As the news continues to report more and more about layoffs or possible layoffs, it’s understandable to be a little concerned about your future job security. In order to minimize any possible layoff impact, now is the time to be proactive and pay attention so you’re prepared.

Since most layoffs occur due to a less than stellar financial position, here are some signs to look for with your employer’s economic position:

1. Higher than normal employee turnover. All companies have turnover; some even have high turnover. However, if you notice larger than normal rates of people leaving the organization, this could be a sign of problems – poor leadership, toxic environment.
2. Merging of roles and/or departments. In growing organizations, there’s hiring and expansion. In shrinking organizations, there’s often the merging of roles and/or departments. Merging of work can be a sign that your organization can’t afford to hire more talent because its finances are tight.
3. Raises are smaller or nonexistent. Now, we know the average raise today is a measly 2.5-3%. However, if your organization announces that raises will be even smaller or there won’t be a raise, this is a big red flag that something is wrong.
4. New leadership. Oftentimes, when an organization is struggling financially, it will onboard new leadership to make needed changes in business structure and/or focus or in people alignment, with the hopes of turning things around. If your organization recently brought on new top leadership, who may also be bringing on new top leaders, this could be a sign of trouble.
5. Projects placed on hold. If key elements of your role have been placed on hold, particularly those that require additional spending, or if system upgrades and desirable new ideas are being delayed, this is another sign that there could be financial troubles.
6. Late paycheck. Having worked in Human Resources for many years, one thing I know – employers will fund payroll before paying many other bills because they know if workers aren’t paid, they won’t work. If you are receiving your paycheck late and it wasn’t previously announced (holiday, etc.), Houston, we have a problem!
7. Too much secrecy. Are you noticing a lot of closed-door meetings, leaders’ schedules being rearranged to accommodate sudden meetings, or a lot of whispering? There could be some really cool things getting ready to happen, but these are also often actions you see when things are going wrong and need urgent attention.

If any of these apply to your organization, it doesn’t necessarily mean there will be layoffs, but these are often common signs. If you’re concerned your job could be affected, now is the time to be proactive and take measures to secure your future:

1. Update your resume. Take inventory of your work responsibilities and achievements and document your strongest work in your resume.
2. Boost your networking. It has been said that as many as 80% of all jobs are found through networking. If you don’t have a strong network, now is a good time to work on strengthening yours. If your network is strong, carve out time to reconnect with key people.
3. Brush up on your interviewing. If you haven’t interviewed in a while or don’t believe you are a good interviewer, take advantage of the time you now have to practice your skills.
4. Seek out a career coach. Even though I’m a career coach, this is not a cheesy plug. Career coaches are experts in the areas of job search, helping you identify career options, and more. We can help you identify the types of opportunities you want to pursue in the future and help you step-by-step with your jobs search. Further, since there is a cost to having a coach, isn’t it better to pay for one when you have income coming in versus when your income has temporarily dried up?

Even if you discover everything is okay (which is ideal!), it’s always good to act. It’s better to be prepared and nothing happen, than have all hell break loose and you’re caught standing like a deer in headlights!

Until next time….