Career Advice Jul 20, 2023

Surviving the Slump: Strategies for Preparing for Potential Layoffs

Layoffs are on the rise. Here are six ways to proactively prepare and mitigate the potential impact on your life and career.

By JVG Strategies

With layoffs on the rise over the past few months, it can be a difficult and an uncertain time as you watch colleagues losing employment. Proactively preparing for the possibility of a layoff can help mitigate the impact on your life and career. Here are a six tips on how to proactively prepare should a potential layoff affect you:

1. Keep your resume and LinkedIn profile up-to-date.

Take some time to make sure that your resume highlights your most recent achievements, skills, and qualifications. It can be helpful to use a resume writing service to help guide you in laying out your skills and experience. Ensure that your LinkedIn profile is complete and accurate, and that it reflects your most recent experience. This will make it easier for you to apply for new jobs if a layoff occurs, and allow you to enter into your job search more quickly.

2. Network and build relationships.

Building a strong network of contacts can help you stay informed about potential job opportunities and help you find new employment more quickly if a layoff occurs. Start thinking about who you can network with in the event of a layoff. In addition, attend industry events, join professional organizations, and participate in networking groups to continuously expand your network.

3. Stay informed about your company's financial health.

Keep an eye on the financial health of your company, including its sales and revenue, stock price, and overall financial stability. This will help you anticipate potential layoffs and plan accordingly.

4. Brush up on your skills.

If you suspect that a layoff may be on the horizon, take the time to brush up on your skills. This could include taking a course, attending a workshop, or getting certified in a new skill. This will make you more marketable and increase your chances of finding new employment.

5. Create a budget and savings plan.

Having a budget in place and a savings plan will help you weather the financial uncertainty that can come with a layoff. Be sure to have an emergency fund that can cover your expenses for at least three to six months.

6. Be mentally prepared.

A layoff can be stressful and emotionally taxing. Be prepared for the emotional and mental challenges that may come with a layoff, and seek support if needed.

In summary, proactively preparing for a potential layoff is important to mitigate the impact on your life and career. By keeping your resume and LinkedIn profile up-to-date, networking, staying informed about your company's financial health, brushing up on your skills, creating a budget and savings plan and being mentally prepared, you can be better equipped to handle a layoff if it occurs.