Layoffs have been a major source of fear and insecurity for many workers in the tech industry, particularly those in the most vulnerable sectors. With the looming possibility of a global recession in 2023, it is necessary to be prepared in case of a layoff. The impact of layoffs on employees’ mental health, emotional well-being and career development can be long-lasting, so it is important to know what to do if you think layoffs may be coming.
Firstly, it is important to understand the value you bring to the organization and do research on your industry. This is especially important if you are considering negotiating for a raise or other benefits. It is also beneficial to be proactive and take on extra work or show your willingness to help out if you think your organization is at risk.
In some cases, employers might offer severance pay. This is usually a lump sum payment based on the employee’s length of service and salary. It is important to note that not all employees are entitled to receive severance pay, as it is often determined by the terms of the employment contract, company policy, or applicable law.
In addition to understanding the value of your work, it is important to also have a plan in place should a layoff occur. This includes researching your health insurance options and exploring the severance policy of your company. You should also check if any life insurance through your organization is portable, so that you can take it with you if you leave.
Layoffs can be a stressful and daunting experience, especially if you are not prepared. However, doing research and understanding the value of your work can help you be better equipped to face this situation. It is important to have a plan in place and to understand the resources available to you should a layoff occur.
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