Author: Ashley Gould

6 Signs Layoffs are coming

Ashley Gould

Layoffs have become a standard part of the working world. There are signs of layoffs so you don’t have to be caught off guard. Check out 6 Signs layoffs are coming. 

The term layoff instills a sense of doom in any employee in the working world. They also seem to be more common in this current economy. Companies are focusing more and more on rapid growth and they even plan to have reductions in employees eventually. The good news is, you can learn to recognize the signs of layoffs, so you aren’t caught off guard. If you are prepared for layoffs, they won’t seem so scary and you can plan for your next steps. 

Six Ways to Recognize Impending Layoffs

Financial Loss

Whether it’s due to an economic downturn, or your company’s revenue dropping (or both), financial loss is usually one of the first signs of layoffs. 38% of small businesses that fail, do so because of a lack of cash.  Be sure to participate in all company meetings and pay attention to their revenue goals, and whether the company is meeting them. A lot of times, those of us who are not in upper management like to bury our heads in the sand. Or maybe we don’t think the finances are our problem. This could not be more wrong.  If you notice projected earnings are not being met, it is a good idea to take stock of your role and the value you add to the company’s bottom line. Companies love to tout that revenue is not their only objective, but it will serve you to remember that money talks. Your company will not keep you on because they love you. They will do what is best for their bottom line. They are a business after all. 

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How to Avoid Layoffs

Ashley Gould

Layoff has become a term that is all too familiar in today’s economy. In these uncertain times, many businesses are considering layoffs in order to improve their bottom line and keep their businesses afloat. However, layoffs are by no means an ideal solution. They increase the workload for existing employees and contribute to decreased morale. They also require a reprioritization of business objectives and may require you to drop some initiatives that could help your company grow. Layoffs should be the last line of defense in saving a business. 

 

How Executives Can Avoid Layoffs

Hire the Right People

One very important way to avoid layoffs is to hire the right people from the very beginning. Demand for new employees can be stressful, leading to a rushed hiring process at times. However, the investment of time into finding the right people for open positions is very important and can pay major dividends. If you hire someone who is self-motivated and efficient, it will cut down on costs in the long run. Efficient employees eliminate the need for extra employees. Self-motivated employees will free your time up to focus on other areas of the business that could lead to more revenue. If you focus your time and energy on hiring the right people, this is a great way to reduce your chances of layoffs in the future. Employee retention is another important thing to consider. Losing employees can be expensive so keeping them around is a great way to keep your costs down. 

Create New Streams of Revenue

Now may be the time to give those ideas that have been forming in your mind some attention. Have customers been asking for a specific product or service? Now is the time to offer it if possible. Find the most cost-effective way to introduce a new product that will fill your existing customer’s immediate needs. Gift Cards and promotions are a great way to provide increased revenue without any financial commitments. Do you have extra office space or could you create extra office space? Leasing out office space is a great way to create a new revenue stream in this environment. Someone with a small business does not want the commitment of a full office lease and will take that space off your hands without any financial burden to you. 

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