Key skills to navigate the layoff season

The global concern of a recession has resulted in the second round of layoffs in the business sector. Many talent managers were forced to make tough decisions and announce layoffs when the COVID-19 pandemic started, and businesses had to change the size and structure of their workforce.

Businesses are disrupted by global market conditions and a massive technology wave, sweeping across sectors as uncertainty looms.

For businesses to feel at ease with the change, companies should not view layoffs as a standard procedure. The way people communicate, work together and collaborate has changed because of the widespread adoption of technology across industries.

Companies experience technological breakthroughs and resort to layoffs to replace human jobs with automated ones. In 2022, more than 859 tech companies worldwide have laid off more than one lakh employees.

With the sped-up computerised change, many work jobs will not be pertinent for very long. While a few companies have multiplied their headcount to satisfy the prospering need of consistently developing purchaser interests, a majority have directed gigantic cutback drives to chop down their costs.

Additionally, startups are cash-strapped owing to the severe funding winter, which could have a significant impact on the ecosystem.

Here are a few skill practices that enable professionals to navigate layoffs effectively. Incorporating these skills into your professional repertoire will enhance your employability and resilience in the face of uncertain times.

Continuous learning and upskilling

The importance of continuous learning and upskilling cannot be overstated. Statistics reveal that professionals who actively engage in learning are more likely to remain employed during the layoff season.

A study conducted by LinkedIn shows that individuals who participate in online learning programmes are 47% more likely to be employed.

By embracing opportunities such as online courses, webinars, and certifications, you can enhance your professional profile and increase your chances of retaining your position or securing new employment.

Adaptability and flexibility

The ability to adapt and demonstrate flexibility is paramount during times of layoffs. Companies seek individuals who can easily adjust to changing circumstances and contribute effectively in evolving roles.

Research by McKinsey indicates that adaptability skills are a top priority for 30% of employers. By cultivating a growth mindset and actively embracing change, you position yourself as a valuable asset to any company, improving your odds of surviving the layoff season and seizing new opportunities.

Networking and building relationships

Maintaining a robust professional network is instrumental in navigating the layoff season. A survey conducted by Jobvite found that a staggering 85% of job placements occur through networking.

Actively engaging in industry events, conferences, and online communities allows you to forge connections with peers and industry leaders. You can establish a support system by cultivating meaningful relationships, offering assistance, and collaborating on projects, which may provide invaluable job leads, referrals, and opportunities during times of uncertainty.

Entrepreneurial mindset

During a layoff season, cultivating an entrepreneurial mindset can offer you a sense of stability and independence. According to the Global Entrepreneurship Monitor, individuals with an entrepreneurial mindset are significantly more likely to engage in business creation.

By nurturing an appetite for innovation, problem-solving, and self-motivation, you position yourself to create your opportunities. It might involve freelance work, consulting, or even starting your venture. Embracing an entrepreneurial mindset empowers you to take control of your professional trajectory, mitigating the impact of layoffs.

Conclusion

In the face of layoffs and job market uncertainty, building and refining essential skills can serve as a lifeline for professionals. By continuously learning, embracing adaptability, fostering networking relationships, and cultivating an entrepreneurial mindset, you bolster your professional resilience and maintain relevance in a volatile landscape.

The data-backed strategies outlined in this article provide a roadmap for success during the layoff season. Remember, your ability to adapt and thrive in challenging times can pave the way for future opportunities and personal growth.

Yogita Tulsiani is the MD and Co-founder of iXceed Solutions, a Global Tech-Recruiter Provider.