Amid economic uncertainty, a tariff trade war, and the growing emergence of artificial intelligence, companies may be looking to restructure, tighten their budgets, and cut jobs.
Layoffs can catch people by surprise, but there are usually signs along the way that they may be coming. The phasing out of some jobs is not always going to be clear-cut, according to career expert Angela Champ. In an interview with CTV Your Morning, she shared common signs a worker may notice ahead of restructuring.
"Your leader saying things like 'we're realigning resources' or 'we're streamlining operations' can sometimes give you a sign a layoff may be coming," Champ said.
A common sign Champ emphasized is when an employer initiates a hiring or salary freeze, or a company stops backfilling people who have left. Being cut out of meetings or other communications that you might have been involved in is another key indicator that something might be wrong.
How to Prepare
Preparing for a potential layoff is never easy, but keeping your skills relevant can be a big advantage. Champ recommended not putting off enrolling in that course you may need to boost your skillset and make you more employable. Having an up-to-date resume on file is a helpful step.
Networking plays a crucial role in any workplace environment. The more people that you know or who know you, the more they can refer you if there is an opportunity that comes up. Champ suggests looking outside of your company and your industry to make new connections.
"You don't have to go to industry events if you don't want to. You can do it at your place of worship, with your sports club, if you play in a league. There are lots of places to network and let people get to know you," said Champ.
If You Get Laid Off
If you find yourself out of a job, check to see if you're eligible for any payments, like employment insurance, Champ said. You might be eligible for severance or even extended benefits depending on how long you worked or where you worked.
Get a letter from your employer and find out if the layoff is temporary, and you may get called back to work, or permanent. Champ warned workers to not sign it on a whim.
"Sometimes people will, out of anger, want to sign the letter on the spot. Don't do that. Take up to a week to think about it, let the emotions calm down... look at what your financial picture is before you sign anything," Champ said.
Champ also suggested talking to your bank to assist in taking pressure off from your finances in the short term. Speaking to an employment lawyer can help you navigate your options and rights in a layoff situation.
Bouncing Back
Feelings of shame or embarrassment following a layoff are natural, but feeling this way will only hold you back from establishing yourself in a new job, said Champ.
"Talk to people. Send out emails. Call your friends. Call your network. Let them know you're now on the market and looking for a new job," said Champ.
If you're transitioning to a layoff after being with the same company for several years, Champ recommended connecting with your college or university alumni association or a local library. These organizations provide services that can assist with resume preparation or interviewing techniques to help sharpen your skills to land that next job.
"Make sure that you're taking advantage of resources out there. You are not alone. There are people who can help you."
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