Huge Companies are Laying Off Thousands: Here’s How to Prepare for a Potential Layoff
These huge companies are laying off thousands of employees. Here’s what you can do to prepare for a potential layoff.
Recently many companies have been making huge cuts to their staff. Since November, Amazon has laid off more than 18,000 employees.
And they are not the only ones doing massive layoffs. Companies such as; Gap, Wholefoods, BuzzFeed, Ernst and Young, OpenDoor, LinkedIn, and Walmart are cutting hundreds to thousands of jobs.
Here’s what you can do to prepare if your employer/company is next.
Cut unnecessary expenses:
Cutting unnecessary expenses could result in significant savings. This could free up some extra money to set aside in case a layoff happens.
You can cut expenses by going through your bank and credit card statements to see where your money is being spent. You’ll likely find you have recurring payments for things you no longer need or that you could go without. By cutting out extra expenses gkjll be able to save more money each month.
Start building your emergency savings:
Now that you’ve freed up some extra money by cutting expenses, you can focus on building an emergency savings. Ideally, your emergency savings will contain six months of expenses.
If you need help getting started saving, check out this article, “How to Start Saving Money.”
Start a side hustle to generate extra income:
Starting a side hustle gives you extra income and extra stability. If you have a side hustle generating an additional $500-$1000 a month, losing your job temporarily doesn’t sound quite as scary.
There are tons of easy side hustle ideas you can do, such as:
-Freelancing
These are just a few ideas to get you started. However, you can be as creative as you want! Think about what skills you have that could add value to others, and market those skills.
Update your resume:
Keeping your resume up to date will help you to be prepared if you did lose your job. Having a great-looking professional resume can help you to stand out from the crowd and land a new job quickly.
Preemptively updating your resume will give you time to prepare a great-looking resume without the pressure of a job search.
Build your network:
Staying connected to your network is huge when it comes to landing a new job after a layoff. Many companies make selections for who they want to employ based on recommendations. Because of this, it’s essential to stay in touch with people you used to work with, currently work with and people you connect with on sites like LinkedIn.
Along with this, building your network could be a great way to make some friends in your industry and potentially create a lucrative working relationship even if you aren’t searching for a new job.
Now that you have a plan in case of a potential layoff, you’ll be able to handle whatever may come. And who knows, a layoff could mean an open door to something even better!
