It is natural to feel helpless as companies continue to lay off workers despite signs of economic recovery. Sometimes it is impossible to prevent layoffs. For example, if company goals change and an entire business unit is downsized because its work is no longer relevant, there isn't much you can do. But there are proactive steps you can take to exercise some control over your professional destiny. The author presents five common reasons why layoffs occur and strategies for responding to them.
Despite signs of economic recovery, including low inflation and persistently low unemployment, layoffs have already surged in early 2024, exceeding 10,000 in the tech industry alone at the time of this writing. Macy's, Wayfair, Ford and Citigroup are among other companies that have already announced layoffs this year. This leaves many workers in limbo as they wait to find out if they will be next to be laid off.