As the year comes to an end, do you feel safe in your current job? Are you confident about making progress in your career? In the new work environment no company can guarantee job security. Layoffs and downsizing are the new normal! And you can be the next to be impacted!
What is a layoff?
According to Wikipedia a layoff is the temporary suspension or permanent termination of employment of an employee or, more commonly, a group of employees for business reasons. Reasons can be such as personnel management or downsizing an organization. Originally, layoff referred exclusively to a temporary interruption in work, or employment. But this has evolved to a permanent elimination of a position. Laid off workers or displaced workers are workers who have lost or left their jobs because:
- their employer has closed or moved
- there was insufficient work for them to do
- their position or shift was eliminated
What is downsizing?
Wikipedia also defines downsizing in a company as the reduction of employees in a workforce. Downsizing in companies became a popular practice in the 1980s and early 1990s. It was seen as a way to deliver better shareholder value as it helps to reduce the costs of employers. Research on downsizing in the U.S. suggests that downsizing is being regarded by management as one of the preferred routes to help declining organizations because usually a layoff occurs as a cost cutting measure.
Layoff Tracking Websites
Layoffs and downsizing are now the new normal. This new paradigm has become a part of our daily experience. As a result, there are now many websites and online resources designed to track company layoff events and provide information to the public. You can find some of these resources at:
Similarly, layoffs and downsizing are not limited to a particular industry or region. And even in the context of a tight American labor market and a historic economic expansion, major US-based organizations have continued to make sweeping job cuts.
Consequently, given this new reality in the work environment, do you have a career transition or job search strategy? Do you have a Plan B in case you are next to be impacted by a layoff or downsizing?
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