Right now, the job market doesn’t feel like it was a month ago. Inflation is spiraling out of control. The cost of everything is exorbitant. There are talks of a recession, stagflation and worries about being dragged into a war against Russia. These and other factors have scared investors, and the stock and cryptocurrency markets have plummeted, wiping out trillions of dollars.
With so much uncertainty, it’s reasonable for executives and human resources professionals to pump the breaks on hiring and start considering layoffs. We’ve already seen an array of tech companies—whose stock prices were crushed—enact downsizings. If the overall mood, economy and financial markets don’t turn around, there will likely be further rounds of terminations and hiring freezes put into place.
Here are the big, waving red flags that you need to watch out for to determine if you need to update your résumé and start hunting for a new job.
Nervous Executives Scurry Around The Office
In the pre-pandemic days, when everyone was in the office, you can get a vibe check on what was happening by watching how management and leadership act. If they are walking quickly through the hallways with pensive looks on their ashen faces, avoiding eye contact and pleasantries with the staff, you’d know something is about to happen. This presumption will be heightened if the upper-echelon executives dart in and out of closed-door meetings looking visibly shaken.
If your company is publicly traded, everyone would look at how the stock price is trading and compare it to other companies in your field. If your firm’s stock is tanking, along with the competitors in your space, that is not a good sign. Start checking online to see if any stories shed light on what is prompting the bad news and degrading circumstances.
Belt-Tightening Memos
The next red flag is when you get the memo or email about perks and benefits being cut. This is followed by an all-hands-on-deck video call, in-person meeting or individual managers leading conversations with their teams. The talk would go something like this, “I’d like to thank everyone for all their hard work and efforts. I appreciate everything you’ve done. However, I’m not happy to say, we’re in a tight financial spot. Due to the current economic climate sales, revenues and profits are down. For now, everyone is safe and there is nothing to worry about. I’m sure this will blow over soon.”
Everyone leaves the meeting shaken, thinking of the worst-case scenario. Some have immediately updated their résumés, LinkedIn profiles and put out feelers to recruiters.
Shortly after the initial managing expectations conversations, it starts getting real. You notice that a person or two from your division were called into human resources. The next day their office and cubicles were bare and they were gone.
You hope that was it and you’ve been saved. You might tell yourself that the folks who were let go were not the best workers and you’re much better.
The Cold Shoulder
The boss always had a friendly rapport with you. You shared a passion for sports and music and often discussed the most recent sporting event or a concert that one of the two of you recently attended. Throughout the day, they’d pop into your office or have a quick conversation in the hallway.
Now, it’s different. There is no friendly chitchat. It feels that your boss is purposefully avoiding you. They avert their gaze when you walk by. Your greetings go unanswered.
One of the reasons for the cold shoulder is that you may be targeted for a layoff. Human nature is such that a person wouldn’t want to buddy up one day only to fire you later on in the week. It’s easy to cut ties cleanly and avoid any interactions. The supervisor was likely told not to mention possible layoffs to their staff to avoid uncomfortable conversations and a mass exodus of the best and brightest talent.
The Manager Asks For A Meeting
You get a call, text, Zoom invite or email from human resources or the managers saying, “Hi, can we talk?” Just like when that happens in a relationship, it’s the same in the business world—nothing good usually comes from “the talk.”
The first conversation might consist of them saying that you’re great and wonderful, but lately, your production has been lacking and they’ve noticed some mistakes. This could be true, but it’s more likely that the stage is being set for a layoff. Companies like a paper trail to document that there is a reason why someone was fired and it wasn’t because of their race, age, gender or ethnicity.
You notice that the workload is getting less every day. You’ve also been tasked to start showing and training Bob on the projects you’ve been working on for the last few months. Invitations to meetings, emails from the boss, companywide events, catch-up departmental video calls and group activities have abruptly ceased.
Living In Fear
You’re somewhat relieved that you weren’t escorted out of the building by two burly security guards, forced to quickly pack up your office and carry your plants and belongings in a cardboard box. The fear of being the next one to get a pink slip is foreboding.
Once, you were the golden one. Your co-workers teased you that you were the teacher’s pet. Now, when your boss is not avoiding you, all your work is being criticized. It’s all done via emails and the higher-ups are copied.
It’s not just you. In hushed tones, people throughout the company are comparing similar interactions and stories of what they’re hearing about the company’s situation and possible firings and furloughs.
It’s Time You Face Facts
Intellectually, you knew this was coming, but you were hoping it wouldn’t happen. Meetings you were once invited to aren’t on the calendar. You’re not asked to join Zoom calls. Requests for help with your home setup have been unanswered. In that one rare online meeting, you were asked to join, the managers treated you like a ghost, completely ignoring you. They didn’t ask for your opinions or thoughts. It’s only a matter of time until you get that call from human resources that asks you for a quick chat. Then, it’s over.
Always Be Prepared
You never know when things can go wrong. The U.S. economy constantly lurches from booms to busts. There are times when hiring is blazingly hot and periods when there are not too many jobs available.
It’s a smart strategy to be proactive. Even during the best of times, keep in touch with your network and nurture it. It’s a numbers game. The more people that you are allied with, the greater the amount of help you’ll get with job leads and introductions to people at the companies you want to work with. Make sure your LinkedIn profile is current and clearly sets forth what your responsibilities are so human resources, hiring personnel and recruiters can find you.
Develop relationships with a select group of recruiters who will always keep an eye open for opportunities that are a fit for you. Continually upskill yourself so you won’t be left behind in the new digital tech era.
While you may be happy at work, always be open to accepting an interview request. When you are comfortable and confident in your role, you’ll perform better in the interview compared to when you’ve lost your job and are stressed out.
Source: Forbes
