• About
  • Contact
  • Testimonials
  • Newsletter
  • More
    • Demographics & Advertising Rates
    • Terms & Conditions
Thursday, March 23, 2023
No Result
View All Result
California Business Journal
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness
California Business Journal
Layoffs news headline

Layoffs headline with other economic related news

Commentary: How To Be Well-Prepared for a Layoff 

Look at the 2001 and 2008 layoff experiences then add in a few unique-to-2020 actions to prepare for this economic recession.

by Lisa Rangel, Special to California Business Journal
A A
Share on FacebookShare on Twitter

In today’s economic climate, even the most stable of positions can possibly be at risk. St. Louis Fed President James Bullard stated on March 22 in Bloomberg that U.S. jobless claims may soar to 30% this year due to the effects of the coronavirus on the economy.

As of April 23, U.S. jobless claims reached 26 million according to NBC News.  With those numbers looming, it’s simply prudent for everyone to be prepared for a possible layoff and no one should assume their employment status is safe.

To prepare for a potential layoff, we look in the rear view mirror of the 2001 and 2008 layoff experiences and add in a few unique-to-2020 actions to prepare for this economic recession.

(1) Assume you lost your job today. Reduce all of the expenses you can now proactively to shrink your monthly budget to as small as you can make it. This way you will be ready with a smaller budget if a layoff were to come and, until then, save the budget savings in a rainy day fund.

(2) Be prepared to ask for healthcare benefit extensions if you expect a layoff is coming. This may prove to be more valuable than severance for some people. Do the calculations ahead of time and compare to options on healthcare.gov to know what options you have and what costs are associated with maintaining benefits.

(3) Listen to the https://PretendYoureFiredToday.com (PYFT) podcast. It is 52 weeks of 10-15 minute podcast episodes on steps to take to ensure you are prepared for an unexpected layoff in the best way possible.

(4) As the PYFT podcast suggests, update your resume and LinkedIn profile while you still have access to your company’s performance data. Utilize achievement-based language to strengthen each career document so you are prepared to outshine competitors when it’s time to put the documents to use.  Here are two resources to help you begin to make your document updates: https://resumecheatsheet.com and https://linkedinprofilecheatsheet.com.

Lisa Rangel is the Founder and Managing Director of Chameleon Resumes
Lisa Rangel is the Founder and Managing Director of Chameleon Resumes

(5) Nurture and grow your virtual networks. Sign up for your own personal Zoom account and an online scheduling tool (i.e. TimeTrade, Acuity, etc.) for online networking opportunities you can do and should do now while still employed.  As many companies migrate to work-from-home arrangements, networking-from-home activities are now equally the new rage. Using these tools set up one-on-one update chats, group social hours, professional association virtual meetups, and corporate and college alumni online get-togethers.  In today’s climate, there is no easier way to build a network than taking advantage of the online conference call tools available to you. This way your network is primed if you need it.

ADVERTISEMENT

(6) Look where hiring IS happening.  In the end, yes, we will have more layoffs happen than hires. But that doesn’t mean hiring is zero.  Hiring happens in recessions, as we saw in 2001 and 2008. Explore openings for what you do or how your skills can be transferred to essential companies, companies needing temporary leaders and workers, forward-thinking companies that will build during the downturn, companies advertising hiring in the news and online, and downsizing companies. One common oversight is knowing that downsizing companies often hire in small amounts at the same time.  The downsizing in itself creates openings related to the function of the downsizing. Don’t assume hiring is dead because it is a crisis. Hiring is simply different.

(7)  Skills can be repurposed in case you are unable to work in your current industry.  Say for example, you are an IT leader in retail, could your skills be used in industries that are highly dependent on inventory management?  Or would sports companies, unable to do events during the sheltering-in-place era, be interested in merchandising IT expertise to expand sports attire business lines to keep fans connected to the brand? If you proactively look at areas hiring, evaluate how your IT skills could be leveraged into a new industry. And this can be applied to other industries as well

What we learned from 2001 and 2008 recessions are to be prepared for the worst, know these challenging times will pass, and use this time to rebuild to come out stronger during the recovery—because we will eventually recover.

Lisa Rangel is the Founder and Managing Director of Chameleon Resumes LLC (https://chameleonresumes.com/ ) the premier executive resume writing and job landing consulting firm named a Forbes Top 100 Career Website.  As a Cornell University graduate, she is also a Certified Professional Resume Writer, Job Landing Consultant & 13-year Recruiter. Lisa has been a moderator for LinkedIn’s Premium Groups since 2012.  Chameleon Resumes reviews the goals of senior-level job seekers to ensure career documents serve their goals while meeting the needs of the prospective employers. She has been featured in Fortune, Inc., CNN Business, Fast Company, Business Insider, Forbes, LinkedIn, CNBC, Time Money, BBC, Newsweek, Crain’s New York, Chicago Tribune, eFinancialCareers, CIO Magazine, Monster, US News & World Report, Good Morning America, Fox Business News, New York Post, and other reputable media outlets. Rangel has authored 16 career resources found at joblandingacademy.com.

 

 

 

Tags: advertisingAmericacertifiedChicagocollegeConsultingCoronavirusDeadeconomyexecutiveexploreGrouphealthcarelayoffsLinkedInlisa rangelLLCnetworkingNew Yorksavingsskills
ADVERTISEMENT
Lisa Rangel, Special to California Business Journal

Lisa Rangel, Special to California Business Journal

Related Posts

fired employee
Steps To Take After Getting Let Go From Your Company
advertisement
ADVERTISEMENT

CBJ Newsletter

Facebook Twitter LinkedIn Instagram LinkedIn

Advertise With CBJ

Contact Rick@CalBizJournal.com

CBJ Rates and Demographics

Job Postings

CEO Wanted


Requirements: BS/BA + 2yrs of Business Managing Experience

Mail Resume: Grand Life, Inc. 14647 Northam St. La Mirada, CA 90638.

$114,754/year

ADVERTISEMENT
1REALTOUR-SAN DIEGO-WEB DESIGN
Facebook Twitter LinkedIn LinkedIn Instagram Youtube
C B J   LOGO  SVG-01
  • About
  • Contact California Business Journal
  • Testimonials
  • Demographics & Advertising Rates
  • Terms & Conditions

Categories

  • Art & Culture
  • Business
  • California Hotel Listings
  • Daily Updates
  • Editor's Choice
  • Education
  • Featured
  • Finance
  • Food & Dining
  • Health & Fitness
  • Human Interest
  • Insurance
  • Law
  • Lawyers
  • Marketing
  • Medical
  • News
  • Newsletter
  • Opinion
  • People
  • Popular
  • Real Estate
  • Social Media
  • Technology
  • Uncategorized

CBJ Partner Firebrand Media

Laguna Beach Independent Newspaper
 Laguna Beach City Guide
 Newport Beach Independent Newspaper
Newport Beach Country Club Magazine
  Montage Magazine
 Omni Escapes Hotel Magazine
 Bespoke Concierge New York
 Evans Hotels
 Laguna Beach Magazine
 On The Menu Laguna Beach
 Newport Beach Magazine
Coastal Real Estate Guide (NB,LB, CDM)
Monarch Beach Resort Magazine
 Pacific Coast Magazine (SoCal)
Sea Island Life Magazine
Salamander Hotel & Resorts Magazine
 View our entire portfolio

 

Most Viewed

  • Gavel, scales of justice and law books

    Lawsuit Basics: How Much Does It Cost to Sue Someone?

    0 shares
    Share 0 Tweet 0
  • Investigation: Can TriumphFX Take Your Money?

    0 shares
    Share 0 Tweet 0
  • The Impact of Covid: Racing to Buy Second Citizenships

    3 shares
    Share 0 Tweet 0
  • What to Do When an Online Casino Refuses to Pay Out Your Winnings

    0 shares
    Share 0 Tweet 0
  • The Truth About Temu: Where Is It From?

    0 shares
    Share 0 Tweet 0
  • Top 5 Flavors On Elf Bar BC5000 Review

    0 shares
    Share 0 Tweet 0
  • NFL Paychecks: How Do NFL Players Get Paid?

    0 shares
    Share 0 Tweet 0
  • Temu’s New Shipping Policy Is A Smashing Hit For Shoppers All Over the Country

    0 shares
    Share 0 Tweet 0
  • Five Reasons Why The Government Does Not Like Bitcoin

    0 shares
    Share 0 Tweet 0
  • How to Start a Telecommunication Business: A Step-By-Step Guide

    0 shares
    Share 0 Tweet 0

Latest Articles

Retail App Development: Details You Need To Know To Get a Good ROI

Retail App Development: Details You Need To Know To Get a Good ROI

The Role of Marketing Firms in an Organization: Benefits and Drawbacks

The Role of Marketing Firms in an Organization: Benefits and Drawbacks

How to Prevent Indoor Air Allergies: 5 Important Tips

How to Prevent Indoor Air Allergies: 5 Important Tips

Unleashing the Secrets of Z-library: How to Discover Rare Books with Ease?

Unleashing the Secrets of Z-library: How to Discover Rare Books with Ease?

Five Ways an MBA Helps take Your Career to New Heights

Five Ways an MBA Helps take Your Career to New Heights

What Do I Need to Do to Get a Small Business Loan?

What Do I Need to Do to Get a Small Business Loan?

Cannabis Seeds: What Are the Basics?

Cannabis Seeds: What Are the Basics?

How to Decide Whether Immunotherapy for Cancer Is the Right Choice?

How to Decide Whether Immunotherapy for Cancer Is the Right Choice?

Is it Possible to Become Rich By Currency Trading?

Is it Possible to Become Rich By Currency Trading?

10 Ways to Increase a Home’s Curb Appeal for Buyers

10 Ways to Increase a Home’s Curb Appeal for Buyers

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR

No Result
View All Result
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR