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Layoffs

Corporate Issues

Obviously, whenever the organization you work for is having some sort of negative financial issues, you can expect some degree of internal turbulence, from simply rumors of bad things to come to actual bad things occurring. Your goal is to sort through these signs and prepare yourself for the worst scenario.

  • Your company announces weak earnings, weaker (and perhaps showcasing ongoing weakness) earnings than expected. Every organization has cyclical sales, so this sign alone may not mean too much, but watch for accompanying signs listed below. If you work for a publicly traded company, watch for deep drops in stock price and stock analysts’ reports downgrading the company’s value.
  • Your company is rumored to be, or is in, negotiations with another organization that will result in an acquisition or merger. While the word is always that staff will be minimally affected, you should always expect layoffs to result from this type of activity.
  • Your company has hired consultants to help redefine the organization’s mission, strategic direction, or operations. While consultants can be a benefit to right a struggling firm, their recommendations often result in an organizational restructuring and downsizing.
  • Your company has announced a variety of cost-cutting measures. Implementing one or two of these might simply be good fiscal responsibility, but in combination can signal the start of a very bad situation. Cost-cutting can range from reducing spending on office and kitchen supplies to cutting expense accounts and travel budgets to implementing salary, promotion, and/or hiring freezes.
  • Your company begins studying, or worse, implementing, a plan to outsource major functions to overseas suppliers. We’ve heard stories of workers actually being asked to travel to the outsourcing company and (unknowingly) train their replacements.
  • Your company does other “strange” things, such as announcing a relocation to smaller or less expensive offices, starts a security system or hires additional security guards, or purchases a large order of empty moving-type boxes.
  • Your company competes in an industry that is dying or in a major down cycle. While your company may not be affected yet, or has not reacted to the downturn yet, you can be almost certain it will have to retrench (and reduce workers) to deal with the economic realities it faces

Source: quintcareers

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