COVID-19 Layoff Signs: What to Look For and How to Prepare (Part 1)

Recognizing Impending Layoffs

• ⚠️ Companies may implement cost-cutting measures, including hiring freezes, which can be an early indicator of potential layoffs.
• 🔍 Senior leaders constantly revise projections, and it's crucial to pay attention to subtle signs rather than assuming all necessary actions have been taken.
• 📊 Layoffs are rarely sudden; there are usually numerous hints and preceding events that signal a company's path toward workforce reductions.

Essential Preparations Before Layoffs

• 🖨️ Print your contact information immediately, as you may lose access to work systems and contacts overnight.
• 📂 Inventory your desk and computer for useful documents, presentations, or personal information that you created and may need for future roles.
• 📧 Email personal documents to your personal email address and download them to ensure you retain access, distinguishing them from sensitive company information.

Financial Preparedness

• 💰 If there's any hint of layoffs, start saving money immediately and increase your liquid capital.
• 🗓️ Assume you could be out of work for 6 months or more and build an emergency fund to reduce fear and maintain career decision-making flexibility.
• ⏳ Having a financial cushion allows you to avoid accepting the first job offer and wait for a role that better suits your career goals.

Communication and Job Search Tools

• 📱 Consider buying a new, inexpensive phone to use for your job search, ensuring you have a reliable way to contact your network and recruiters without using company resources.
• 📧 Establish a professional personal email address (e.g., Gmail) for job search correspondence, distinct from your work email.
• 📄 Update your resume at home, focusing on roles similar to your current one for quicker placement, or slightly adjacent roles if you have more time and your industry is struggling.