Are You Prepared for a Layoff? Here's How to Know

Thursday, 21 March 2024, 09:00

Assessing your readiness for a layoff is crucial in today's job market. With 26% of companies affected by layoffs in the past year, it's essential to evaluate your financial stability and skills. Ensure you have a robust emergency fund, update your skills, and refresh your online profiles and resume to be prepared in case of a layoff.
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Are You Prepared for a Layoff? Here's How to Know

Key Questions to Assess Your Preparedness for a Layoff

Given the possibility of layoffs, you need to evaluate your financial and professional readiness. Ask yourself:

1. Can my savings cover three months of essential bills?

Having a sufficient emergency fund can help you navigate a period of unemployment without going into debt. Ensure you can cover essential expenses for at least three months.

2. Are my skills up to date?

Regularly updating your skills can enhance your employability in case of a layoff. Identify any skill gaps and prioritize improving them.

3. Are my online profiles and resume current?

Keeping your resume and online profiles updated enables you to kickstart your job search immediately if needed. Highlight your recent achievements and skills to stand out to potential employers.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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