Getting terminated from a job can leave you gobsmacked, regardless of the reason.
Whether it’s from your own performance, or the pending firing stems from organizational changes completely outside your control, getting let go can be dizzying. Unfortunately, many Americans can attest to this destabilizing feeling as layoffs continue to sweep the nation.
In 2022, layoffs and discharges jumped to 17.6 million and accounted for 24.3 percent of total separations. As previously reported by ESSENCE, Tech companies both large and small have cut jobs, including Meta, Twitter and Netflix, which cited the effects of the COVID-19 pandemic and overhiring during rapid growth periods. Other tech giants like Robinhood, Glossier and Better are a part of a growing list that are continually letting people go.
Recent data from LinkedIn shows that fintech has also been trimming their workforce. Forbes reported that Chicago-based debit card company M1, reduced its team of 369 people to 349 in one month. Neobank reported a slight decrease in employees on LinkedIn as well. PointCard, a debit rewards startup reported 105 employees in January and now it’s down to 61.
So, how can you tell when a layoff is coming? There are some tell tale signs.
Senior management teams start shrinking.
Issues usually start from the top down.
Because upper management has a clearer view of the company’s outlook, their exits can send a strong signal of what’s to come: trouble. Pay attention to their moves and keep note of the tone around their departure.
Cost-cutting measures start happening.
These terms usually start getting thrown around when a layoff is looming so take care to read between the lines. This may mean that money is tight and employee teams may start get downsized to keep the company afloat.
Your boss is asking for reports on time allocation.
If all of a sudden it seems as if your supervisor is breathing down your neck in a way they never have before, this may mean that someone is breathing down theirs. This may look like them asking you to offer status updates more often, a breakdown of how you spend your time or even more 1:1 check-ins than normal.
According to US News and World, another sign to look out for is when your manager suddenly asks you to “write your own job description,” then they may be considering firing you. This also goes for a boss who usually is a micromanager but suddenly becomes distant. A boss who is unavailable to talk about the future of your role should raise some concerns.
You’re covertly being asked to write a transition document.
One possible sign that your boss is gearing up to take over your job is them making the ask to have a list of business processes you’re usually responsible for.
How to cope.
If you’ve noticed more than one of these signs happening, start looking for another role ASAP and shore up your savings. There’s likely no use in trying to fight for your job if cost-induced layoffs are on the horizon. So salvage your ego, dust off your resume and tap into your network because you’re about to be back on the job market. While navigating this tough time, remember that if you landed this job, you can definitely get another.