Inflation and a battered economy are weighing down hard on everyone, especially the top tech players. To quote Aaron Terrazas, Glassdoor’s chief economist, “There are three kinds of companies laying off employees right now: those for whom the debt is becoming more expensive amid Fed tightening; those uncertain about the economic outlook; and those using the economic climate as an excuse to cut employees they would have let go anyway.”
We are just one month into 2023, but so much has been and is already happening in the IT sector.
An article from The Washington Post posted in early January 2023 depicts the alarming rate at which talented and valued employees are shown the door. Industry experts are predicting more layoffs during the current quarter and the next.
It is important to remember that layoffs are beyond your control since the ultimate decision lies with your employer. However, making yourself an indispensable asset to your organization is definitely in your hands.
In the event that you are terminated from your job, what should you do?
Read on as our founder Prabakaran Murugaiah shares his insights on what it takes to stay afloat in this layoff storm!
Swimming Against All Odds: 10 Ways to Survive Layoffs
Although we are facing some uncertain times, my prediction is that it won’t last too long – only 6-12 months maximum before the job market returns to normal.
There are plenty of new opportunities and emerging technologies out there. However, finding a job amidst all odds will just need 10x more effort than normal times.
If you are feeling the pressure of financial or legal constraints that necessitate a job, my advice would be to take a no-nonsense approach. Rather than debating on the IFs and BUTs, cut through the noise and keep it simple – “I WANT A JOB, period”.
But how, you may wonder! Here are my 10 tips that will help you navigate this difficult situation.
1. Explore mid-market
While large enterprises may not start hiring at the usual capacity as yet, all signs point towards a gradual return – maybe a quarter or two down the line. In contrast, the mid-market is more agile and adaptable and tends to rebound faster. Smaller teams create unique opportunities to gain a diverse range of skills in a shorter period of time while still offering a stable job opportunity
2. Start job-hunting now
Even if you are currently employed, start browsing for jobs right away. It is a preparatory tactic that gives you two advantages:
- You will know the kind of jobs that are in demand despite layoffs.
- You can identify the skills that hold value in the job market.
3. Keep your choices flexible
During recession and uncertain times, there will be more contract openings than permanent jobs — because contract jobs come under a discretionary budget. And, these positions often come with the potential to convert into a full-time role in the future.
4. Be ready for pay cuts
I know it’s hard, but that’s the reality. As the belt tightens, companies start operating with budget constraints. So, your company will be double prepared to hire candidates at the lowest possible cost. As long as you can learn and increase your value in future, understand that taking a pay cut is an investment.
5. Take online assessments
There is an increasing trend that most of the roles now require some form of online tests. At iMocha we conducted over 1.5 million assessments last year. Here is an article that explains the benefits of Online Assessments
6. Embrace change to thrive and succeed
The world of work is quickly changing, and it’s becoming increasingly important to be prepared and agile. While remote-only opportunities may still be available in some areas, the trend is clear – hybrid and onsite positions are the way forward.
LinkedIn reports that remote-only jobs are shrinking faster, only 20% of jobs are currently available remotely.
Post resumes online
This will increase your chances of landing a job by 50%.
Many recruiters rely on resume databases rather than posting jobs and handling a huge volume of resumes. So, it’s time to be proactive. Keep your resume listed online, and maximize your chances of success.
8. Seize opportunities in startups
Many people overlook start-ups when looking for work, but they can be an invaluable experience and a great learning opportunity. They may not have open jobs, but if you know their domain well, they may create an opportunity for you. Startups are often hard-pressed to find subject matter experts who can help bring their visions to life. By filling this need, you can be part of something bigger while still keeping your mind sharp and stress-free.
9. Consider moving to smaller cities
Look beyond the bigger cities and explore what the smaller cities have to offer. More employers these days are looking for talent outside the large metropolis. Leaving the urban center also has its own set of rewards. Fewer people compete for open positions, lower cost of living, and you may never know – employers may offer better salaries to attract the right talent! So, don’t limit yourself; Go explore what else is out there.
10. Do not give up
It’s easy to get discouraged when your job search isn’t going exactly as you hoped. Apply for more jobs and even more jobs. Remember, persistence pays off! There’s always hope and more possibilities out there if you look hard enough. Don’t let yourself get frustrated; stay positive and keep moving forward!
Do not take the layoffs personally because it is purely your company’s decision and not a reflection of your talent and professional capabilities. The easiest way to deal with it is to accept the situation and focus on moving forward. Stay healthy, keep learning something new and improve your skills.
ALL THE BEST!