Why are there so many layoffs happening in the tech world? Around 13000 people were laid off worldwide. Big tech Giants like Amazon, Twitter and Meta have also sacked employees this year, and many more companies in Silicon Valley have done the same.
WE DISCUSS HOW TO SURVIVE
Due to both personal and specific reasons, companies have laid off people worldwide. Amazon has laid off 10000 employees, meta 11,000 employees, and Elon Musk’s ownership of Twitter has also led to chaos. Microsoft has also sacked more than 1000 people this year.
But what’s the reason behind laying off so many people? According to the former head of Twitter of India, all companies have different reasons, but the two reasons that all companies have in common are the pollution act. Covid after covid receded, many things they expected would continue, but companies getting more extensive hands could not grow at the same rate as they were when they were smaller.
How should you prepare yourself for a layoff?
No matter how good and stable your job might seem, sometimes, through no fault or economic slowdown, layoff or a job loss can happen. However, there are ways to prepare yourself if you are sacked from the company. And find a great offer for yourself.
Updating your resume
Often after finding a stable job, people need to remember their resumes. Updating a resume can become a tedious task that most people need to remember, primarily because of the workload. However, people are still determining when they can be laid off, so no matter what your existing job situation is, keeping your resume updated and eyeing better opportunities is important. Your updated resume can help you a lot in finding better opportunities.
Reading the fine print properly
You must read all the contracts and documents you signed when you were hired properly. Ensure all unused holiday days money or other benefits are being paid. One should be careful before signing anything before hiring or getting laid off because it is better to be safe than sorry.
Learn to negotiate
Find out what other people received after being laid off. Don’t be afraid of negotiating. As it can help you financially in the next few months, some things you can negotiate – health insurance coverage, extra severance, and placement assistance.
If you experience any illegal discrimination, cancel an employment attorney before signing documents relating to your release from the company. But remember, you can only file an illegal discrimination case against your company in the first six months of being laid off.
Try to build your network
Whether you are still employed or unemployed, networking is a skill you should know. Try to attend events, meet new people, and make sure you put yourself out there. Try to socialize as much as you can and grab opportunities. Ask people who can help you build your network for coffee or dinner. This will not help you in only building your network but also no help you in finding people who share the same path as you
There are many financial situations Solutions as well
Multiple sources of income
Relying on one source of income is never a good option, no matter how stable or good your earnings are. Another source of income doesn’t hurt anyone. However, it doesn’t mean you start Moonlighting when you work for two companies simultaneously. But you can have separate side hustles, which can generate some income and help you in the long run. Some side hustles include photographing, transcriptionist, teaching any language, or getting paid for creative talents like writing, editing graphic designs, etc.
Savings in your account
It is always a good option to save money. Nobody knows when they will be in a bad situation money-wise. If you get laid off, that money will be sufficient to run your life for the next 4-6 months.This money or saving is also known as an emergency fund money can be saved by making a plan and processing how much you spend in a month. Put together a planned budget and stick to it. Try to set three-month targets.
Upgrading your skills
During the phase of being jobless mental health can be exhausted, and finding your purpose becomes problematic. However, this time can become useful by upskilling yourself. Learn about the current market demands due to courses, find opportunities, and try from the network. These steps can surely help you in getting good opportunities. You can upgrade your skills by setting targets Gathering feedback, participating in training, or finding a mentor who will help to guide you.
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