Coronavirus Effects: How To Prepare For Mass Layoffs
The working world is already beginning to feel the effects of the coronavirus. As you're making sure to wash your hands in the middle of this global health crisis, we also advise you to prepare your career for the layoffs that lie ahead.
If the thought of being laid off is causing you to panic right now, we want you to take a deep breath.
Let's discuss what's happening in the workforce due to the coronavirus, and what you can do to prepare for the worst (and come out safe and healthy on the other side).
Why The Coronavirus Pandemic Is Causing Layoffs
The economy has been booming for quite a while now. Unemployment rates have been at a 50-year low. The coronavirus is disrupting this trend, causing the demand for goods and services to fall. Uncertainty has penetrated every aspect of our lives. It's also impacting the workplace and how companies operate. Employers are preparing for, or already entering, crisis mode.
Loss of revenue, increasing costs, and the tanking stock market are all driving business to reevaluate. Not only are employers canceling interviews and rescheduling them as video/virtual interviews, but they're also implementing hiring freezes and considering pay cuts.
Plummeting consumer demand and a bear market are also behind the layoffs. And if the coronavirus continues its devastating effect on the U.S. and global economy, we should expect to see a lot more layoffs in the near future.
Industries That Have Already Started Laying Off Workers
Most of the employees affected by the layoffs so far work in the leisure, hospitality, retail, and food & beverage industries, ultimately due to decreasing consumer demand. Hundreds of people have been laid off in Washington, California, Florida, and Texas.
Canceled shipments are behind at least 145 driver layoffs from the Port of Los Angeles. Event and festival workers are also being let go in Orlando and Las Vegas. In Seattle, one of the U.S. cities hit the hardest by the coronavirus, restaurant and corporate shuttle providers are planning to layoff employees as well.
These industries are always the first to be hit by a global crisis. With no end to the effects of the coronavirus in sight, layoffs won't stop there. So, what should you do in your career to prepare?
How To Prepare For The Layoffs
Here are four things you can do today to prepare for a layoff:
1. Don't Assume You're Not On The Layoff List
Even if you're super successful in your role, there's always a chance you'll get laid off during difficult times. Don't risk it. Be prepared for the unexpected.
2. Reconnect With Your Network Sooner Rather Than Later
Don't wait to lean on your network when you're officially out of a job. Start conversations with people NOW so you can set yourself up for success.
3. Create A Company Bucket List
You should have a company bucket list whether you're secure in your job or not. It's essentially a list of companies you'd like to work for one day. It will help you be intentional with your networking and job search so you don't waste your time.
4) Update Your Resume, Cover Letter, & LinkedIn Profile
Get your materials in order. Make sure you're focusing on your relevant skill sets and articulating your specialty or "service" you provide to employers to show your value immediately.
The coronavirus is putting a lot of professionals on edge. If you're feeling uncertain in your job or career, you're not alone.
The good news is you CAN successfully prepare for a layoff. By following the tips above, you'll ensure your career survives the coronavirus, and any other crisis the world throws your way.
We understand how stressful and soul-crushing getting laid off can be. Here at Work It Daily, we can help.
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