News like ‘tech giant Microsoft laid off 10,000 workers in January and after a few days did a multi-billion dollar deal with OpenAI’ can be shocking. If such a stable company can fire so many workers at a time, then what about the other companies? Also, if Microsoft is investing so much money on OpenAI then obviously the company is in a good financial condition. Then why is this elimination?
The effect of a pandemic is still evident in the job market. Many people are still losing their jobs suddenly. This is a terrifying experience. Good companies give compensation to the employees for laid off. But if the company you work for doesn’t give you a few months’ notice or any compensation then you will be in deep trouble. Won’t it be helpful if you could understand a few warning signs that you might lose your job? In that case, you can look for a new job and won’t run into any financial trouble. Here are some warning signs of losing jobs that you should be aware of.
①. Earning Less Revenue
If it is being repeatedly said in meetings that the company is incurring loss or losing revenue and things must be done to improve the situation, then you should become alert. Some companies don’t disclose the actual financial situation and in such cases, you should notice whether there is any change in the budget or not. Elimination of certain programs or goals is also a sign of the company’s poor financial condition; for example, the production of new products halted, or a major promotional campaign suddenly canceled. When the company is on the verge of being bankrupt you will see that your boss may offer you to stay with them for a reduced salary till the company starts earning more revenue. They may also cut your working hours. Not getting promoted for a long time is also a sign that your company cannot afford the extra cost of keeping you.
②. Freezing New Hires And Cost-Cutting
When a business does well, new employees keep on joining the company. But if the financial condition of the company is poor, it won’t hire any new employee rather think of firing a few to lower their expenses. Sometimes if the company badly needs more employees then they hire contract or part-time workers. You should keep an eye on how often new employees are hired. If the office expenses are reduced, like no more free coffee or medical insurance then it’s a sure sign that laying off employees may start soon.
③. Reducing Or Altering Job Roles
No company wants its employees to sit idle. If you notice that your desk is not piled up with work like before then it’s a sign that you are no longer needed. Sometimes companies decide to shift employees to another department or project before laying them off. If your assignment is being given to someone else or you are no longer given crucial projects like before then you should understand that the company won’t require your service in the future.
④. Changing In Management Styles
Changes in management styles may occur in the company. For example, your boss may start supervising your project directly or ask you to train your colleague on the work you are doing. This is a red flag and your boss will eliminate your position or replace you with someone else. If your company was transparent before, but now your boss keeps you in the dark then there is a high chance that you may lose your job soon.
⑤. The Company Is Acquired Or Merged
If an acquisition or merging takes place, the company goes through a lot of changes. Their goals may change and accordingly, they might think of shuffling their workforce. Sometimes the employees are promised that their jobs will be safe; but there are cases when employees are fired due to changes in job roles, cost cuts, and other reasons. The management often changes during acquisition or merging. So, they decide whether to get rid of some employees or not. They may hire replacements. Thus, if you notice that someone has been hired for the same job role as yours then there is a chance that you may lose your job.
⑥. Not Keeping In The Loop
Not being called in meetings or other office programs regularly or not being involved in any kind of discussion is a guaranteed sign that you will be laid off. You may notice that your boss is being tight-lipped about things related to the business which wasn’t the case before. Not getting emails that are sent to your colleagues is also a sure sign of getting eliminated.
End Of The Line
Any or a few of these signs are enough to understand that you might be losing your job soon. In such case, you should update your resume and start applying for new jobs. You must update your LinkedIn details and try to develop a strong network of professionals. Look at the job listings online or in newspapers. You should try to save some money for the period of unemployment. It is necessary to keep up with the industry trends and learn more about your job role. Try to make yourself indispensable to the organization by doing relevant courses. Once your boss realizes that it won’t be easy to replace you then he or she will try to keep you no matter how bad the company’s financial condition is. This is because they know that you can help them achieve their goals.