Signs You Will Be Let Go
In most cases, there are a lot of signs that you will soon lose your jobs. You just need to be aware and know what to look for. Here are some things that happen when you are about to be terminated.
You Lose Responsibilities
In general, you gain responsibilities, you do not lose them. You probably have several functions that you perform for your company that are key to your position. If one of those is suddenly taken away from you, you might be on your way out. They may be just slowly transitioning your work to somebody else. The exception to this is if you lose a duty because another aspect of your work has become more involved. In any case, if you start losing responsibilities, keep an eye out.
Your Company Changed Hands
When a company gets purchased, you can just about guarantee that people will get laid off. Merging of two companies means that there will be a lot of redundant jobs. These redundant positions will need to be eliminated and the employees of the company that was purchased are usually on the losing end. No matter what message that the purchasing company puts out, be aware that your job could be one of the jobs on the chopping block.
You Received A Bad Review
A bad review can mean two different things and both of them are bad.
One, it could mean that your employer is obviously not satisfied with your performance. The bad review is a notice that if your work does not improve, you may be let go.
Another use of the bad review is to drive people out. Perhaps they would like to eliminate the position or get someone in that role that clicks a bit better. If you strongly disagree with the results of your review, this could be the case.
No matter what the reason for a bad review, know that it could be a sign you are headed out the door.
Your Company Has Lost Market Share
If your company is on the way down, your position could be the way out. Management will often try to right the ship by using massive cost cutting. This means eliminating positions and merging job roles.
If your company is losing money, it obviously does not automatically mean that you are on the way out but it is not a good sign. Even if your job is safe, do you want to go down with the ship? Perhaps a job change is in your near future.
You Are The Last To Know
If you are suddenly out of the loop, there might be a reason for it. Don’t let paranoia take hold here but if you are now the last to know, there might be a reason for it.
So, if you just have a weird feeling that you are being shut out or avoided, you might want to think about your future in the company.
Your Boss Is Suddenly Putting Things In Writing
Some people just naturally go to email as their preferred tool for communication. If, however, your boss has never been that person and they start putting everything in writing, you might want to pay attention. They could be making a case and creating a paper trail for HR.
Preparing To Be Let Go
If you think that a firing is close at hand, you need to get prepared. Here are some things that you need to do.
Get Your Resume In Order
Obviously, you need to freshen up the resume and start getting it out there. It could take months to land the right position so you need to get started now.
Keep your resume brief, well formatted and gear it towards the position that you are after. Use keywords sourced from job postings to make your resume appear more relevant.
Get Your Credit In Order
You do not want any surprises with your credit because many employers will run a credit check as part of the hiring process. You might think you have good credit when it is actually only a fair credit rating or worse.
Pull a free report and see how it looks. Dispute any false information and pay down credit balances if your score needs work.
Start Saving Money
Hopefully, you have an emergency savings account already. If not, you need to start one. A well funded savings should at least have enough money to cover your bills so that you can last 3 months or longer.
If you are lacking in the savings department, now is the time to start. Cut back on all expenses like dining out and other entertainment. Cancel your cable and satellite or at least put them on hold for a few months. There are dozens of ways to cut expenses to build a savings account quickly.
Postpone Major Purchases
If you have been planning on getting a new vehicle or maybe on taking a major vacation, you might want to put these things off. The money that would be spent would be better off in an emergency savings account. In addition, any additional monthly payments could come back to haunt you if you wind up being laid off longer than expected.
Even better, take it a step further and cut out all non essential spending. Now is not the time to treat yourself to a new cell phone or smart watch. Save every dime you can. This means no uneccesary expenses.
Clean Up Personal Information
If you have a company phone and/or computer, chances are good that you have some personal information on them. Take the time now to clean up this information so that nobody else has access to it. If you are let go, you might not get the opportunity to do this later.
Get Your Emotions In Check
Being prepared for a termination gives you a huge advantage. It allows you to get your emotions in check.
Take the time to get emotionally prepared for the event if it were to happen. Imagine how it will all go down in your head and plan how you will respond. With a little preparation, you can be proud of how you professionally reacted to the situation and it could open the door to future opportunities with the same company