The coronavirus pandemic has already triggered massive layoffs and furloughs by some major companies. Some of these companies include:
- Marriott International
- New York’s Metropolitan Opera (the Met)
These are just a few of the many companies currently conducting layoffs which is why I want to talk about the types of workers who are most at risk.
Who Is Most At Risk Of Losing Their Jobs?
- Entry-Level Employees. More specifically, if you’re a young professional whose jobs have no direct impact on sales or customer satisfaction. These positions may be viewed as non-essential to the company and it’ll make financial sense to cut them.
- Managers. Managers who make six-figures and have several people reporting to them may be seen as an unnecessary expense. This might come as a shock to some because those in higher positions usually seem safe from being let go. However, the company will look at your workload and realize that if they let you go, the other employees can report to your boss, saving the business money.
- Employees With Similar Roles. If you’ve been at your company for a long time and have collected multiple raises, this puts you at the top of the pay scale. Businesses will look at this and realize that they can keep another employee or outsource your job for less money.
Looking at this list, you might be thinking. “Is no one safe from being laid off?”. The answer to this is simple.
Anyone who can’t justify his or her value is at risk.
How Can I Justify My Value As An Employee?
Before I answer this, I want to talk about what this means and why it’s important.
In order to protect your job from layoffs, you need to think about your ROI or your return on investment as an employee.
How is your ROI defined?
Your employer looks at the total cost of employing you (salary, benefits, etc.) and compares it with your output. If they can’t validate that your individual productivity levels make or save the company enough money to cover the cost of employing you, then you’re at risk of being on the layoff list.
What is your ROI?
Take a moment to think about your position in your company. What is the main function of it? Are you bringing in money in some way? Or does your position help the company to save money?
Whichever one it is – that’s your ROI!
If you can identify where your position impacts the bottom line at your company, you’re increasing the chances that you won’t be laid off.
What Can I Do If I’ve Already Been Laid Off?
If you’ve been laid off, it’s important to remember that you’re not alone. Whether you saw it coming, or were blindsided by it, this is a traumatic experience. Here are a few tips on how to get back on your feet.
- Discover Your Passion. During your time at your previous job you probably didn’t have a lot of time to focus on what you’re passionate about. Find the silver lining in this situation. You can now reconnect with what inspires you and chances are it will open up doors for you in your professional and personal life!
- Don’t Burn Yourself Out. It’s easy to get in the habit of applying to every new job posting you see that’s in your career field. By doing this you’re limiting your chances of finding a job you love and are making the job search process longer for yourself. Take this time to rethink your career path. Would you be happier in a different role or industry? If so, tailor your job search for those positions.
- Ask For Help. Being laid off is a very difficult and isolating experience, you shouldn’t have to handle it alone. It’s okay to ask for help. In fact, I want to help you. Join me and Work It Daily’s Head Coach, Ariella Coombs in our FREE live webinar to learn how you can bounce back after being laid-off.
Uncover And Understand Your Value
Whether you were laid off or you’re readying yourself for the chance you will be; you need to understand your value as an employee. Knowing this and how to present it to your boss or a hiring manager can be what saves your current job from layoffs or lands you a new one.
P.S.S. If you don’t think a membership to my company’s career coaching service is for you (yet).
At Work It Daily, we put together the following free career growth tools for you:
- A complete job search checklist.
- A list of the 18 most common interview questions.
- Free cover letter samples.
- Guide to changing careers.
- Masterclass on how to avoid common job search mistakes.