Wednesday, October 31, 2007

Possible Layoff in the Works

I transferred to another state and started working for a department whose management announced they are investing huge amounts of capital for new technology after a 15-year lapse. The new technology was also brought into two other company operations similar to where I work. The other locations eliminated a shift of workers.

I need to know how I can find out if my employer plans a layoff. I understand there are state agencies the corporation has to file information with. Can you tell me if this agency information is public knowledge? I need to have this to plan my future.

The decision to purchase this advanced technology was made last week. I may only have several months to prepare. Any help is appreciated

by Richard Yadon, CPC, President/CEO

I don't think there is a public site that projects who is being laid off in the next several months. If such information exists, I'm sure it would not be made public. There may be some budget information filed that indicates a reduction in payroll expenses, but I would be very surprised if it named names.

It is always good practice to be prepared for a layoff. Everyone needs to have a thoughtful career plan. Unless you are actively managing your career you can always be victim to this kind of event.

The first way to prepare is to think about the financial consequences of a layoff. By having an “emergency fund” that’s equal to three to six months of living expenses, you will most likely weather a layoff without a financial setback. This assumes you are actively looking for a new job when the layoff happens. If you currently have less than three months living expenses set aside, then you need to be very proactive now.

Some proactive steps you can take today are:

1. Update your resume.
2. Start networking with people who can either hire you or introduce you to people who can hire you.
3. Start building a database of potential employers (a simple spreadsheet is fine for this).
4. Monitor the job boards that specialize in jobs for people with your background and skills.
5. Connect with a recruiter who specializes in your industry.

Don't wait until you are laid off to begin these five steps. Start now. Even if you don’t get laid off, you might come across a job opportunity that’s even better than what you have now!

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