobs worldwide. With new capabilities being uncovered everyday, companies are doing more with less – capitalizing on the capabilities of artificial intelligence, including services like ChatGPT and Google’s new AI, Gemini. The second factor influencing corporate payrolls is the one thing the market hates most: uncertainty. Harvard Business Review offers this viewpoint: “As 2023 comes to a close, the global economy is, in many ways, doing better than expected. The U.S. not only avoided a recession but has grown at a steady clip. Unemployment has been low and, crucially, inflation is falling in most of the world. And yet, the economic outlook remains deeply uncertain.”

War in Ukraine, the Palestinian conflict in Gaza, and uncertainty around the US election are just a few of the challenges that 2024 brings to bear. The third challenge, according to finance professor, Mihir Desai at Harvard University, is the cost of capital. Rising interest rates continue to combine with inflation to create a perfect storm of “wait-and-see” for businesses. While the Fed has hold interest rates steady, and signaled the possibility of rate cuts in 2024, “All the impacts that one would expect from higher interest rates will still happen (and are happening) but just in slow motion relative to expectations,” says Desai.”That slowing process will be less immediately disruptive or recognizable but more long-lasting and harder to engineer an escape from.”

Looming Layoffs: The Time to Prepare Is Now

When certainty is in short supply, so are jobs. At least, that’s what the LinkedIn workforce report shows. Hiring was down 4.9% in November, and that trend is expected to continue. If you’re concerned that your job might be at risk, here are three things that you can do, right now.

  1. Take a Fresh Look at Your Résumé and LinkedIn Profile: as the New Year begins, it might be time to get a fresh start on your next opportunity. Many savvy job-seekers are turning to ChatGPT and other AI tools to craft their résumé. And it’s never a bad idea to make sure your personal brand is clear and compelling, on LinkedIn.
  2. Bring that Side Hustle to Center Stage: what would have to happen, in order for you to turn your side hustle into your main gig? CNBC says that 53% of Gen Zers have a side hustle, and 44% of all those with some income on the side think that they will always need that extra gig. 41-year-old Nadia Liu Spellman left her job in finance to start a frozen food business. Now it brings in $4.5 million per year. Who would you need to be, in order to stop procrastinating and step fully into entrepreneurship? Now may be the perfect time to explore what you are really worth – before your employer makes a choice you don’t really want.
  3. Get the Coaching You Need: Success is often a factor of time. When it comes to your career, you’ve got to wonder: how long do you want to wait? According to Forbes, coaching is the best way to accelerate your results. In your career, if you don’t want to wait and go it alone, consider the value of having someone who is as focused on your success as you are – especially if you find yourself in unplanned career circumstances. Coaching is about helping people discover what’s easiest for them – helping them to discover their own growth, and prepare for the unexpected. When it comes to your career, two heads are always better than one. Especially if you can find a professional advisor that can help you to access greater confidence, even if you find yourself in an unexpected place in your professional life.

If you are concerned about your career prospects in 2024, don’t get depressed – get moving. Even in the midst of uncertainty, there are still opportunities – and maybe a new career is just what you need, in the New Year.

Forbes.com | December 31, 2023 | Chris Westfall

#CorporateCulture : The Long Goodbye- Why Laid-Off Employees Are Still on the Job. How Did your Former Lay you Off?

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Chris Pinner, a 42-year-old technical writer in Cleveland, knows his last day on the job is Dec. 29. The software company where he works told him so back in April.

“Giving laid-off employees months of notice shows remaining shows how the company treats its people well. That approach, he said, could help the company recruit and retain good hires in the future.”

At first, Pinner was puzzled by the supersize notice that his job would be eliminated. But the advance warning has given him more time to look for a new position, which Pinner said he appreciates. He is still in job-search mode as his end date draws closer.

Pinner and many other workers facing termination are experiencing a different kind of corporate cutting—layoffs with a long runway that can take weeks or months to finally come to pass. Wells Fargo and Disney are among large employers that have done some long goodbyes instead of more-traditional, abrupt ones, in which laid-off workers learn they are cut and leave on the same day, often escorted out by security.

The old way protected companies from security problems or lost clients as laid-off workers walked out the door, and workers had little recourse. Now employers are trying to appear transparent and compassionate when cutting, several executives and leadership consultants said.

“Companies can’t lay people off on the quiet anymore,” said Sarah Rodehorst, chief executive of Onwards HR, a software platform that helps companies with legal compliance during employee terminations. “Whatever they do is much more under a microscope. They have to hold themselves to a higher standard.”

Avoiding a backlash

Demand for white-collar workers has taken a big hit this year, as companies acknowledge they overhired during the pandemic and job openings dry up. The tightening job market means employers are piling on layers of new requirements and lengthy, additional rounds of interviews for a few coveted jobs, dragging out the hiring process as they grow more selective about whom they bring on.

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What Skill Sets Do You Have to be ‘Sharpened‘?

 

Did you know?  First Sun Consulting, Llc (FSC) is celebrating over 32 years in delivering corporate & individual outplacement services & programs to over 1200 corporate clients in the U.S., Canada, the UK, & Mexico!   Visit us @ www.firstsun.com  OR Ask for a Quote for Services at  info@firstsun.com

We here at FSC want to thank each of our corporate partners for the opportunity to serve & moving each of their transitioning employee(s) rapidly toward employment!

 

Article continued …

Layoffs that are seen as insensitively done can spark backlash on social media, with laid-off employees venting online and circulating internal details, said George Penn, a managing vice president at Gartner who advises companies on staff restructuring.

“Layoffs became not only a legal but a reputational nightmare for some organizations”

Federal law requires employers of a certain size to give 60 days’ notice to workers when conducting big layoffs. Some companies have gotten around advance warning by paying terminated workers a lump sum to cover that period.

Some affected employees said they would still receive severance pay after their long layoff notice periods, though it would be reduced if they left before their designated end dates.

In the Houston area, James Ridgway Jr., 40, is working at Huntsman, a chemical company, after learning in August that he would lose his job at the end of the year. The father of two children with another on the way said the news was initially an “existential gut punch.” He said the long lead time has given him more time to network and tighten family finances.

“It’s not a great place to be in, but I appreciate that I do have that runway,” said Ridgway, adding that the notice is helping him as he hands off responsibilities to co-workers.

Ridgway, a communications manager, is still looking for another full-time job. Because his colleagues know he is job-hunting, ducking out for interviews is less awkward than feigning doctors’ appointments, he said.

Wade Rogers, Huntsman’s senior vice president of global human resources, said giving laid-off employees months of notice shows remaining and prospective workers that the company treats its people well. That approach, he said, could help the company recruit and retain good hires in the future.

“How we handle ourselves and how we handle our relationships with our associates matters,” he said.

‘Take every advantage’

Not all workers want to stick around after a layoff. A Wells Fargo employee said staying motivated after being terminated was tough. She was told months ago that her job would be eliminated. No precise date was given, making it hard to plan her job search. “Every day, you go in, and you’re like, is it going to be today?” she said.

Wells Fargo said it periodically needs to adjust its staffing levels according to business needs. During layoffs, “We always treat our employees respectfully, including giving them reasonable time to prepare,” the bank said.

At Disney, a former corporate employee who was given several months’ notice this past spring said she was annoyed that she was expected to keep doing her job even though it was ending, until her manager said she could stay home and stop working. Two other Disney employees said they weren’t asked to work during their advance-notice period; they used the time to consider next career steps.

Earlier this year, a laid-off Disney marketing executive was given two months’ notice of his layoff. While he collected paychecks, he used the time to job-hunt and made use of his employee benefits. He took his children to Disneyland free several times. “I am going to take every advantage of this as possible,” the former executive recalled thinking. Disney declined to comment.

Some companies simply can’t give employees much warning, but some of those are trying to soften the blow.

“If you’re dealing in an environment where you have confidential patents or access to business plans, you just want to protect your company assets,” said Tashia Mallette, a longtime human-resources executive who conducted layoffs last year at Therabody, a wellness-technology company.

Mallette said that workers were notified on the day they had to leave but that Therabody encouraged managers to check on them and created an alumni Slack channel so people didn’t feel abruptly cut off. Mallette herself has left the company.

Companies don’t want workers to feel burned during a layoff. If anything, they want workers to feel that they would rejoin the company if given the chance.

Jennifer Bender managed layoffs of hundreds of people during her years at Change Healthcare, where until this past spring she was a senior vice president of human resources. The company had to trim staff during acquisitions and project and client fluctuations, and it also had to fill hundreds of openings a month, she said.

The company decided to tell people two to four weeks ahead of their layoff dates, she said. It felt more compassionate to workers, and it also made it easier to redeploy some people into other roles the company needed to fill, which was a benefit to the company and employees who were interested in staying on.

While longer notice periods involve risks, including security issues or unmotivated people who don’t want to work during that time, Bender said the company let employees know that performance issues could still result in corrective action, including termination for cause. That meant, she added, that it wasn’t much of an issue.

“It’s really a best practice at this point,” Bender said.

WSJ.com Author(s): Ben Eisen contributed to this article. Write to Te-Ping Chen at Te-ping.Chen@wsj.com and Lindsay Ellis at lindsay.ellis@wsj.com

WSJ.com | December 10, 2023

#JobSearch : 8 Simple Steps To Help You Navigate A Layoff. 2023 has seen a 200% Increase in Overall Layoffs, More to Come. Great Read.

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This year has seen a 200% increase in the overall number of layoffs, with job losses almost reaching levels last seen in 2020, and prior to that in the Great Recession of 2009. Although the pace has slowed into the final quarter, some major corporations are still announcing cuts.

If the worst happens, leveraging tools from organizational psychology can help you navigate what can be a very stressful time:

1. First of all, breathe. Losing a job is a grieving process like any other, so allow yourself time to feel your feelings, all of them. Take a couple of days to process the news, as you are not going to be effective whilst you’re still in shock. Although a layoff isn’t personal, it doesn’t stop it from feeling personal.

2. Next, address what Maslow calls “hygiene factors” and create a strong foundation to support your hierarchy of needs. This starts with a deep dive into your finances: if you don’t already know, calculate your monthly cost of living. The easiest way is to build a spreadsheet and total up all your non-negotiable outgoings. File for unemployment, and take time to understand the terms of your severance, if your company is offering one. In your spreadsheet total up your severance payment, unemployment income, savings and any other liquid assets. Now you can calculate how much runway you have before you need another paycheck.

 

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We here at FSC want to thank each of our corporate partners for the opportunity to serve & moving each of their transitioning employee(s) rapidly toward employment!

Article continued …

3. Try to maintain regular and healthy sleep cycles (don’t be tempted to go nocturnal for the heck of it) and remember to be physically active. You may have taken the decision to put your gym membership on hold, but that doesn’t preclude you from getting outside for a run or a walk.

4. There is some truth to the adage that “you’re not unemployed – your job is to find a new job”, but that doesn’t mean you should lose sight of the fact that being your own boss comes with certain privileges. Chief amongst them is the ability to set your own hours. Once you get into the rhythm of your job search you can achieve maximum daily productivity within 90 minutes to 2hrs. You do not need to sit in front of your laptop 8hrs a day doom scrolling LinkedIn.

5. Set yourself SMART goals (specific, measurable, achievable, realistic and time-bound). It is crucial to be mindful of what is achievable and realistic: you have no control over the supply of jobs so setting a goal of completing 50 applications per day simply might not be possible. You can however set goals around the networking activity you will need to augment your applications. Perhaps start with a daily goal of finding 5 new people to follow on LinkedIn, or leaving comments on 10 different posts. The network effect of this activity will build momentum and broaden your digital footprint.

6. Leverage technology. All the major job boards allow you to create search parameters and set alerts, meaning your first daily task can be applying for all the relevant roles that have gone live in the past 24hrs. Utilize free tools like Teal to help you craft your resume, and to keep track of the applications you’ve sent. Don’t be afraid to use AI tools like Bard and ChatGPT to help you complete onerous tasks like writing cover letters.

7. Practice gratitude, and if you can, give back. Navigating a layoff is emotionally challenging, but the research shows that practicing gratitude can have a transformational effect. Furthermore using some of your free time to volunteer in your community can be both emotionally rewarding, and can help strengthen your network.

8. Don’t be afraid to lean on your community, share how you’re feeling, and ask for support in the way that you need it. Former coworkers may want to help, but be unsure on how to offer it, so it can be helpful to provide them with a menu of options. Creating a simple framework like: “a) write me a recommendation on LinkedIn b) review my resume c) introduce me to folks at your former company” is a great place to start.

The advances in consumer facing technology and the macro-economic environment have created a perfect storm in the talent marketplace, meaning that your job search will likely be a marathon, and not a sprint. Establishing a strong foundation, including a clear view of your personal economic runway, is a critical first step in helping you navigate the period between getting laid off, and finding your next role.

Creating a framework for your job search activity, anchored with SMART goals, helps you hold yourself accountable on a daily basis. Practicing gratitude and leaning into your community will help to sustain y0u through the low moments that will inevitably be a feature of your job search. Rest assured though, that like all the previous economic downturns, this too shall pass.

Forbes.com | November 16, 2023 | James Hudson

#YourCareer : Supporting Your Team Through A Layoff. Laying Off EImployees can be a Stressful Experience for Everyone Involved–Even the Survivors. GReat REad!

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I remember the day I first experienced a layoff.  My boss had me release a guy who had six kids.  Then she called me into her office and laid me off.  Certainly not my best day.

Laying off employees can be a stressful experience for everyone involved–even the survivors.  The survivors are the people who are “lucky” to have made it through another day. Or at least they think they are lucky until they realize the world of work, as they know it, has changed forever.

Managing team members with various personalities through a layoff can be a challenging task, as it involves delicate emotions and reactions.  Here are some strategies to help you navigate this situation with empathy and professionalism:

Understand that your employees may be feeling anxious and sad. Your role as a manager is to keep the team together and moving forward, which in all honesty, is not an easy task.

Many leaders retreat after a layoff. They figure people need time to “get over” what just happened. Avoid making this mistake.

 

Take it from me. A layoff is something that you never get over. However, you can certainly work through a difficult transition like this a heck of a lot easier when you have a manager who is there for you and the team.

 

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Article continued …

 

Successfully managing your team through a layoff, starts with the development of a solid plan, before any layoffs occur.

Questions that need to be considered when developing your plan include:

  • What gaps will be left when team members depart?
  • Who will fill these gaps?
  • What, if any, training will you need to provide for those being reassigned?
  • What guidance will need to be provided to your management team, so they’re prepared to carry out the layoff and support their team after the layoff has been completed?

Here are some other guidelines to follow as you work through this difficult period.

  • Be Transparent and Honest: Communicate openly about the reasons for the layoffs, the company’s financial situation, and the necessity for the decision. Transparency can help build trust, even in difficult times.
  • Customize Communications: Recognize that each employee is unique, and they might react differently. Tailor your communication to address their specific concerns and emotions.
  • Show Empathy: Understand that people will react differently to the news. Some might be upset, while others may remain calm. Be empathetic to their emotions and provide a supportive environment.
  • Maintain Professionalism: Stay professional and composed during the layoff process. Emotions can be high, but your demeanor can set the stage for how others will react.
  • Provide Clear Information: Make sure affected employees understand what will happen next, including details about severance packages, benefits, and any available resources.
  • Address Concerns of the Remaining Employees. Be supportive and understand that how people react to the news of a layoff will vary, based on their personality and their personal circumstances.
  • Follow Up: After the initial announcement, continue to check on your employees. Offer ongoing support and information as they navigate through this transition.
  • Monitor the Workload. Work still needs to get done, even though there are now less people employed to deal with the workload. Avoid overworking the remaining employees to prevent burnout or fatigue, which could lead to employee resignations. You can do this by prioritizing and assigning tasks that are most critical to the organization.

 

Remember that managing through a layoff is about demonstrating empathy, respect, and understanding. While you cannot control how people will react, your approach can significantly influence the overall experience for your employees.

Forbes.com | August 17, 2023 | Forbes.com Author:  Roberta Matuso

 

#Layoffs : The Debate Swirling Inside HR Departments: How to Lay Off Workers. How were You Laid Off?

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Executives considering downsizing are currently grappling with the same problem: finding the most effective way to let employees go.  Is it better to get layoffs over with all at once even at the risk of cutting too deep? Is firing over Zoom more humane than making an employee come into the office to lose their job? How much severance pay is fair?

As well-known employers including Amazon.com Inc., Salesforce.com Inc., CRM 2.82%increase; green up pointing triangle Goldman Sachs Group Inc. and others lay off workers, executives elsewhere say they are closely monitoring different approaches to the process.

Some human-resources teams are building spreadsheets to track how many positions peers cut and what they say to employees during the reductions. Laid-off workers, meanwhile, are comparing severance agreements and pushing back if they feel terms fall short, which has sometimes led to tense all-hands sessions.

“I’m not sure there’s one recipe” for a layoff, said Katy George, a senior partner and chief people officer at McKinsey & Co.

The stakes for companies are high. Though the job market is cooling, the unemployment rate stood at a historically low 3.5% in December and many employers say they still face challenges filling some positions. This is also among the first job downturns in the era of increasingly empowered and vocal employees who are adept at using Slack and other tools to amplify their criticisms. Companies say it is important to handle layoffs carefully to protect employers’ reputations and help maintain morale among those who remain.

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Some companies telegraph weeks in advance that layoffs should be expected, a tactic that can give employees warning while also raising uncertainty over whose roles will be eliminated, human-resources advisers say.

When Salesforce Co-Chief Executive Marc Benioff announced Wednesday that the cloud-software giant planned to eliminate roughly 10% of its staff, he told employees to check their email within the hour to see if their roles had been affected. Other corporate leaders, such as video-technology company Vimeo Inc., VMEO 1.18%increase; green up pointing triangle which said this week that it would cut about 140 people, have sent companywide notes after individual employees had been contacted.

Many companies struggle over whether to make one sweeping layoff, or to do a series of smaller cuts over a period of time while assessing a company’s financial situation, advisers and executives say. Both carry risks. If a layoff is too large, a company can inadvertently cut key units or people, executives say. Yet multiple layoffs in a short period can create prolonged instability in an organization, McKinsey’s Ms. George said.

“You don’t want to have two shoes drop,” said John Chambers, the former CEO of Cisco Systems Inc., noting that one layoff quickly followed by another can erode trust with employees and investors. “My answer is you do it once, you do it very aggressively, but you also, most important, you communicate.”

The era of hybrid work only complicates matters, executives say. Bosses once insisted on delivering bad news face-to-face, a practice that changed in the pandemic. Some executives are now debating whether it is easier for employees to learn of a layoff on Zoom versus in-person, said Andy Challenger, senior vice president at outplacement firm Challenger, Gray & Christmas Inc.

“It almost seems cruel to ask someone to commute into the office just to let them go,” he said.

Whereas some companies once picked Friday as the preferred day to cut jobs, thinking it would give people a weekend to process a tough situation, many now see a midweek layoff announcement as more humane, said Lorna Hagen, a longtime chief people officer. A layoff on a Wednesday, for example, can give affected employees time to talk with HR representatives or benefits providers during business hours in the ensuing days, she said.

In prior roles, Ms. Hagen said she has worked with colleagues to create a “run of show,” outlining minute-by-minute how a layoff should proceed. The document details when managers will talk to affected employees and when executives should communicate to the remaining workforce and the public. Training ahead of a layoff can give managers a script and guidance for navigating difficult conversations.

Many managers often flub the conversations by saying, “This is so hard for me,” Mr. Challenger said. That phrase can irritate employees facing a job loss. “That just hits people the wrong way,” he said. “It’s not about you.”

Some companies, such as payments processor Stripe Inc., have been celebrated by employees and others for how they dealt with layoffs. Stripe cut about 14% of its workforce in November; in an email to employees, CEO Patrick Collison said he and other leaders were “fully responsible” for the decisions leading to the layoffs. The company said it would provide at least 14 weeks of severance pay and would accelerate or waive employee stock-vesting cliffs.

Other employers have encountered resistance. At the online-education provider Coursera Inc., COUR 3.36%increase; green up pointing triangle which laid off dozens of workers in November, some remaining employees took issue in all-hands sessions with how layoffs were handled, while laid-off employees sent detailed requests via email to the company to revise separation agreements, according to interviews with current and former employees, internal town-hall recordings and documents obtained by The Wall Street Journal.

Some laid-off employees wrote a collective letter in December to Coursera CEO Jeff Maggioncalda and executives, outlining how the workers felt Coursera’s separation terms fell short compared with layoffs at companies such as Meta Platforms Inc. and Stripe. The group cited the company’s decision not to waive some stock-vesting cliffs or accelerate vesting for stock-based compensation issued to employees. The letter is signed by unnamed “Laid Off Employees.”

Rich Jacquet, Coursera’s chief people officer, responded and recommended that workers contact HR. The group responded that HR had rejected outreach from workers.

The company offered workers four months of pay, plus more based on role or tenure, along with healthcare coverage and outplacement assistance. “We realize this decision impacts employees’ livelihoods and we strove to provide what we believe is meaningful transition assistance,” a Coursera spokeswoman said.

A number of human-resources advisers say that, at minimum, companies should offer laid-off workers a month of severance. Many companies are also now waiving stock-vesting requirements, too, though policies vary by company, said Matt Hoffman, a partner and head of talent at venture-capital firm M13.

“Take accountability,recognize the problem, be more generous than you have to be and as transparent as you can,” Mr. Hoffman said. “That’s the playbook.”

WSJ Authors:  Chip Cutter at chip.cutter@wsj.com   & Ruth Simon contributed to this article.

WSJ.com | January 9, 2023

#YourCareer : What To Do — Besides Worry — Before You’re Laid-Off. Great Read!

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Waiting to learn if you will escape a looming layoff can sometimes be more stressful than losing your job. On the other hand, a study found the likelihood of developing a health condition increases by 83% in the first 15 to 18 months after a layoff, even for employees with no pre-existing health conditions.

This unsettling feeling is now known as Layoff Anxiety, a term that describes the emotions and health issues proceeding job cuts.

So what can we do beyond worrying while waiting for a layoff?

1. Deploy Defensive Pessimism

One way of making worry work to your advantage is by “taking your fear out to its extreme,” wrote executive coach Melody Wilding in a piece for Harvard Business Review. Deploying “defensive pessimism” is, according to Wilding, walking through your plan if you are laid off in detail to “anticipate how you will deal with obstacles such as your finances, health care, and finding a new job.” This strategy allows you to rehearse the worst-case scenario productively.

In the spirit of defensive pessimism, here are some options to consider instead of holding your breath in anticipation.

Experts recommend keeping enough money to cover three to six months of living expenses to replace lost income. Bestselling Author Bonnie Honeycutt listed the top three places to keep emergency funds, rather than in your checking account, as High-Yield Savings, Money Market Accounts, and Certificate of Deposits (CDs). Finding the extra money in advance to fund an emergency can prove challenging. Adding income sources is possible if your pennies are stretched beyond the pale.

 

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Article continued …

2. Create An Emergency Fund

Experts recommend keeping enough money to cover three to six months of living expenses to replace lost income. Bestselling Author Bonnie Honeycutt listed the top three places to keep emergency funds, rather than in your checking account, as High-Yield Savings, Money Market Accounts, and Certificate of Deposits (CDs). Finding the extra money in advance to fund an emergency can prove challenging. Adding income sources is possible if your pennies are stretched beyond the pale.

Take heart:Walking the path of the worst-case scenario before it happensoften opens our eyes to the reality that a layoff doesn’t have to bepermanent. Although our time at one company may end, the journey of the rest of our lives begins when they let us go.

 

3. Nurture Your Side Hustle

Not putting all our eggs into one basket or diversifying our portfolio are age-old concepts. However, when it comes to full-time jobs, many employees push all their chips to the middle, betting on one source of income rather than exploring other options. I’ve been laid off twice in three years and can attest to the importance of having a little side income source. It kept the bills at bay.

Personal branding expert Stephen A. Hart believes that creating other offerings outside of your 9-5 helps maximize the skills we’ve acquired throughout a career. “We often discount the superpowers we’ve developed, but there is a lot that you can do and possibly teach,” Hart said in an email. “Begin by inventorying your acquired skills, talents, and wisdom. And look at ways you could create an offering to assist other people or organizations within your industry for a fee.” There are many quick ways to cash in on your knowledge, like coaching, consulting, and facilitating workshops.

4. Know Your Rights

Many factors play into layoffs, and the language used by employers significantly impacts workers. In her article for The Wall Street Journal, Vanessa Furham notes there are “some important differences between being furloughed, laid off or permanently terminated, and it could mean the difference between having healthcare coverage or not.” Another area to consider is that severance is only sometimes an option, and often companies forgo paying out unused vacation. All the more reason to use it before you lose it, in this case, forever. Knowing your rights and options before getting laid off can slice down the element of surprise when the news arrives.

Take heart: Walking the path of the worst-case scenario before it happens often opens our eyes to the reality that a layoff doesn’t have to be permanent. Although our time at one company may end, the journey of the rest of our lives begins when they let us go.

Forbes.com Author: Jennifer Magley

 

Forbes.com | May 18, 2023

 

 

 

 

#BestofFSCBlog : Over 18K Reads. Must REad- Whether It’s The Notable Silicon Valley Bank, Meta Or Google, Your Job Isn’t Safe—It’s Time To Look After Yourself.

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The economy has become too volatile, and workers are no longer safe. The lurching back and forth from good to bad times has accelerated, causing workers to feel lost and confused. Only a year or so ago, everything seemed fine. Record inflation, high-interest rates and soaring costs are eating into everyone’s paychecks. Jobs for white-collar workers were seemingly ubiquitous, but now switching jobs is harder. The tech sector alone laid off nearly 130,00 workers in the first two and a half months of 2023.

Americans are contending with fear, uncertainty and doom. It looks like perpetual change will be the new norm for the near term. You’re not guaranteed job security even if you work at notable firms, like the once highly regarded Silicon Valley Bank, Meta, Microsoft, Amazon or Google. The reality is that this new economy is harsh, cold and unforgiving. You must take ownership of your career and create your destiny. You cannot solely rely upon the largesse of your company.

After many years of catering and pampering tech workers, tech firms are implementing cost-cutting initiatives. The change in tone is voiced by venture capitalist Keith Rabois, a general partner at Founders Fund, known for his big wins in investing in PayPal, LinkedIn and Square at early-stage investment rounds, said that the tech sector has too much “fake work” and too many people were hired as a “vanity metric” to help managers build their egos and fiefdoms.

Silicon Valley Bank Was Shut Down

On Thursday, SVB, the 16th largest bank in the United States, experienced a run on the bank, as depositors rushed to withdraw $42 billion from their accounts, leading to the largest U.S. banking failure since the financial crisis. The lender was best known for servicing the “innovative economy landscape.” According to its website, about 50% of all U.S. venture-backed technology and life-sciences companies banked with SVB.

The VC and tech depositors held accounts with millions of dollars. The Federal Deposit Insurance Corporation, the United States government entity responsible for insuring deposits, only covers up to $250,000. More than 90% of the money held at SVB was greater than the amount the FDIC would cover. Startup founders worried about how they would be able to meet payroll. If the funds were stuck in limbo, it would have likely caused large job losses, as companies wouldn’t have the assets to pay them.

Depositors who held money in SVB, Signature Bank, First Republic and other smaller or regional banks spent the weekend worried about losing their funds. It was a roller coaster ride, as U.S. Secretary of the Treasury Janet Yellen initially said she wouldn’t bail out SVB and other similarly situated banks. Strong protests were made by venture David Sacks and others, asserting that it wasn’t fair for customers to be wiped out of millions of dollars, due to bad decisions made by the leadership at SVB. Ultimately, Yellen, the Federal Reserve Bank and others in the Biden administration ensured that depositors would be made whole again and would have access to their money on Monday.

 

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Lessons Learned From The Near Disaster

One of the lessons learned from the pendulum swinging to extremes is that you cannot be complacent and must always be vigilant about your job and career. The days of the Great Resignation, quiet quitting and acting your wage are behind us. There’s no room for Bare Minimum Monday and Try-Less Tuesday. The new normal is more akin to FUD—fear, uncertainty and doom.

It sounds dramatic, but it’s meant to be a new reality check. If you have a job, hold on tightly and make yourself irreplaceable. At the same time, you need to cushion your career by creating an action plan to prepare for if things take a terrible turn at your current company. The onslaught of layoffs, hiring freezes and job offers rescinded calls for action, instead of waiting for the ax to fall. Keep looking for new opportunities. Update your résumé. Stay in touch with recruiters. Seek help and advice from mentors, sponsors, career coaches and trusted friends and family. Continue learning new skills as the economy constantly changes and evolves, so you won’t get left behind. If you haven’t started, build a network of like-minded people. These will be the ones to turn to for job leads and introductions to new opportunities. If you have the time and inclination, find ways to have multiple income streams in addition to your job.

Think of what happened over the last three-plus years. We staggered from the depths of despair, slowly digging our way out of a global pandemic. For a time, the U.S. economy experienced a period of exuberance. After millions of layoffs during the early dark days of the pandemic, the U.S. economy experienced a job boom with record-low levels of unemployment. Now, Americans are facing tough times again

Layoffs And Stress

Finding a white-collar job will be more challenging now. Blue-collar and frontline jobs are seeing more growth. However, there is a white-collar recession happening, as thousands of tech, Wall Street, real estate, media and other interest-rate sensitive sectors collectively laid off hundreds of thousands of college-educated office workers.

According to data from LinkedIn’s State of the Labor Market, the market for these professionals is slowing down. The report conducted by the professional social network shows hiring on LinkedIn dropped by 23% year-over-year in the U.S. in January.

The data shows that the number of posts by members mentioning the words “layoff” or “retrenchment” on LinkedIn soared. Posts referencing “open to work” increased by almost 20%. These indicators reflect that the labor market is cooling, beyond the ongoing layoff announcements from industries that saw massive overhiring during the pandemic

Job seekers no longer have the luxury of picking and choosing from a large array of opportunities. If you switch roles, you may be the last person hired and first one fired when things take a turn for the worse. As a result, people are working harder and longer hours, especially since inflation and higher interest rates have increased the costs of everything. Losing a job can become a financial hardship.

Many Americans are financially squeezed, sandwiched between caring for their children and young adults, while also providing for their aging parents. As life expectancy continues to rise and many young adults grapple with financial autonomy, 23% of adults in the U.S. are now part of what is being called the “sandwich generation,” according to a Pew Research Center survey. The sandwich generation consists of adults with a parent 65 years or older, who are raising a minor or providing for an adult child.

Working Weekends

According to a report by ActivTrak, a workplace software company, people are working more hours over the weekend. In the beleaguered tech sector, reeling from an unrelenting stream of layoff announcements, the amount of time put in on Saturdays and Sundays soared by 31%. Job cuts have also impacted media company employees, and the study shows that they’ve put in 53% extra hours on average on weekends.

According to the study, the additional hours spent working are primarily due to the layoffs, which result in the remaining workers having to take on the workload of those who were let go.

The American Psychological Association says that a stressful workplace leads to a multitude of health problems, including headaches, stomachaches, trouble sleeping, losing your temper and lashing out and trouble concentrating. Unrelenting stress can also cause anxiety, insomnia and high blood pressure, weakening your immune system. When you’re burned out, there’s a risk of depression, obesity and heart disease. People in this situation sometimes turn to drugs and alcohol, which worsens the situation.

Here’s What You’re Dealing With

A new policy will make it harder for Googlers to advance within the organization. Google informed its employees that fewer people would be offered promotions to senior levels this year compared to the prior years “to ensure that the number of Googlers in more senior and leadership roles grows in proportion to the growth of the company.”

With fewer promotions available, the tech company is actually pitting people against each other. If they don’t aggressively exceed their manager’s expectations, there may not be a path forward within the company. The new program is another blow to workers shortly after the search giant coldly laid off 12,000 people via email.

Meta CEO Mark Zuckerberg pointed out the proliferation of managers within his company, claiming it creates unnecessary bloat and spiraling costs. According to reporting by the Verge, Meta is making 2023 the “year of efficiency.”

Zuckerberg called out the inefficiencies within the large social media platform, which is also happening at other large tech companies, stating, “I don’t think you want a management structure that’s just managers managing managers, managing managers, managing managers, managing the people who are doing the work.”

Under the cloak of the Silicon Valley implosion, Zuckerberg is reportedly conducting a second round of layoffs that could match the breadth of last year’s job cuts, according to the Wall Street Journal. Every time a company, including his own, announces large-scale layoffs, the company’s stock price jumps higher.

Forbes.com Author:  Jack Kelly       Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.
Forbes.com | March 15, 2023

 

How to Be a Good Friend When a Co-Worker Is Laid Off. During your Layoff: What was the Best Advice you Received? Please Share.

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Though the job market remains largely healthy, a spin through LinkedIn feeds shows that layoffs are having an effect in some sectors.

More than 250,000 tech workers have lost jobs in recent months, according to Layoffs.fyi, and some staff reductions have spread to other parts of the economy, with companies including Dow Inc., Walt Disney Co. and 3M Co. announcing cuts. For the colleagues and friends of those workers, the question of how to help can have several answers.

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Since finding a new job often comes down to who you know, it might be time for you to call on your network to help them make new connections. Recommendations from former co-workers and mentors can help in plotting a future career move, but there are other ways to be helpful, too. Here are tips from career coaches and people who have been through a layoff on how to show up for a friend or co-worker whose job has been cut.

Think practically

When Brian Anderson, a senior cloud technical-account manager in San Antonio, saw a LinkedIn post from a co-worker who was laid off and looking for new opportunities, he wanted to offer more than sympathy. He commented on her post and tagged two recruiters he had worked with in the past, recommending that they connect.

Mr. Anderson, 46 years old, was laid off from a job in the early 2000s, and was greatly helped by people who connected him to contacts who aided his job search, he said. In one case, a contact he was introduced to referred him to somebody else, and that person was able to help him land a new role.

“Being able to give her some contacts and expand her network is going to be crucial to her getting whatever the next position is,” Mr. Anderson said. “It was for me.”

Reach out

People who have been laid off are likely experiencing a range of emotions, from anger to sadness to fear. Though these situations can be awkward or fraught, career advisers say former colleagues and work friends shouldn’t avoid people who have been laid off.

Former colleagues often feel some sense of survivor’s guilt at being spared in a round of cuts, or helplessness, so they frequently go dark or say nothing.

Yet getting in touch, even in a small way, can have an impact.

David Lancefield, a London-based executive coach who has worked with the BBC, NBCUniversal Media LLC and Microsoft Corp., recommends beginning with an email asking when is a good time to talk. Be empathetic and make clear your intent to help.

“The starting point would be to say, ‘Look, I heard the news. I wanted to reach out to you as a good friend,’” he said.

Give the person time to respond when he or she is ready, and remember that person might need alone time to process their job loss.

What to say

Once you can talk, rather than asking a generic “How are you?” that can come off as just being polite or invite a torrent of emotion, state that you want to be the best possible friend or colleague. Ask how you can best support the person, Mr. Lancefield said.

During your conversation or follow-up emails, avoid phrases such as “Any company would be lucky to have you” or “I know you’ll find something soon.” However well-intentioned, they can come off as dismissive about what the person is going through or how they view their situation, Mr. Lancefield said.

Listen to them, observe their cues and try to understand their mind-set. “If people feel comfortable with you, they will then say what they want,” Mr. Lancefield said.

Ask questions to find out their current career goals, whether they want to stay in their field or try something different, Mr. Lancefield said. Those details can allow you to help in more relevant ways, such as sending specific job opportunities their way or sharing information about training or skills building.

Enlist their help

There are some ground rules if you are offering introductions to people in your network. First, make sure the contact you want to introduce your colleague to is open to such an introduction and not caught off guard.

It is a good idea to ask former colleagues how they want to be introduced,said Diane Darling, author of a book on networking who has lectured at Harvard Business School, Cisco Systems Inc. and Bank of America Corp. For example, do they want you to play up their management experience, or highlight their technical acumen?

It can be helpful to ask the person to send over a short description to use in the introductory email. You can also offer to write recommendations or post them on LinkedIn, touting what a hard worker the person is and citing specific examples of big wins and tenacity, said Ms. Darling, adding that she believes such online recommendations are truly useful.

Also important, she said, is knowing when to butt out.

“I’ll check in with them pretty frequentlyif it’s a relatively close relationship,” she said. “I may say to them, ‘I want to check in on you. If that bugs you, let me know.’”

Learn from experience

Mariah Rogers said some of the most effective outreach she received after being let go from her job as an analytics engineer at a clean-energy technology company in December was from people she knew through work and career groups who wanted to help her hone how she presented her skills.

“Some contacts sent me articles written by career coaches about personal brand and résumé writing, some helped me practice interview questions, and some wrote job recs,” she said. Her former colleagues and industry contacts also helped her strategize what she should be looking for in her next job, she said.

Ms. Rogers, who is 28 and lives in Irvine, Calif., said she is certain that by having friends help her during the search, she performed better during interviews and ultimately prevailed. She started her new job Feb. 7 as a senior data and analytics engineer at Cypress.io, an Atlanta-based maker of test automation tools for web developers.

WSJ Author:  Ray A. Smith at Ray.Smith@wsj.com

WSJ.com | March 3, 2023

#Leadership : How To Conduct Layoffs With Dignity. Times of the ‘Digital Pink Slips’, How Did your Former Company Do?

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Anyone who says layoffs aren’t personal when most of us spend the majority of our lives at work so we can provide for our families is mistaken. To the employee, layoffs are personal because it’s more than just business. That’s why when we think of layoff best practices, the process should be transparent and empathetic. Unfortunately, not all companies conduct layoffs in a manner that would be described as respectful. For example, organizations like GoogleGOOG -1% recently relied on email to announce layoffs to unsuspecting workers. One employee even thought the early morning message was from a scammer trying to capitalize on the current wave of job cuts. As it turns out, the 20-year company veteran was let go via a generic email—not the most personalized method.

Despite some poorly managed layoffs, others have been handled with dignity and respect. Take Stripe, for example. When CEO Patrick Collision emailed employees, he shared the broader context and admitted that leadership made mistakes leading to the layoffs. He even went so far as to create a Stripe “alumni” group to support those affected and help them move on to other companies.

..

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Article continued ….

While layoffs are never a positive experience, there are ways to soften the blow. Here are some tactics that display empathy and compassion for employees at a time when they are most vulnerable.

Develop a communications plan

A well-thought-out communications plan is at the heart of an empathetic layoff. According to Harvard Business Review, the essential elements are:

Rationale: a clear and honest explanation as to why the layoff is taking place

Key messages: what actions are being taken, and how will the company be positioned for the future

Audiences: consistent messaging to other parties, including investors, media and business partners

The communications plan should be developed well in advance with buy-in from all C-level executives. Then, on announcement day, the CEO should be the key spokesperson.

Prepare your management team

Once you have the strategy, prepare the team delivering the news. Managers should receive training on dealing with employees’ questions, pushback and emotional responses. It is also advisable to develop scripts that clearly explain why the layoff is taking place, severance package details, and other support that will be provided. Arming managers with essential tools and resources will make them feel better prepared to handle these difficult conversations.

Tell them in person

A one-on-one conversation should take place between the employee and their direct manager. This meeting may follow an initial email notification as long as a live discussion happens within 24 hours. In that meeting, explain to the employee the business reasons for the layoff and what comes next. Sometimes it’s difficult for people to absorb information about severance packages when the news comes as a surprise. In that case, move through the exit meeting quickly and let the employee know they can contact you in a few days once they have reviewed the information. Overall, these private sessions give affected employees a sense of dignity and allow them to react, process the news and ask questions.

Admit mistakes

It’s important for CEOs to accept responsibility for the decision to lay off workers. For example, with Meta’s recent layoffs, Mark Zuckerberg stated, “I want to take accountability for these decisions and for how we got here.” They should also admit their mistakes and how they plan on correcting them moving forward. In Collision’s email to Stripe employees, he highlighted how the leadership team overestimated the internet economy’s near-term growth and grew operating costs too quickly. Then he went on to say that they would correct those mistakes.

Consider remaining staff

A layoff can be just as difficult on remaining employees as on those who are let go. It’s called layoff survivor guilt—a term that refers to experiencing remorse that one had survived a layoff when your colleagues didn’t. These workers might encounter an array of emotions, including guilt, sadness, relief and anger. They may also feel anxious because they wonder whether their jobs will be next on the chopping block. As a result, the productivity of remaining employees tends to decline following a layoff. According to a study by Leadership IQ, 74% of employees who kept their job say their own productivity has declined since the layoff. To offset these concerns, be honest about the company’s future and plans for future layoffs. It’s also a good idea to set up a Q&A session to go over the reason for the layoffs, which employees were impacted and what the next few days will look like.

Ultimately, it’s not what happens but how you handle it. Competent leaders understand that every former employee is a potential future customer, client or partner. Maya Angelou once said, “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” Make them feel like human beings, and in return, you’ll be rewarded with a company reputation that will stand the test of time.

 

Forbes.com Author:  Caroline Castrillon    Follow me on Twitter or LinkedIn. Check out my website.

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Forbes.com – March 5, 2023

#YourCareer : White-Collar Office Workers Are Having A Hard Time. The White Collar Recession is Very Real [and] it will Increase.” GReat REad!

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A steady flow of layoff announcements targeting professionals working in tech, Wall Street, media and other sectors could signal the beginning of a white-collar recession. The downturn in the economy is changing the worker-employer dynamic. Companies, after contending with the Great Resignation and consequent labor shortage, are now gaining the upper hand.

Bob Iger, the former and now once-again CEO of Disney, made one of his first orders of business to bring back workers to the office four days a week starting March 1. Salesforce co-CEO Marc Benioff chastised employees in a Slack message complaining that the company’s newest hires aren’t being productive, according,  his standards. Starbucks’ interim CEO Howard Schultz was displeased that employees disregarded his return-to-office request and is now requiring office workers to return for three days a week.

The tide is turning on the professional class. In prior economic contractions, it was usually the blue-collar and front-line workers who bore the brunt of job losses. This time, it’s different. Highly compensated, white-collar professionals are currently the most impacted by layoffs

 

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Article continued …

The Change In Power Dynamics

During the pandemic, employers pandered to their workers, as it was exceedingly difficult to recruit, onboard and retain people. Record-high inflation, rising interest rates, China’s restrictive Covid-19 policies and other factors contributed to a more challenging environment. Now, business leaders are focused on reigning in expenses, cutting costs and letting go of employees.

Even the best-run companies face challenges in swiftly changing economic environments. In a letter to employees, Salesforce, the biggest private employer in San Francisco, announced that it was laying off 10% of its approximately 80,000 workers. Benioff also questioned why the subscription-as-a-service tech giant was facing “lower productivity” from its newly hired employees.

He raised rhetorical questions, such as, “Is this a reflection of our office policy? Are we not building tribal knowledge with new employees without an office culture? Are our managers not directly addressing productivity with their teams? Are we not investing enough time into our new employees?”

At Starbucks, Schultz asserted that the global coffee chain should remedy the unintended consequences of remote work. He contends that the company is losing the art of collaboration, doing work in silos prevents actual prioritization and his employees are losing their connection with a shared mission by not being together.

Iger mandated Disney employees to work in-office four days per week, saying “in a creative business like ours, nothing can replace the ability to connect, observe and create with peers that comes from being physically together.”

The Shift In Fortunes Between Blue And White-Collar Workers

According to the Wall Street Journal’s reporting of the recent jobs report, hospitality, leisure, manufacturing and retail laid off fewer workers than white-collar workers from September to November compared to a year earlier.

Average downsizings in the financial and insurance sectors from September to November nearly doubled since the same time last year. Real-estate layoffs increased by more than 20% over the same period, and by 14% in the information-technology sector. Job listings on Indeed.com for human resources and talent acquisition roles were down by about 36% last month from a year earlier.

The Wall Street Journal predicts that blue-collar workers stand a better chance than white-collar professionals.

Jason Calacanis, a venture capitalist and the host of the All-In Podcast, tweeted about the white-collar recession, “…The white collar recession is very real [and] it will increase.”

It doesn’t look like the prospects for white-collar workers will improve anytime soon. The World Bank cut its global growth forecasts and foresees a worsening in economic conditions, CNBC reported. According to the World Bank’s latest Global Economic Prospects report, conditions could cause the third-weakest pace of growth in nearly three decades, ranking up with the global recessions caused by the pandemic and the global financial crisis.

The most recent Conference Board survey indicated that most executives don’t foresee more robust economic growth in the near term. More than 50% of CEOs worldwide and 60% of U.S. CEOs anticipate a lackluster 2023. On a positive note, the report shows that the executives feel there will be a pick-up in economic growth by the end of the year or into mid-2024. The chief executives are concerned over labor shortages and talent retention, once again showing how the current downturn strikingly differs from past tough times.

Despite the belt-tightening measures, old habits are hard to kick. Despite Goldman Sachs’ announcement to lay off around 3,200 workers, CEO David Solomon and other top executives were questioned over the costs of using private jet trips, according to the Financial Times.

Forbes.com  –  January 14, 2023 – Jack Kelly