The ‘Great Restructuring’ May Be Here

5 Signs Layoffs Are Imminent and 3 Ways To Be Prepared

Here are some warning signs layoffs may be imminent at your company, and how to prepare.

There are budget restraints.

For example: Expense accounts are being scrutinized, new procedures are being implemented for securing purchase orders, and implementing approvals to tap petty cash for what were previously unquestioned expenditures.

There’s a merger or acquisition.

A merger or acquisition might be a good thing for a company’s business, but that doesn’t mean it’s also positive at the employee level.

There’s a hiring freeze.

If growth comes to a sudden stop, it may be a warning sign that a company is trying to combat financial losses and needs to cost-cut to reduce operating costs.

Nick Kamboj, CEO of Aston & James LLC in Chicago, who unfortunately has managed layoffs before, says that one low quarter often isn't a big concern, but six months or more of the same, and there's a good chance that layoffs are coming.

The company’s business isn’t going in the right direction.

There are other layoffs happening in your industry.

If similar companies are going through layoffs, it’s not as clear of a sign that layoffs are coming your company’s way, but it should be a word of warning within your industry.

It’s not possible and quite stressful to try and predict when and if layoffs are going to happen — which is why it’s important to be prepared for every outcome.

How to stay prepared

Update your resume consistently.

If your resume is already updated, it makes it that much easier to get back in the job search game and land your next role.

Swipe up to learn more!