What lessons you can learn from the recent Layoffs at Meta, Spotify and Twitter?
We live in a world so unpredictable. Majority of humans are salaried employees by the day. Including you and I. We need to be ready for any job insecurities.
Recently social media feeds flooded with many layoff posts though some were grateful for the past years with their employer, few were hopeless, as it revoked their offers before starting work, some lost in the middle of visa processes, some entered a critical period in their H-1B visa.
What exactly happened?
There are many speculations about the management decision by Tech giants. Let by gone be by gone, let’s focus on how to handle the situation and maintaining your mental health.
Those of you were planning to hunt for the next job opportunity must felt a lot of stress with what’s going on. Knowing the fact that worlds is going through a tough economic period, high inflation, moreover it is the year end and hiring budgets will be low.
Some lend their hand while others continue to grief
LinkedIn community gathered to help each in this tough time. Humanity. People shared job openings, introduced hiring managers in their network, people provided recommendations, offered LinkedIn Premium for free, many LinkedIn content creators offered Resume reviews, career discussion free. Career experts provided step-by-step guides to secure a new job before the expiration of H-1B visa.
What is the lesson for salaried employees?
All jobs are disposable. Yes, righteous management means taking care of their people resources because people play the biggest role in business success. But we need to understand that being loyal to the company doesn’t guarantee you a job forever.
Did you read, “Who moved my cheese” written by Dr. Spencer Johnson.?This book is all about dealing the Change in your work and your life. The lay offs, is nothing rather a change in your work life which affected your person life.
Personally, I know people who are rotting in their job for years. With no vision or growing skills. Their companies also don’t offer employee development and growth opportunities, no career development plans at all.
You can’t control the market, but be aware of global news and your company's performance. Signing in and out at office is not all, you have to know the company growth plans, revenue, and overall year performance. If your company’s business isn’t growing, then you are at risk. Many corporates and organizations make their employees aware of this topic in annual gatherings and town halls. This will reduce the surprise factor to see an email with your termination suddenly.
For long-term job security
1. Invest in yourself
Will your current skills be outdated in coming years? Is your job replaceable by AI, Robots? Who knows?
You need to be conscious about your career advancement. Because when you are investing in learning new skills that means you are slowly, steadily growing for a competitive and a valuable employee at your workplace. That way, it will be easy to find the next job. Therefore, investing in yourself is a key take out from the job insecurity caused by cutbacks.
2. Work to live. Don’t live to work.
I invite you to read my previous article, “When you are young, work to learn, not to earn.” So, are you working to learn or earn? Don’t live to work, and work is not everything in your life. More than your work, your family matters. So, during layoffs, we can learn that work isn’t permanent but your family, friends and your life is.
“When you are young, work to learn, not to earn.” This quote comes from the book “Rich Dad Poor Dad” by Robert Kiyosaki and Sharon Lechter
3. Time to bring your entrepreneurial skills
The best time for innovation is during tough times. Throughout the history we know they built many startups during difficult times. For an instance, there is a startup built with a group of recent laid off employees. They secured a job and started a company. Hence you can build something new today.
4. A side hustle
Passive income is a key to financial independence, many claims. During a turbulent time you can create a side hustle. Always start doing small steps and over the time you will yearn the results. There are many passive income methods starting from YouTube, TikTok, medium to stocks, and investments. Time to bring your baking skills out.
5. Save your salary, I repeat, save your salary
Rule is you should always have sufficient funds to survive for at least 3 months. That can be apart from your emergency fund. That means saving should be a serious action point in your salary day.
Formula is,
[Income — Savings = Expenses]
Example, John’s income is $3500 per month post tax, his monthly expenses are over $2000, so, he kept a small portion of remaining salary after all the expenses.
This is wrong! Why, John should keep aside the saving in money before any of his expenses.
In conclusion, layoff is a way to shape your life if you stay positive and on alert. It shows a company’s bad hiring strategy based on market trends without their business growth. Stay strong and keep a Plan B and C. I am also trying to build up my Medium community since my LinkedIn community is reaching 2000 follows. Give me a clap and encourage for more writing.
Thank you, stay safe, Nimasha Rashani, MBA.