Layoff data is constantly fluctuating.
Lately, this fluctuation has been trending heavily on the negative side.
In the first half of 2024 alone, more than one-fifty thousand people have been affected in tech companies.
One such example is the search engine giant Google.
After downsizing 12000 employees (around 6 percent then) of their workforce in 2023, in May 2024, the Alphabet, Inc. subsidiary laid off around 200 employees who were part of the “core team”.
Along with tech, other sectors too have been hit by this “layoff wave”.
In today’s blog post, we’ll take the case of Google. The reason behind their recent layoffs, the company’s strategies following this decision, and what lessons you can learn amidst the current job market scenario.
Why Google Made this Layoff?
Google CEO Sundar Pichai shared his statement when asked in a meeting held in May 2024.
He said that addressing new demands was possible earlier by increasing the headcount which is not the current case with the ongoing economic conditions.
Further, he assured that the staff reduction number will be much lesser in the second half of the year.
Earlier, in an open mail released by Google, the 51-year-old Silicon Valley titan addressed the affected employees in 2022-23.
Where he mentioned that fired employees would receive comprehensive support, including full pay during 60-day notice period, severance package, bonuses, GSUs, and 6-month healthcare, job placement, and immigration support.
6 Lessons to Learn to be Agile in this Unpredictable Market
Be a Constant Learner
When the Industrial Revolution came into existence in the 18th century, it led to a massive job displacement as manual labor was replaced by machines in factories.
Machines were able to produce goods at a faster pace with hardly any errors. This high production led to price reduction while affecting the workers’ lives directly involved in the production process.
But, do you know how the people in the Industrial Revolution evolved?
Although, this evolution was significantly challenging
Similarly, we are living in the era of the AI revolution, where artificial intelligence is rapidly automating tasks across various industries.
They migrated from rural areas to urban centers in search of work and accustomed themselves to the factory-based lifestyle.
Financial Planning
Layoffs are unexpected. With the current global economy becoming highly volatile, an emergency fund turns out to be a “last-minute financial cushion” amidst adversity.
Here are some tips to create an impeccable financial plan.
The first task is assessing your financial situation. Begin by calculating your expenses, both monthly and annually. Next, assess your current income.
Now, make a list of your assets (like savings, investments, property) and debts (loans, credit cards).
Create a realistic budget based on the expenses. Remember to prioritize debts, cutting out non-essentials, and aim to save at least 3-6 months’ living costs.
Further, regularly review your budget after setting savings goals and make adjustments as needed.
The Power of Networking
Your network is your net worth.
This statement coined by the renowned thought leader and business strategist, Tim Sanders, serves as a piece of timeless advice to thrive in this competitive world.
With networking, it’s not about associating with as many people as possible. It’s about creating meaningful connections.
Benefits of Networking
There are a lot of positions that are not advertised publicly but are filled through referrals. Having a strong network lets you untap these hidden markets.
Building strong relationships in your current workplace helps in career advancement. Networking and interactions help showcase your abilities to senior management.
Networking connects you with mentors and experienced professionals who can offer career guidance, valuable advice, and support.
When seeking a solution to problems like technical issues, project challenges, and other obstacles, a network lets you tap into collective knowledge and accelerate problem-solving.
Multiple Income Streams
The present economic situation characterized by frequent layoffs has underscored the importance of diversifying income sources. Let’s understand why:
If one income is disrupted, having multiple income streams acts as a safety net and ensures financial security.
When you know there’s an additional income, the level of anxiety and stress remains low during uncertain times.
Diversifying income helps attain more freedom in career and quality-of-life choices.
If you're passionate about a particular industry but concerned about job security, additional income streams can protect you from financial setbacks.
And, accumulating wealth is easier when you combine earnings from multiple sources.
Building Resilience
Well, motivation is not only for top athletes.
Any individual who faces rejection, setback, or exposure to a challenging environment in any field needs a mindset that not only survives but thrives!
In this agile and high-demanding work environment, layoffs can be emotionally draining. And, resilience helps individuals cope with stress, anxiety, and uncertainty.
Learn how you can develop resilience can help you excel in a layoff terrain (or your current job)
Better equipped to handle work-related pressures.
Tackling challenges becomes effective.
Higher job satisfaction.
Better efficiency and output.
Improved collaboration and clearer thinking under pressure.
Balancing Work & Life
Working hard at your job is good. It means you are making meaningful contributions to the company’s success and also achieving personal growth.
But committing to your work only pays off well when you maintain the line and do not over-commit to it.
Here, the message is not avoiding workload.
It’s about making a balance. By prioritizing work as well as your physical well-being, you can avoid burnout, anxiety, and depression.
It’s always ideal to emphasize breaking down big tasks into smaller, manageable steps, taking short breaks, having sufficient sleep, building support, finding balance by engaging in activities you enjoy outside work and spending time with close ones.
In the End
Job security is a myth. You read that right!
There’s no such thing as job security. The only thing that you can count on as “secure” is your skills, temperament, and adaptability to change.
And due to globalization, job competition will continue to remain high.
Because when layoffs happen, it takes away the sense of stability, emphasizing the fact that employment is not guaranteed, regardless of company size, performance, or tenure.
It’s all about realizing that you are not your job. In these volatile market conditions, you are the “value” that you can provide.
Comments