The past several months have been dominated by headlines of layoffs at high-profile companies, particularly in the tech industry.
The news of job layoffs in 2023 has been unsettling for many workers. The wave that started towards the end of 2022 shows no sign of slowing down. For those facing the uncertainty of job loss, it can be difficult to know how to prepare and respond. The U.S. added 517,000 jobs in January and now has the lowest unemployment rate since 1969. Despite that, there is still hope of finding a new position.
Yahoo and Disney's employees are the latest to be hit by a wave of layoffs.
Over the past few weeks, layoffs have expanded outside of tech, media, and finance as Dow and 3M announced cuts.
What Companies are Cutting Jobs?
In 2023, a number of major US companies announced job layoffs as part of cost-saving measures.
These companies include:
Many of the cuts are across multiple sectors, such as technology, retail, finance, and healthcare. It is expected that more companies may join in on the job layoffs as the year progresses.
As the effects of the pandemic continue to linger in the economy, many companies are faced with difficult decisions about their workforce and are restructuring to remain competitive.
Layoffs have mainly affected the tech sector, which is hemorrhaging employees faster than ever during the pandemic, according to the Journal. In 2022 alone, tech companies laid off more than 150,000 employees, compared to 80,000 in 2020 and 15,000 in 2021, based on layoffs data provided by Layoffs.fyi.
Unfortunately, this means more job losses for workers who depend on their paychecks for their livelihood. It is important for those impacted by job layoffs to stay informed and know their rights so they can make the best decisions for themselves and their family.
How Will the Job Cuts Impact You?
Job layoffs can be a difficult and disheartening experience. Not only do you have to worry about finding another job, but you may also be struggling with financial or emotional distress. The uncertainty of job layoffs can leave you feeling confused and scared, but there are steps you can take to prepare yourself and lessen the impact of the job cuts.
The most obvious way that job layoffs will affect you is financially. You may be without an income while searching for a new job and will need to account for that when creating a budget. You may also need to figure out how to pay any bills or expenses that come due before you can secure a new job. It is important to take a hard look at your current financial situation and identify areas where you can make cuts and save money.
Job layoffs can also have an emotional impact. Losing your job can be a difficult time, as it’s often a reflection of your own performance or the changing demands of the market. This can lead to feelings of guilt, insecurity, and sadness. Make sure to talk to someone you trust about what you’re going through and practice self-care activities such as yoga, meditation, and exercise.
Job layoffs may mean having to relocate or switch industries. If this is the case, it’s important to keep an open mind and remain flexible. Try to find the opportunities in the situation and find ways to leverage your skills in a new way.
Overall, job layoffs are an unfortunate reality of the current economic climate. Taking proactive steps to reduce their impact will help make the process smoother and less stressful.
What Should You Do If You're Laid Off?
If you've been affected by job layoffs, the first thing to do is take a deep breath and understand that it's not your fault. Layoffs are often out of anyone's control, and can be caused by anything from industry trends to corporate reorganization. It's important to remember that it's not a reflection on you as an employee, even if it may feel that way.
Once you've given yourself the chance to process your emotions, the next step is to take action. Make sure you know what kind of severance package or benefits you are entitled to, and familiarize yourself with the laws in your state regarding unemployment. Many companies will offer job search help or other support, so be sure to take advantage of any resources you may be offered.
Reach out to your network of friends and family for advice and moral support. They may have insights on how to handle job layoffs, as well as resources they can refer you to. If you feel like you need more comprehensive help, consider seeking a recruiter or career counseling.
It's time to start looking for a new job. Update your resume, refresh your online profiles, and start networking with people in your industry who can help you get noticed. We can help you! Being laid off doesn't have to mean the end of your career; by taking the right steps, you can turn the situation into a positive one and move forward with confidence.
How to Find a New Job After Being Laid Off
When it comes to finding a new job after being laid off, the first step is to take time to process the news and adjust. Once you’ve had time to process the situation, you can begin actively searching for a new job.
The best way to start your job search is to update your resume and look for opportunities that align with your skillset. You can use job search websites, contact former colleagues, join relevant professional networks, or utilize your personal connections to find openings. Knowing the resources available to you will help make the job search smoother and ensure that you don’t miss out on any opportunities.
Layoffs are brutal life-altering events. But there is evidence that many of those who’ve lost their jobs have been able to secure new ones in a relatively short period of time.
Check out the openings we have available!
You can also check out a full list of companies hiring here:
What Are the Best Ways to Prepare for Potential Job Losses?
With job layoffs on the horizon in 2023, it's important to be prepared in case you find yourself out of work. Here are some of the best ways to prepare for potential job losses:
Stay informed: Keep an eye on the news and stay abreast of job layoff announcements that could affect your industry or job position. This will give you time to plan ahead if needed.
Invest in education and training: Take the initiative to gain new skills or upgrade your existing skills so that you're better prepared for a future job opportunity.
Create a financial plan: If you know that job layoffs are coming, now is the time to create a financial plan to manage your expenses in case of a job loss. Consider creating an emergency fund and having other sources of income available.
Network: Make sure you have a network of professionals in your field who you can turn to for advice, guidance, and support during times of difficulty.
Reevaluate your priorities: Job layoffs can be an opportunity to reassess what is truly important to you and make changes to ensure that you're working towards a career path that makes you happy.
By taking proactive steps now, you can be more prepared in the event of a job loss and better positioned to take advantage of any new opportunities that may come your way.