KMPH FOX 26 | Central San Joaquin Valley News SourceLooming Layoffs: What to Watch Out For

During these tumultuous economic times how can you know if your job is safe from the chopping block? There might be signs that things are not going well with your employer. If you can read the signs, you may give yourself an advantage when dealing with a looming layoff. 

Understanding that you can survive a lay off is helpful but it can still be a taxing time, even if you are one of the stars in your workplace. Achievers get laid off too and don't expect a layoff to necessarily make sense. The lay offs will not always follow logic in who gets laid off and who doesn't, or which departments survive and which perishes. There is often no discernable reason involved. It's just the luck of the draw, and it is not a personal failure, so don't let it destroy your confidence.   

What's happening?
Outside World
Financial Reports
For Sale
WARNing?

Watch for shifts in the company transactions that focus on saving money, budgets being squeezed too tightly, travel and or hiring freezes, an abrupt departure of senior management, management acknowledges looking for a buyer for the company or parts of it, and finally notice if outplacement firms have been asked to submit proposals. These sorts of activities can single a lay off is coming. Pay attention to the news about your employer. Is there speculation about falling sales, management misbehavior, and serious problems with products or services?

If the company you work for is a publicly held company than the Federal Securities and Exchange Commission will require reporting that can provide another source of information that you may check to see how fiscally sound the company is. Look at the profits and read the footnotes. Check to see how much salary executives earn, how much stock they hold and whether or not they are selling. Is the company being sold?    

Protect your pension
Copy of Personnel File
Written Recommendations
Personal Items

Being proactive and planning about your job situation will allow you to feel more in control of the circumstances so that if the ax falls, you have taken steps to protect your future. Get a copy of your personnel file including performance reviews, letters of commendation, and any disciplinary actions. Get written letters of recommendations from managers and supervisors before you leave. Finally, begin removing all personal items from your work station including any personal items you may have stored on your computer or company owned blackberry.

When you are ready to pick up the pieces and move on with your life, develop a plan for your job search, including deadlines. One day you may thank your former employer for letting you go, many people find situations more rewarding than the job you lost.