How to bounce back in 2023 after a layoff in recession & Inflation.
Before we touch on how to bounce back after a layoff, let's touch on how to identify if your role will be eliminated soon. During year-end companies will be reevaluating the budget and headcount. The end of 2021 is a fiscal year for many companies. If the companies are impacted by pandemics, they will be looking to cut the cost. Employees are the overhead costs. Employers are most likely to revisit the roles, pay structure and headcounts in 2022. Bonuses are due after the fiscal year and if they exit the staff before the pay-out date, they save millions. Most terms and conditions on the job offer outline that to get perks employees need to be on the payroll.
Consumer prices in Canada are rising at their fastest annual pace in almost 20 years. Statistics Canada says the 4.7 percent rate is the highest since February 2003. The salary increase will impact the budget and overhead costs. Getting rid of the highest-paid employees might be on the to-do list. We could see similar roles advertised for lesser salaries after full-time staff are laid off. If you are on the contract, there is no obligation to keep you for next year. The company could put you on a temporary layoff as well and might call you back when things get better. The company is not running a charity, they are for profit. Look out for yourself and start planning!
There is no family at work, it is survival of the fittest
One day, I was working from home due to the cold, and I heard 9 people were let go by new management. My colleague in another province was let go, she was a new leader in our team. I reached out to several leadership teams including my boss to get some updates. My boss never replied. I heard roles were restructured and I wanted to find out where do I fit in. The next day, I was laid off after working for the same company for more than 12 years over the phone in 2 mins. My title was taken away in less than 60secs after working there for 12 years. Weeks later they sent my personal items through shipping. Business doesn't care about emotion. They are there to please the shareholders and make a profit, as simple as that. The sooner we get this the better. We need to move with the job search strategy. Was there a sign of quiet firing, read here.
Did I have a gut feeling about a layoff?
The competitor bought our company. I witnessed a mass layoff a few times, and every time we were told that was the last one. There were lots of restructuring. After the new management came in, I started to notice the clash with the old management. There were rumour mills and water cooler talk I ignored. There were lots of finger-pointing. I loved working with the leaders who were hired externally. I had a good relationship with the new leaders, and finally found my voice in meetings, but my boss was close to the old management team who were homegrown with multiple promotions, mostly the white boys club. I was trying to move to a different department or get out. I brought my concer