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#JobSearch : What You Need To Do To Successfully Bounce Back From A Layoff. Downsizings will Continue Until Inflation Falls from Around 8% to 2%.

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The job market abruptly ricocheted from a war for talent to layoffs becoming commonplace. The Federal Reserve Bank’s inflation-fighting measures include raising interest rates, and leading companies to downsize employees to cut costs.

Downsizings will continue until inflation falls from around 8% to 2%. This may take one to two or more years. Many Americans will, unfortunately, lose their jobs. Here is what you need to do if you are laid off from your company.

Work On Your Mental Health And Emotional Well-Being

Losing your job is a traumatic event. There is a loss of income, fear of what to do next and a loss of identity that’s wrapped up with your career. It’s normal to feel anger and resentment. You’ll feel depressed and anxious. The loss of your routine will be disorienting. There will be an absence of the esprit de corps you had with your work buddies.

It’s easy to start feeling isolated and adrift. You avoid talking to people, dreading the point when they ask about your job and you have to relive the painful experience all over again. Many people who lose their jobs socially withdraw. They are ashamed of the job loss, their ego is wounded and it takes a toll on their self-esteem.

Take some time to process what happened. Don’t bottle your emotions. Share with your family and friends what happened. It’s okay to grieve and feel sorry for yourself–just for a while. Then, you need to move forward. If it’s hard to bounce back, seek help from a therapist.

 

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What Skill Sets Do You have to be ‘Sharpened’ ?

Did you know?  First Sun Consulting, Llc (FSC) is celebrating over 30 years in the delivery of corporate & individual outplacement services & programs to over 1200 of our corporate clients in the U.S., Canada, the UK, & Mexico!  

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

Article continued …

Hiring Managers Want Positive People–Not Complainers

If you carry the resentment baggage to an interview, it won’t go over well. Interviewers are attracted to positive, enthusiastic and motivated candidates. If you come across angry or talk poorly about your former boss, co-workers and company, it’s not a good look. The hiring manager may feel that you are a malcontent who blames everything on others. It may be hard, but cast aside your negative feelings.

Show up to an interview exuding confidence. When the subject of the layoff comes up, say, “My manager said that this was no reflection on my work. In fact, she said that I was one of the top performers. Unfortunately, with the mass layoff, I was impacted. Despite the temporary setback, I’m excited about the future. This may have pushed me to try something new. If I weren’t let go, I’d probably be with the company for another five or more years. Now, I have the chance to pursue new and exciting opportunities. I’m so happy to be here for this interview. The job looks great. I love your company’s mission and my skills are a perfect fit. If I wasn’t let go, I would never have thought of applying. It’s great how things can turn out so positive.”

Looking For A Job Is Your New Job

Get in touch with recruiters, career coaches and résumé writers. Contact people in your network to see if they know of any job openings. Target the companies you want to work for and find out if you know anyone who works there. Ask them to share your résumé, along with a recommendation for the job you want at the organization. Go on LinkedIn to post comments, articles and short-form videos to position yourself as an expert in your field to gain attention. Put together an elevator pitch. Practice role-playing commonly asked interview questions.

The Practical Logistics

Although your emotions will run high, don’t sign a severance or other agreements without evaluating them appropriately. Get everything you discuss at the exit interview and with management in writing, so there are no surprises down the road. Consider asking for a reference for when you start interviewing. Find out how your termination will be positioned in future references.

As you leave, remain professional and don’t burn any bridges by getting into ugly fights and no-win battles that could work against you when you seek a new job. Was there another– possibly discriminatory or illegal–reason why they fired you (i.e. race, religion or age)?

File for unemployment. Start preparing how you will position this event to prospective interviewers. If you’ve been putting off any healthcare appointments, make them now while you still have coverage.

Stay Active

Use this time to start a physical exercise routine to keep you occupied and healthy. Exercise, walk, do yoga or Pilates, join pick-up basketball games or ride your bike.

Utilize this time to catch up on all new developments within your field. Maintain a positive attitude, no matter how hard it is to do so. Consider finding temporary, part-time work or some management consulting. Start thinking about your next career move. Help others or volunteer.

Don’t ever give up hope. Keep pushing forward and remain positive and strong. The best-case scenario is that you will find an even better job and earn more money than before.

 

Forbes.com | November 10, 2022 | Jack Kelly 

#YourCareer : Meta Lays Off 11,000 Workers—How To Cope With Being Downsized And Prepare For A Difficult Job Market. Great Read!

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In a memo to his workers, Meta CEO Mark Zuckerberg announced he’s laying off 11,000 people, representing around 13% of his workforce. Compared to the chaotic way Elon Musk summarily dispatched thousands of Twitter employees, Zuckerberg came across as contrite, empathetic and apologetic.

In the company memo, he wrote, “Today I’m sharing some of the most difficult changes we’ve made in Meta’s history.” The chief executive took responsibility for the layoffs. “I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted.”

In addition to the downsizing, Zuckerberg plans to reign in expenses by cutting costs and enacting a hiring freeze.

Meta isn’t alone in downsizing its staff. The startup and tech sectors have cut 104,791 jobs in 2022, according to Layoffs.fyi. Snap, Apple, Microsoft, Intel, Stripe, Lyft and an array of other tech companies have enacted layoffs or hiring freezes.

As a leader in the tech space, despite losing 70% of its stock price and squandering billions of dollars in its disastrous foray into the metaverse, other companies will follow Meta’s lead. Tech and non-tech businesses will feel that if the mighty Meta had to cut staff and costs, they should also consider these options.

The rationale for Zuckerberg’s aggressive hiring spree was prompted by the pandemic that accelerated everyone moving online. E-commerce boomed, and this was thought to become the new normal. Meta miscalculated, believing that this trend would be sustainable. After being locked up for two-plus years, people wanted to go outside and enjoy experiences, such as going to a baseball game or concert, traveling to see family or going on a much-needed vacation.

 

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What Skill Sets Do You have to be ‘Sharpened’ ?

Did you know?  First Sun Consulting, Llc (FSC) is celebrating over 30 years in the delivery of corporate & individual outplacement services & programs to over 1200 of our corporate clients in the U.S., Canada, the UK, & Mexico!  

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

 

Article continued …

Why Tech Companies Aggressively Hired

In a competitive field, hiring is seen as an arms race. Each company wants to recruit and retain the best and brightest talent. It’s a preemptive strike to get highly skilled people before their competitors do. Once hired, they’ll hoard the talent.

Managers, being human beings, feed their egos by building a fiefdom to make themselves look important. Social media companies, like Meta, need to invest heavily in personnel to oversee the moderation of daily posts.

Once a person is brought aboard, it’s hard to let them go. There is always a threat of litigation, accompanied by bad publicity, if a person is laid off and accuses the company and its management of discrimination. There is also the basic case of inertia—continually adding headcount on autopilot without questioning if it’s mission-critical or not.

Compassionately Letting Go Of Employees

Zuckerberg’s approach to layoffs was reminiscent of how Airbnb let go of workers during the height of the pandemic. CEO Brian Chesky gave a masterclass in empathy by taking great pains to ensure he took care of his workers, who unfortunately had to be let go.

Zuckerberg said, “There is no good way to do a layoff, but we hope to get all the relevant information to you as quickly as possible and then do whatever we can to support you through this.”

He offered a clear plan to the impacted workers. The company will pay 16 weeks of severance, along with two more weeks for every year of service—no matter how long they worked at the social media platform. People will be paid for their unused paid time off and receive their November 15, 2022 RSU vesting. Health insurance will be covered for six months, and Meta will offer career transition services. For those here in the United States on visas, the company plans to provide guidance and help.

Zuckerberg expressed his gratitude to his team, “This is a sad moment, and there’s no way around that. To those who are leaving, I want to thank you again for everything you’ve put into this place. We would not be where we are today without your hard work, and I’m grateful for your contributions.”

What To Do If You’re Laid Off

Losing your job is a frightening, painful and anxiety-inducing event. It’s especially problematic in a contracting economy, while other firms within the same sector are also downsizing and enacting hiring freezes.

Not only do you feel the loss of your job, but you’ve also temporarily lost your identity that’s tied up with your career. It’s disorienting when you’re cut off from all the colleagues you’ve worked with for the last number of years, and your daily routine is altered.

You will experience a range of emotions. There will be anger over being selected for downsizing. Some people become despondent or depressed. A job loss could cause you to lose confidence. In this current environment, there is real fear about finding a new job and having enough funds to get through this rough patch. The first thing you must do is practice self-care. Take time to process what happened. It’s common to grieve the loss and feel sorry for yourself. However, after a while, you must move forward.

It is important for your mental and emotional health to continue socializing with others. Withdrawing from social engagements is not helpful. There is nothing to be ashamed of. Be honest with people about your situation. You’ll be surprised to learn how many people have been through the same situation. Seek out therapy or consult with a mental health professional if you are having a hard time.

Get in touch with recruiters, career coaches and résumé writers. Contact people in your network to see if they know of any job openings. Target the companies you want to work for and find out if you know anyone who works there. Ask them to share your résumé, along with a recommendation for the job you want at the organization. Go on LinkedIn to post comments, articles and short-form videos to position yourself as an expert in your field to gain attention. Put together an elevator pitch. Practice role-playing commonly asked interview questions.

It Won’t End With Meta—Be Prepared For Future Layoffs

Workers in the tech and startup sectors need to brace for escalating layoffs. The current economic conditions will cause tech companies of all sizes to reconsider their hiring policies to stay competitive and solvent.

The era of artificially low-interest rates is over. Federal Reserve chair Jerome Powell seeks to significantly bring down the 40-year, record-level inflation rates to 2%. To achieve this goal, Powell said there would be a lot of “pain.” Jobs will be cut and hiring freezes will continue to be implemented. Workers will be closely monitored and put on performance improvement plans, as the low-end producers will be targeted for downsizing.

The Fed’s intention of raising the borrowing rates to more than 4% substantially changes the way businesses will operate. By comparison, in March 2020, interest rates were at around 0 to 0.25%. The access to cheap money enabled companies to go on a hiring binge.

When corporations borrow money at a high rate, they need to return a multiple much higher to pay back the interest and debt, employee salaries and the daily costs of running the business. The hurdles will be higher than what the tech firms became accustomed to. Some companies won’t be able to survive this new environment. Private equity firms or companies with the capital to purchase assets at a discount to their prior prices may take them over.

In this new, more austere environment, you’ll need to make yourself indispensable at work to survive. Always keep your eyes open for new opportunities.

 

Forbes.com | November 9, 2022 | Jack Kelly 

#YourCareer : Is Your Company Preparing For Layoffs? Here Are 4 Subtle Warning Signs. Here are Four that Are Easy to Spot (Once you Know What to Look for).

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With the recent spate of company layoffs, job cuts loom large in employees’ consciousness these days. There’s even been talk that the quiet quitting phenomenon has abated as employees fear for their jobs.

How can you tell if your organization is prepping for layoffs? There are obvious signs, like a memo from the CEO announcing a push for efficiency. Or the hiring of a consulting firm known to specialize in process improvement, efficiency, or cost savings. Or the departure of some of the firm’s top-level executives.

There are also more subtle signs that a company is readying itself for layoffs. Here are four that are easy to spot (once you know what to look for).

#1: Hints In Earnings Reports And Other Communications

Companies are notoriously bad at communicating openly with employees, especially about the challenges the company is facing. In Leadership IQ’s study, The Risks Of Ignoring Employee Feedback, we discovered that only 15% of employees believe that their organization always openly shares the challenges facing it. Ironically, if an employee believes that their company always openly shares its challenges, they’re about ten times more likely to recommend the company as a great employer.

The point is that there’s a very good chance that you won’t receive a clear message from the executive team about financial struggles, let alone impending layoffs. However, there are other ways to find clues. For example, if your company’s CEO speaks at industry events or investor conferences, you can often find their presentation slides. And there can be a wealth of insight hidden in those decks.

If your company is publicly traded, you’ve got quarterly earnings reports and other financial disclosures to peruse. You won’t always find the word “layoffs” in those reports, but you might find references to “cost savings,” or “efficiencies,” or other euphemisms.

 

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What Skill Sets Do You have to be ‘Sharpened’ ?

Did you know?  First Sun Consulting, Llc (FSC) is celebrating over 30 years in the delivery of corporate & individual outplacement services & programs to over 1200 of our corporate clients in the U.S., Canada, the UK, & Mexico!  

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

 

Article continued …

#2: Changes In Your Manager’s Behavior

From the more than one million leaders who’ve taken the test “What’s Your Leadership Style?,” we know that over half of managers employ a Diplomat leadership style. The Diplomat prizes interpersonal harmony, and they’re the social glue and affiliative force that keeps groups together. They’re social, giving and typically build deep personal bonds with their employees. And Diplomats work to avoid having people feel uncomfortable or anxious.

If your boss has historically operated like a Diplomat leader, but recently they’ve appeared less gregarious, more reserved, less cheerful, and more cautious in their conversations, something is going on. There’s no guarantee that the change is the result of impending layoffs, but it could be.

Think about how a manager who cares deeply for their employees while sworn to secrecy about impending layoffs might react. Their discomfort could cause the exact type of behavioral changes noted above.

#3: Changes In How Your Manager Spends Their Time

The study “Optimal Hours with the Boss” discovered that the median time people spend interacting with their boss is three hours per week. (That’s not enough time, of course, as the study found that the optimal amount of time to spend interacting with one’s leader is six hours).

The key here, though, isn’t whether your leader spends too little (or too much) time with you; it’s whether that time has changed recently. If your leader used to spend six hours per week conversing and meeting with you, and now that number is one or two hours, something is going on. Similarly, if your boss used to rarely talk to you, and now they’re meeting with you every day, that’s also a sign.

#4: A Recent Low-Performance Review

Sometimes a performance review is just a performance review. But if you’ve had a history of fairly bland, or even glowing, performance reviews and now you’re getting a negative review, that might be a sign that something is afoot.

In Leadership IQ’s study on performance appraisals, we discovered that only 17% of people think their performance appraisals are always open, honest, and meaningful, and only 22% of people always think that their leader actually distinguishes between high and low performers. If you’re suddenly receiving lots of specific and negative feedback, perhaps it’s the company laying the groundwork for laying-off people they deem as less essential.

None of these signs are guaranteed precursors of layoffs. But they are signs that something is happening, and when it’s your career on the line, they’re signs worth attending to.

 

Forbes.com | October 31, 2022 | Mark Murphy

#YourCareer : Skills You Need To Cultivate Now To Be Competitive In 2023. Prepare for Downsizing & Layoffs.

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The key is to have a skill stack that makes you holistic. Having only one or two specific talents won’t be sufficient for the world we’re entering. You’ll need a combination of different talents and skills to advance within your organization or do well in a job interview.

Businesses desire people who are strong communicators, cultivated interpersonal skills, and can write well, along with a high level of emotional intelligence and empathy. You’ll also need a balance consisting of knowledge about artificial intelligence, software coding and all sorts of tech platforms and apps. It doesn’t stop there. As we’ve seen the acceleration of trends during the pandemic, things will continually change, and you’ll need to be flexible and always be learning.

The New Year Is Nearly Here

It’s hard to wrap your mind around the fact that we are only about two and a half months away from the New Year. Most people can’t wait to put 2022 behind us. However, just because you turn the page on the calendar, it doesn’t mean that everything changes for the better.

From now until the holiday season, it’s likely that we’ll see high rates of unemployment, the stock market continuing to plummet, and home and apartment prices out of reach due to high mortgage payments. The primary reason for the negativity is that the Fed war being waged against inflation calls for a contracting economy, higher interest rates and costs, along with businesses cutting expenses which largely causes worker layoffs.

 

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Question: Want the ‘the best/current articles/blogs on the web’ on Job Search, Resume, Advancing/Changing your Career, or simply Managing People?

Answer: Simply go to our FSC Career Blog below & Type(#Jobsearch, #Resume, or #Networking) in Blog Search:  https://www.firstsun.com/fsc-career-blog/

What Skill Sets Do You have to be ‘Sharpened’ ?

Did you know?  First Sun Consulting, LLc (FSC) is celebrating over 30 years in the delivery of corporate & individual outplacement services & programs to over 1200 of our corporate clients in the U.S., Canada, UK, & Mexico!  

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

 

Article continued …

Having Money Helps You Get Through Tough Times

One of the first things you need to do in a contracting economy characterized by job losses, falling stock prices and rising costs caused by inflation is to save as much money as possible. Building an emergency fund can help you weather the storm and potential bouts of unemployment. If you spend beyond your means and lose your job, it could be financially ruinous as seeking out a new opportunity during a recession is difficult. Having money offers a safety vest to stay afloat during tumultuous times. It offers you options. Instead of accepting a low-paying, go-nowhere dead-end job because you can’t afford to be out of work, a financial nest egg will offer the chance to wait things out. You’ll have more time to search out and find the job you desire that pays well and offers future growth potential.

Becoming Adaptive To Change

You have no other choice than to embrace change. We’ve seen how fast and volatile things can get. Look at the toxic way we now interact with each other in person and on social media. The economy, stock and job markets feel like they’ve gone haywire. Throughout most of last year, we benefited from robust hiring, skyrocketing stock prices, and the creation of new and exciting startups.

Now it’s different. On an almost regular basis, businesses are announcing layoffs, hiring freezes, job offer rescissions and allowing attrition without replacing the quitting workers. The new era may cause you to switch jobs or embark upon new careers. You may be required to go into an office five days a week, told to stay home and work remotely, or become a digital nomad. To adapt to changes, you may need to continually reinvent yourself and pivot to new career directions.

On the positive side, if you are good at critical thinking and problem-solving and have a flexible attitude, you can go with the flow. To succeed, keep your eyes open for changes that will usher in new and exciting opportunities that coincide with your skill sets.

Learn To Code, Write, And Speak Well

In the new digital work world, you don’t have to be a software engineer, but it will be helpful to possess a comfort level with new technologies. Take some online courses in coding, artificial intelligence, machine learning, data analytics or cybersecurity. It wouldn’t hurt to start dabbling in the metaverse and virtual reality.

The ability to write well, speak intelligently, and communicate clearly and effectively is prized by major corporations. These skills greatly enhance your marketability. It’s essential to continue learning to keep up with new developments and trends impacting your job and career. If you become a lifelong learner, you’ll stand out and be far ahead of your cohorts. Since we are all online, you must be digitally fluent and active on social media to garner attention, burnish your reputation, and possibly lead to job offers

Resilience And Grit

It’s said that good times make weak people, which leads to tough times that make strong people. The harsh reality is that our lifestyle and financial situation may be less than our parent’s. Finding a job, building a career, and purchasing a home or vehicle, won’t be as easy as it used to be.

No one will be coming to your rescue. In a rougher economic climate, you’ll need to rely upon yourself. It’s a reversion to the archetype of rugged individualist that characterized the early American colonists and wild west cowboys. Back then, people didn’t solely depend upon the federal government but made things happen through their unyielding hard work, efforts and determination.

There could be times when your skills and talents aren’t appreciated, and you’ll have to start all over again. You’ll need to be mentally and emotionally strong to deal with downsizings and losses in your 401-k and retirement plans. It shouldn’t be surprising that you must continually switch jobs and pivot to new careers.

Teach yourself how to be self-resilient, and build the confidence to pursue what you want. It’s okay to have fear and trepidation, but you must keep forging against all odds and obstacles.

The future of work will offer new and different types of roles. Some jobs may no longer exist due to technological advancements. The rapid advances in artificial intelligence, machine learning and other software tools create a need for human creativity, which may open new doors for you. By starting right now, you’ll be far ahead of your peers by being more prepared and competitive by the New Year.

 

Forbes.com | October 12, 2022 | Jack Kelly 

#JobSearch : Worried About Layoffs? 5 Tips For Job Seekers (And Job Seekers-To-Be) In A Slowing Economy. Study: Nearly 80% of Americans Worried about their Job.

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More workers are finding themselves out of a job (or becoming worried they might soon be) as a string of high-profile companies, mostly startups and in tech, have moved to freeze hiring or even to slash workers and rescind job offers.

New unemployment claims edged up to an eight-month high last week. Initial unemployment claims increased by 7,000 to 251,000 in the week ending July 16, making the four-week moving average rise by 4,500 to 240,500, according to the Department of Labor. Those numbers are still a marked improvement from last July, when the four-week average of unemployment claims hit more than 405,000. And the actual unemployment rate in June (the last month reported) is still a rock bottom 3.6%.

Still, fears of an impending recession have made nearly 80% of Americans worried about their job security, with almost a quarter of workers extremely concerned about their job security, a recent survey found. With more cuts expected in the near future, you might be wondering how to prepare in case of a layoff, or what to do if you do lose your job.

1. Maintain and expand your network

“Relationships can always expedite your success,” says Kimberly Brown, a career coach and author of Next Move, Best Move: Transitioning Into a Career You’ll Love. “I know someone who may be unemployed may not want to hear that…but they are literally the only thing that can expedite your success in that way because if someone’s able to put a word in when there’s 1000 applications, and you have a contact there, you can at least get an interview.”

Brown says she wishes that during her time working in college career development offices, she provided students a more structured approach to maintaining relationships.

“It doesn’t have to be a big thing to maintain a relationship,” she said. “I think people will think that you need to meet with folks once a quarter, you need to have a one hour conversation once a month. Maintaining a relationship doesn’t necessarily look like that, there’s so many different ways to keep top of mind, even something as simple as being active on LinkedIn.”

 

 

Like this Article?  Share It!    You now can easily enjoy/follow/share Today our Award-Winning Articles/Blogs with Now Over 2.5 Million Growing Participates Worldwide in our various Social Media formats below:

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Twitter: Follow us @ firstsunllc

Best Daily Choice: Follow the Best of FSC Career Articles/Blogs @

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Question: Want the ‘the best/current articles/blogs on the web’ on Job Search, Resume, Advancing/Changing your Career, or simply Managing People?

Answer: Simply go to our FSC Career Blog below & Type(#Jobsearch, #Resume, or #Networking) in Blog Search:  https://www.firstsun.com/fsc-career-blog/

What Skill Sets Do You have to be ‘Sharpened’ ?

Did you know?  First Sun Consulting, LLc (FSC) is celebrating over 30 years in the delivery of corporate & individual outplacement services & programs to over 1200 of our corporate clients in the U.S., Canada, UK, & Mexico!  

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

Article continued …

 

2. Reach out to past recruiters

Interviews with past job-and job offer-losers demonstrate that maintaining relationships with recruiters can be key.

For Patrice Ju, founder and lead coach at Carpe Diem Careers, the current wave of layoffs are reminiscent of the job cuts many, including herself, experienced during the Great Recession. “​​I was devastated and in shock. I didn’t think that that could happen to me,” Ju said of losing her first job out of college in 2008. But her first step of reaching back out to recruiters she had been in touch with during her initial job hunt proved advantageous.

“One of my tips is, if possible, to stay in touch with old recruiters, because you never know where you may land down the road,” Ju said. “So I reconnected with a recruiter, reconnected with my friends that were then working at Deloitte, and was able to get some interviews and then eventually got the job offer.”

Ju’s story is similar to that of Jenna Radwan, who previously told Forbes about her experience losing a job offer due to the economic downturn. Radwan was able to quickly land on her feet because she reached back out to previous recruiters she’d been working with during her job search — one of whom offered a position that she ultimately accepted.

3. Keep learning

Ju has offered career coaching for more than 400 individuals across all types of industries but one piece of her advice always remains the same: “keep your skills up to date” and always keep learning “​​so that if something does happen to your role or to your job, you can easily and quickly pivot and interview and then show a future employer that you are still very competitive in the current marketplace.”

Ju earned an industry-based certificate during her time between jobs, something economist Anthony Carnevale, director of the Georgetown University Center on Education and the Workforce, says can help job seekers stand out from a crowd of applicants. “It makes you look more like an experienced worker somehow.”

Earning a certificate is one way to stay competitive as a candidate and keep your skills up to date, but so could be going back to school or learning on your own. But make sure “whatever it is you’re doing will yield something,” says Brown. She suggests looking at job descriptions to “make sure you’re doing and gaining those skills, whether it’s public speaking, or coding, or writing, communications.” She adds: “Whatever it is, make sure it’s directly correlated to the job and is not just a nice-to-have skill [because] you can get the nice-to-have skills from having a really great mentor or a coach.”

Brown says that if you choose to go back to school — as many people did during the Great Recession — make sure it’s to a program that will help you land your next job, whether it’s through a robust career development office, alumni network or job placement program. Indeed, Carnevale says, many people view education as “a safe harbor from recessions and bad economic news” — and for good reason. Hiding from a recession in college “is not only safe, it improves your position when you come back into the labor market,’’ he says.

Zachary Herrmann, executive director of the Center for Professional Learning at the University of Pennsylvania’s Graduate School of Education, says that he has found the networking that comes from participating in one of their programs to be “remarkably valuable.” In other words, it’s not just what you’ll learn in some professional or continuing education program. “So much of the value that comes from engaging in some of our professional learning programs, is the ability to form networks and relationships with other individuals in the field,” Herrmann says.

4. Hone your interviewing chops

“When people are getting laid off, it’s hard to not feel desperate,” Brown said. “And while you may be desperate, I think it’s really important that you don’t convey that in interviews and in conversations and still keep your conversation skill-based.”

Brown recommends the STAR (situation, task, action, and result) method when answering behavioral interview questions, meaning job applicants describe a specific situation, the goal they had, what steps they took to reach that goal, and what the outcome was. She stressed that answering questions with the STAR technique might not come naturally, so people should practice telling stories that showcase professional success.

“If you have not interviewed in many years, don’t think that you’re magically going to put those shoes back on and it’s going to be fine. It’s not going to be fine,” she said. “You don’t need to test it when the stakes are high. So you have to practice. Whether you’re practicing with a friend or just yourself, make sure you know what are the stories that showcase you being successful? What are the stories that showcase you being resilient and navigating through a problem? What are the core stories that really share who you are and what you’ll be able to do? The secret to interviewing is that most of the time, all these doggone questions are the same.”

5. Be open-minded

Brown recommends staying flexible during a recession, particularly for recent graduates. “We have to think a little bit more long term when there’s a recession [about] how can you build skills now or take a step now that will allow you to do exactly what you want to do later,” she said. For example, if you’re able to get your foot in the door of a company you want to work for, but maybe in a different field, be open to that, and “when things get better make that transition” to what you’d rather be doing.

In some instances, being laid off might provide the time to consider changing industries or doing something slightly different — in which case practicing interviewing and practicing “communicating your skills” and how they would benefit a different type of company are paramount, says Ju.

Herrmann echoed Ju’s advice, encouraging individuals who were laid off to reflect “on what it is that they’re passionate about, the impact that they want to make [and] the type of organization they want to work for.” He added: “If they do want to make a transition, that might require developing new skills, interacting with different types of people or different types of organization. It might require some work, but that work might ultimately prove to be important in the long run.”

 

Forbes.com | July 22, 2022 | Katherine Huggins

#JobSearch : What You Need To Know About Layoffs, Hiring Freezes, Inflation And A Possible Recession. MUst REad!

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The current job market feels like whiplash. Coming out of the pandemic, there was a huge pent-up demand for workers to help companies get back up and running. The job market was so hot that discussions centered around the Great Resignation trend with about 4 million Americans quitting their jobs on a monthly basis. Job seekers boasted about having numerous offers to choose from and companies complained they couldn’t find enough workers with the required skills and experience.

Seemingly overnight, everything has changed. Americans have woken up to the new reality of inflation. In an effort to keep the economy afloat, the Federal Reserve Bank and the United States government injected trillions of dollars into the marketplace, sending stimulus checks to families, enhanced unemployment benefits and other fiscal measures.

The fear and consequences of inflation may lead to a recession with massive job cuts, hiring freezes and job offers rescinded.

Why Should I Care About Inflation?

At first, U.S. Treasury Secretary Janet Yellen and others in the Biden Administration said that inflation was “transitory”—it wasn’t. As it turned out, inflation hit 40-year record highs. The costs of everything, ranging from gas to home prices, soared.

When the cheap money previously flowed into the economy, venture capitalists invested billions of dollars into tech startups. The prices of stocks and cryptocurrencies rose to dizzying heights, as both professional and novice investors bought and traded securities with the confidence that everything goes up.

Unfortunately, nothing goes up forever. Runaway inflation has pricked the everything-goes-up bubble. One of the results was that the spigots of cheap money were turned off, and the party was over. Instead of aggressively hiring, tech companies started cutting back and laying off personnel.

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Article continued …

Why Fed Chair Jerome Powell Is Important

To understand what is happening, we need to pay heed to Federal Reserve Chairman Jerome Powell. In talks with Congress, Powell said that he needs to considerably raise interest rates to beat down inflation.

When interest rates rise, the costs of loans, mortgages and credit cards go up. The extra costs eat into the consumers’ pocketbooks. With less discretionary income, families will hold off on expenditures. They’ll spend less, make fewer purchases and avoid dining out as much or traveling as they used to. As the consumers constrict their spending, the economy will slow or even contract. This causes a recession.

While Powell didn’t say he is purposely causing a recession to battle inflation, his policies, based on history, could potentially lead to it. The rate hikes make it more difficult and expensive for companies to access capital, boosting the likelihood that the U.S. goes into a recession next year.

Are We Headed Into A ‘Hurricane?’

Jamie Dimon, the CEO of JPMorgan and one of the most respected Wall Street leaders, gave a stern warning to investors. He advised people to prepare for an upcoming economic “hurricane.”

At an investor conference in June, Dimon said, “That hurricane is right out there down the road coming our way.” The chief executive added, “We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.”

With the cost of capital starting to rise, tech and other sectors will pull back on growth, enact layoffs, impose hiring freezes and rescind job offers. During the year of over-exuberance, revenue and profits were not as important as achieving growth and scale. When a downturn happens and money is costly and not free-flowing, unprofitable companies will be headed toward trouble. If startups still have sufficient funds left from rounds of capital raises, they can buy time. Those that burned through their funds may be headed for trouble.

Layoffs, Hiring Freezes And Jobs Rescinded

Since May, tech startups have laid off nearly 27,000 workers, according to layoffs.fyi, which tracks publicly announced job cuts. Tesla CEO Elon Musk, who said that he had a “super bad” feeling about the economy, said the electric car manufacturer would cut 10% of its workforce. Musk, who also is in the midst of buying Twitter, said that there may be possible layoffs at the social media site.

Microsoft said in May that it would slow hiring in its software group. Meta also announced that month a hiring freeze for some teams.

Dara Khosrowshahi, CEO of Uber, informed employees through email that the ridesharing app company would start to treat hiring like “a privilege.” The chief executive said Uber’s decision to pump the breaks on hiring is due to the “seismic shift” in the market.

In June, Coinbase, the large cryptocurrency platform, announced on its corporate blog, “In response to the current market conditions and ongoing business prioritization efforts, we will extend our hiring pause for both new and backfill roles for the foreseeable future and rescind a number of accepted offers.” The cryptocurrency exchange platform then let go of around 18% of its workforce—or about 1,100 people.

Gemini, the crypto exchange founded by the Winklevoss twins, said a “crypto winter” is coming. The meteoric rise of cryptocurrencies and fervent hyping and buying of digital assets are falling back to earth. Gemini felt the change in the temperature of the markets and economy. In response to “turbulent market conditions that are likely to persist for some time,” Gemini is downsizing 10% of its astronauts—a term it coined for its employees. Two other digital asset platforms, Crypto.com and BlockFi, said they are laying off people as well.

Fintech unicorn Bolt announced it would lay off workers, as the tech bubble is slowly bursting. Klarna, a Sweden-based fintech company in the buy-now-pay-later space, announced plans to lay off about 10% of its global workforce, in a pre-recorded video message.

Robinhood, Netflix, Peloton, Cameo, Noom, On Deck, Workrise and others have also announced layoffs or temporary freezes.

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Forbes.com | June 23, 2022

#YourCareer : It’s Possible To Humanely Lay Off People With Empathy And Compassion. What Leadership Should Do When Laying Off People. Great REad!

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The United States has already seen around 17,000 job cuts in the tech sector and more are likely coming.

Most workers who have been terminated describe a cold, cynical process that’s devoid of any empathy. Others tell horror stories about mass Zoom firings and 48-hour holding patterns in which their future is in limbo.

What Happens When Human Resources Asks For A Quick Talk

You may get a call or email from a human resources representative saying, “Could you please come to my office at 4 p.m.?” When a company is not doing well, you have a sense of what’s about to happen next. The walk to the elevator banks, going up a few floors seems to last an eternity. You are hoping that you’re not getting a pink slip, and it’s for another matter.

In a whirlwind, you are told that your services are no longer required. You are offered papers to sign, and before you can process what happened, you’re escorted by a security guard to collect your belongings. All the technologies are cut off and you take the elevator of shame down to the lobby and walk outside feeling numb and bewildered.

 

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Article continued …

Airbnb Demonstrates How To Empathetically Lay Off People

Letting a person go doesn’t always have to be a harsh, humiliating experience. One standout example is the way Airbnb handled separations from the payroll in May 2020, during the early months of the pandemic. In a message to employees, Airbnb cofounder and CEO Brian Chesky said that he had “sad news” and told his staff that they were forced to downsize, in light of the company’s financial situation and the uncertainty of how badly the virus outbreak could impact its business. The short-term home and apartment rental app downsized 25% of its workforce, representing around 1,900 people out of the 7,500 international workforce.

Instead of using one-way Zoom calls to extend the message, he provided color and context as to why this had to be done. Chesky acknowledged that the pandemic could have a major impact on the travel industry for an unknowable amount of time, and as a result revenue could be hit hard.

Chesky told his team that anyone who was laid off, it’s not because of anything they’ve done wrong nor a reflection on their work ethic. Rather than providing platitudes, the company was prepared to offer severance, equity and healthcare packages. Its intent was to treat everyone in a compassionate and thoughtful manner. The company offered its team 14 weeks of base pay, plus an additional one week for every year at Airbnb, and the tenure will be rounded up to the nearest year. Health insurance was covered through COBRA for 12 months.

The short-term rental company provided an Alumni Talent Directory to help people find new jobs. Departing employees were given the option to have their profiles, résumés and work samples available for future employers to see. The company allocated its recruiting team to help the impacted workers find jobs. The departing staff also received four months of career services and were permitted to keep their Apple laptops to help with their job searches.

The Cold, Impersonal Zoom Firings During The Pandemic

It’s never easy nor pleasant to let a person go or enact mass layoffs. Airbnb acted honorably with empathy and compassion. This was juxtaposed with how a few other companies acted during the pandemic. While white-collar workers were primarily still working from home, the cold, impersonal one-way Zoom firings became commonplace.

At around the same time, scooter-sharing startup Bird fired 406 employees in a manner that you could only imagine on an episode of Black Mirror. The unfortunate workers were told all appointments were canceled and that they should log into a one-way Zoom call. A disembodied voice read from a script telling the listeners that they’ve been picked for layoffs. Their Slack and employee accounts were discontinued and end dates were supplied.

Ridesharing app company Uber announced a layoff of 3,500 employees. The remote workers were informed of their job loss via an online Zoom call. Ruffin Cheveleau, the head of Uber’s customer service, informed workers that it was their last day at the company. Wonderschool, ZipRecruiter, WeWork, the Wing and other companies all used video calls to inform employees that they’ve been terminated.

Recent Tone-Deaf Offer Recissions And Layoffs

Recently, Coinbase, the large cryptocurrency platform, announced it will place a hold on hiring and rescind job offers, due to the difficult economic and geopolitical events. Pulling the rug out from under the job offers didn’t sit well with many employees.

There was an immediate online backlash against the cold and cruel treatment of those who had their job offers abruptly taken away. The company said in response, “We will apply our generous severance philosophy to offset the financial impact of this decision” and will help the people who had their offers overturned. A talent hub was created to help the impacted people. This includes job placement support, résumé reviews, career coaching and access to the company’s network of people.

Coinbase employees started an online petition, leaked Thursday by crypto site Mirror, to remove top executives, including chief operating officer Emilie Choi, chief product officer Surojit Chatterjee and chief people officer LJ Brock, “in a vote of no confidence.”

In a tweet storm, CEO Brian Armstrong tweeted, “If you have no confidence in the execs or CEO of a company, then why are you working at that company? Quit and find a company to work at that you believe in!”

The polar opposite of how Airbnb acted is the story of Vishal Garg, CEO of unicorn mortgage lender startup Better.com. The chief executive coldly told his 900 employees that around 15% of the workforce will be fired in a one-way video.

To add insult to injury, Garg accused “at least 250″ terminated staffers of stealing from the company. In an email to employees obtained by Forbes in 2020, the Better.com CEO wrote, “HELLO—WAKE UP BETTER TEAM. You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS and…DUMB DOLPHINS get caught in nets and eaten by sharks. SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME.”

What Leadership Should Do When Laying Off People

Getting laid off is a crushing blow. In addition to the financial aspect of losing a job, it can cause serious mental and emotional stress. Leaders need to focus on the messaging to make the best out of a bad situation.

Leadership should start by offering color and context of what is happening. There is no reason to shame the staff. Instead, management needs to praise their work and accomplishments. Let the impacted workers know about available severance packages, healthcare options, what happens to their stock and options and give access to recruiters, career coaches and connections within the firm’s network of contacts.

Human resources and managers need to take the time and energy to speak one-on-one with the people who are being let go. Listen to their feedback, offer words of encouragement and write a glowing recommendation. Offer to keep in touch, as “boomerang” hires have become popular.

 

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Forbes.com | June 14, 2022

#YourCareer : The Split-Screen Job Market: Low Unemployment, High Turnover, Plenty Of Openings—And More Layoff Headlines. Great REad!

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Becky Frankiewicz recently returned from hobnobbing at Davos with other top business leaders, and the president of ManpowerGroup North America couldn’t help but notice a disconnect while she was there. On stage: Plenty of chatter about the prospect of a recession, and what that could look like for jobs and the economy. But in at least 15 different conversations with C-level executives she had while at the global meetup of titans, just one said they were pulling back on hiring.

“The data isn’t necessarily matching the narrative,” Frankiewicz tells Forbes. “We’re seeing a bit of a diverging job landscape, yet the labor market as a whole is still very tight.”

Every day seems to bring a tale of two job markets. On the one hand, data, like Friday’s better-than-expected jobs number, shows a labor market where unemployment remains low and the economy continues adding jobs, even beating economists’ forecasts. Earlier this week, the Labor Department reported that job openings slipped but hiring demand remained strong, while the turnover rate stayed high.

Yet on the other hand, the news cycle seems to bring near-daily stories of hiring freezes and layoffs, particularly in the technology sector and among startups. Tesla’s Elon Musk, Reuters reported Friday, wants to cut jobs and pause hiring amid what he reportedly called a “super bad feeling” about the economy. Other big tech companies, like Meta and Microsoft, have said they will slow hiring in certain parts of their business. Uber CEO Dara Khosrowshahi said in early May it would treat hiring “as a privilege.”

Meanwhile, job cuts tracked by the aggregator site Layoffs.fyi found that at least 15,000 tech workers lost their jobs in May, with cuts at companies like Bolt (25% of its workforce), Klarna (10%) and Carvana (12%), as well as many smaller startups shedding workers.

Headhunters say they’re seeing a drastic shift in how people are responding to inquiries in recent weeks, especially in sectors or at job levels where stock equity plays a role.

“Even a month ago we were going through hoops, doing everything we could to get people to respond to us—multiple messages on LinkedIn platforms, multiple social media platforms, text messaging,” says Jeff Christian, CEO of the executive search firm Christian & Timbers. “Now we’re seeing a 70% increase in response rates. People are curious. And they’re afraid.”

 

Higher interest rates, geopolitical turmoil and a continued global pandemic—combined with a punishing stock market—have made investors pump the brakes, leading more venture-backed companies to slow or cut hiring. In May, Forbes reported that an internal poll of Andreessen Horowitz’s portfolio companies showed that more than half were pulling back on 2022 hiring.

“It’s about companies not being able to access funding or at least get the valuations that they’re hoping to achieve—that’s very much the driver for some of these layoffs and hiring freezes,” says Glassdoor economist Daniel Zhao. He’s seeing similar trends in mortgage-related jobs in financial services, which are also dependent on interest rates.

 

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Article continued …

But he says that while there is clearly a lot of concern about the economy, the headlines about job cuts are “not really showing up yet in the data as a wave of layoffs that would be comparable to past perceptions or downturns.” Overall, he says, the “holistic picture is still one where employer demand is extremely high and there aren’t enough workers to fill those jobs.”

Zhao says it’s common at an inflection point in the economy, like where we find ourselves now, to see stories that suggest two directions. At such times of change, “it’s always a little bit difficult to square the anecdotes that you hear with the data as it moves in real time.”

Still, he thinks some things are different about the current economic intersection. All of the focus on the “Great Resignation” over the past year or so, as well as the difficult time many industries have had finding workers, could influence what they do going forward. “I wouldn’t be surprised to see employers continue to focus on trying to retain and attract workers, even if there is a moderate downturn,” he says.

Brian Kropp, Gartner’s vice president of research, points to other disconnects he’s noticing. “In the past, revenue and staffing moved almost perfectly together,” he says. “Three months from now this could be different, but at least right now, the relationship between revenue and hiring is just not as consistent and highly correlated as it’s been before.”

That could be due to the backlog many companies already have when it comes to staffing unfilled roles, as well as the increased churn Kropp thinks companies will see as hybrid work allows people to switch jobs more frequently. “The labor market for places that aren’t impacted by concerns about interest rates or concerns about stock equity—that labor market? It’s still red-hot, going a thousand miles an hour.”

Just like many companies have learned lessons that “just-in-time” supply chains couldn’t withstand the havoc of a global pandemic, they’re also learning the same lean approach can hurt them when it comes to talent. Frankiewicz says many employers—especially those with the resources to hire more workers—have adjusted to more of a “just-in-case” philosophy when it comes to their workforces to try to avoid understaffing. At a time when more workers aren’t even showing up to their shifts, says Frankiewicz, it’s “not just in case I can’t find the talent, [but] just in case I can’t fill the shifts.”

Recent data from ManpowerGroup shows talent shortages reaching the highest levels in 16 years, and Frankiewicz said in an email about Friday’s jobs report that “the tension is palpable, yet the reality is optimistic.”

She wonders how the current market could impact a downturn. “We’ve never faced an entry into a recession like what we’re facing now” with such a tight labor market, Frankiewicz says, saying two key differences are a structural change in the number of workers in the economy, citing lower birth rates, and the demand for technology skills not only in tech firms, but across all sectors. “It’s why we’re having this conversation—because there is no playbook.”

 

Forbes.com | June 3, 2022 | Jena McGregor

#JobSearch : How To Talk About A Layoff Or Furlough In A Job Interview. You will Be Asked About your Career Moves and Layoff(s).

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Mass layoffs and furloughs have been announced across a variety of industries — travel and leisure, media, energy, financial services, etc. (Business Insider keeps a running tally here). While losing your job may be more commonplace now, it can still be difficult to talk about, especially in a job interview, where you might feel less confident admitting any negative news.

You will likely be asked about your various career moves and transitions, especially your most recent ones. You may also be asked about any gaps in your resume. Finally, with layoffs prominently featured in the news and top of mind for many, the interviewer may ask you outright if you were downsized.

The good news is that, with so many people affected, there is less stigma attached to being laid off or furloughed. The better news is that you have control on how you talk about a layoff or furlough. You can minimize the negative impact of being laid off or furloughed and still ace your job interview by taking these five steps:

1 – Address what the interviewer really wants to know

Remember that the purpose of the job interview is to determine if you’re the best candidate for the job. The prospective employer wants their problem solved. They really aren’t focused on you, except for what you can do for them. In the same way, they don’t really care about your layoff, except what it might reveal about how good an employee you will be.

A layoff or furlough can impact you negatively if the prospective employer thinks you were let go for performance reasons. You can counter that by confirming that you were one among many and not singled out for cause. The prospective employer might worry that your time away from work has eroded your skills. You can counter that by keeping your skills and expertise updated. The prospective employer might assume your recent bad experience has soured your attitude or work ethic. You can counter that by showing high energy and enthusiasm during the interview.

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What Skill Sets Do You have to be ‘Sharpened’ ?

Article continued …

2 — Keep your answer concise

Concise means just enough information. You don’t want to say too little, such as avoiding talking about the layoff or furlough at all. This makes it appears as if you’re hiding something. At the same time, you don’t want to say too much and keep referencing it throughout the job interview. This is like going on a date where the other person spends the whole time talking about their ex! The incident is in the past, and the job interview is for the future. You want to assure the prospective employer that you only have eyes for them.

3 — Keep your tone neutral and non-judgmental

The prospective employer wants to hire someone who will be committed and a positive addition to the team. If you bad mouth your previous employer, your next employer will worry you will say the same about them. Even if the layoff or furlough was handled terribly or you felt you were treated unfairly or you have whatever good reason for having a negative opinion about your past employer, keep your tone neutral and non-judgmental when you explain what happened. (it helps when you keep your answers concise!)

Getting to a neutral tone when you are talking about a difficult issue is something you may need to practice. As a longtime recruiter, I have sat in too many interviews where the candidate clearly still harbors negative feelings toward a past employer. Outline in advance what you will say about the layoff or furlough. Practice saying it until you can do it without getting emotional – e.g., sad, angry, defensive. Role play with someone else who will probe on this issue to make sure you’re comfortable talking about it. (Read more tips here on how to handle a hostile interview.)

4 — Refocus the interview back to the job opening

The likelihood is that the interviewer will move on quickly after hearing a satisfactory explanation for your layoff or furlough. But you can help move the interview along by initiating the transition back to the job opening at hand. For example, as you talk about your recent job, you mention that you left because you were laid off, and then you immediately highlight the skills, expertise and experience you gained at the job that is relevant to this particular opening. No need to wait for the interviewer to sign off on your layoff explanation and give you permission to move on. The job interview is a conversation, a two-way street, and you can control the agenda as much as the interviewer by refocusing the interview on the job opening.

5 — Line up references to support your story

Too many job seekers wait till they have an impending job offer before lining up their list of professional references. It takes time to reach your references and confirm that: 1) they agree to give you a reference; 2) you have their most updated contact information; and 3) they know what to say to give you the strongest and most relevant reference possible.

Number 3 surprises some people, but you need to coach your references. You don’t need to tell them what to say word-for-word (and legitimate references won’t want you to do that anyway). However, you need to tell them what jobs you’re going for so they can highlight the relevant aspects of your previous work together. This includes talking about the circumstances surrounding your layoff or furlough – even if only to confirm that it wasn’t performance-related. Having your references lined up in advance, including someone who will corroborate your account of the layoff or furlough, will make you more confident and comfortable in your job interview.

You determine how strong a candidate you are, not your layoff or furlough

Being laid off or furloughed is the end of that job, but certainly not your career. You can still come across as a strong candidate during the job interview by highlighting the skills, expertise and experience you do have. Remember that the prospective employer is focused on hiring a solution to their problem, not your layoff or furlough at all.

 

Forbes.com | October 28, 2020 | Caroline Ceniza-Levine

#YourCareer : Companies Don’t Care About You: The Days Of Corporate Loyalty Are Over And It’s Time To Take Control Of Your Career. A MUst REad for All!

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We all understand that corporations solely care about revenue, profits and their shareholders. CEOs and top brass hyperfocus on their own financial interests. It’s hard to blame them, as this is how the game is played.

Lately, it seems that the chasm between the uber-wealthy and the average American family is the greatest we’ve seen since the bygone era of robber barons. The top 1% are thriving during the pandemic, while the rest of us are desperately trying to survive and eke out a meager living. More than ever before, a small group of powerful CEOs and executives have usurped the lion’s share of their company’s money by awarding themselves lavish salaries, stock options and bonuses.

The Covid-19 pandemic seems to have enhanced the chasm between the average worker and the upper echelon. This marks the beginning of the end of corporate loyalty. It’s obvious that we’ve been forced into a new era of free agency. The companies clearly don’t care about the workers and now the workers need to care about themselves.

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What Skill Sets Do You have to be ‘Sharpened’ ?

Article continued …

Here’s a great example exemplifying the callous, nonchalant behavior of corporate executives toward employees. In late March, Covid-19 hit the United States hard. A then record-setting 3.28 million people filed for unemployment benefits for the week ending March 21. At the time, it was the highest level of claims in reported history. Those numbers seem quaint now, as more than 60 million Americans have filed for benefits since then. Due to the drastic health, economic and job-loss crisis, prominent CEOs—many from financial services and Wall Street—promised that they would not lay off workers through 2020. Six-plus months later, a number of these companies are now laying off employees.

Here are just some of the large corporations that have changed their minds about their pledge to hold onto workers:

  • Citigroup: “Citigroup will continue laying off roughly 1% of its global workforce, the company announced on Sept. 14. The cuts end a previous commitment to pause layoffs amid the pandemic.” A cursory search of Citi’s online job postings shows that around two-thirds of the listings are outside of the U.S. This reflects an ongoing trend of Wall Street banks relocating jobs to lower-cost cities within America and to other countries.
  • Goldman Sachs: “Goldman Sachs is cutting 400 jobs, or 1% of its workforce, after briefly pausing job cuts amid the pandemic, Bloomberg reported on Sept. 30.”
  • Wells Fargo: “On July 9, Bloomberg Law reported that Wells Fargo is preparing to cut thousands of jobs,” and has plans to start chopping “more than 700 commercial banking jobs.”
  • Deutsche Bank: “The bank announced it was restarting job cuts—part of an 18,000-position cull it launched last July but paused…as the coronavirus crisis bred uncertainty.”
  • HSBC: “HSBC resumes 35,000 job-cut plan, ending [Covid-19] ‘pause.’”
  • Salesforce: “Salesforce started to lay off 1,000 of 54,000 employees on Aug. 26, according to the Wall Street Journal. The news comes one day after the company posted record sales. In March, CEO Marc Benioff pledged a 90-day freeze on layoffs.”
  • LinkedIn: “LinkedIn said it would cut 960 jobs, or 6% of its global workforce, on July 21. The cuts will impact hiring and sales positions.”

Some of the companies focused on a 90-day commitment; although, the spirit of the intent was for the year. To be fair, at the onslaught of the outbreak, it wasn’t conceivable that the pandemic would still be in place seven months later nor did they foresee the rampant damage caused to the economy.

Since then, companies across all industry sectors executed massive layoffs. For instance, Disney recently let go of about 28,000 workers and the airlines plan to terminate about 35,000—if the government (U.S. taxpayers) doesn’t give them another $25 billion after the initial $25 billion bailout.

Without any empathy, corporations ruthlessly cut out middle managers to save money and hire younger, less-expensive workers. To squeeze even more money out, they’ve relocated jobs from big cities, such as New York City, to lower-cost states and foreign countries to pay people a fraction of what their predecessors earned. When companies run into trouble and file for bankruptcy, they lay off thousands of workers without any hesitation. The executives and CEOs who mismanaged the business remain and continue to collect fat paychecks.

Large sums of money have been allocated toward technology, robotics and artificial intelligence. The goal is to eventually replace real-life human workers with sophisticated technology. Robots don’t take coffee breaks, vacations, eat lunch, gossip or argue over sports and politics. They dont require health insurance nor do they talk back or call in sick.

Predictions of AI taking over jobs are so great that former Democratic presidential candidate Andrew Yang called for Universal Basic Income to be paid to Americans. Yang’s thesis is that once tech takes over, millions of Americans won’t have the skills to hold a decent job. Their only answer is for the government to provide a living income to help them get by. While on a podcast with Yang, Twitter CEO Jack Dorsey said that—fairly soon—AI will write better code than his current software engineers. His dire forecast is that tech will eat the lunch of everyone and no one is safe.

A large number of iconic American companies filed for bankruptcy protection during the course of the pandemic. Millions of Americans lost their jobs, but somehow, the top brass paid themselves millions in bonuses. It rises to a level of incredulity when a CEO gets to cash in for driving their company into the ground.

It looks like conditions will worsen. With millions of Americans out of work, companies can aggressively dictate the terms. They’d think, “Why shouldn’t we lowball salaries and increase the demands of employees? Where else would they go? With less opportunities available, people won’t have a choice but to accept whatever they can get.”

As the job-loss crisis continues to grow and millions of people look for work, corporate management will feel free to summarily dispatch employees at will. Managers will realize that they don’t have to deal with a difficult worker, as there will be a line of people forming to take the person’s place—if fired. There won’t be a need to offer larger wages and better benefits, as there will be someone else who would gladly take the job to put food on the table and a roof over their family’s head.

It used to be that you could graduate from high school, find a decent job, afford a nice home, two cars and raise your kids in a quiet, bucolic suburban neighborhood. You would work at the same company for most of your adult life and receive a pension when you retire. If your children wanted to go to college, it was affordable and cheap—by today’s standards. If you didn’t desire the higher-education route, it was deemed perfectly respectable to pursue a trade or become a blue-collar worker instead of going to college.

The reality is that this new post-Covid economy could be harsh, cold and unforgiving. To battle back against this, you need to view yourself as a free agent. You can make your own destiny and shouldn’t solely rely upon your employer.

The key is to become thick-skinned, resilient and self-reliant. You will have to be mentally and emotionally tough to deal with all of the new challenges. You will have to constantly learn, reinvent yourself, pivot, acquire new jobs, start side hustles and find new ways to create value.

It might seem scary at first, but there is the sweet taste of freedom when you accept that you can control your own fate and don’t have to depend upon the whims of a large, faceless and uncaring corporation.

The bottom line is, due to these scary emerging trends, you need to look out for yourself. Even if you’re gainfully employed, it’s imperative to keep your eyes open for new opportunities. Prepare a just-in-case Plan B, C and D. Start networking right now and don’t wait for the dreaded call from human resources asking for a quick meeting. Update your LinkedIn profile and résumé. Learn new skills and technologies required for our changing economy. Find secondary tertiary ways to get an income stream, so that you’re not entirely dependent upon a salary. Get active on social media, reach out to recruiters, research new types of potential careers, attend online career-oriented events and do whatever it takes to hold onto your job for the time being.

 

Forbes.com | October 12, 2020 | Jack Kelly