How to prepare for the worst as global giants cut jobs

Amazon starts the largest job cuts in its history. Microsoft plans to reduce its workforce by 5 percent. Salesforce said it would cut a tenth of its workforce. And it’s not just the global tech giants looking to tighten their belts.

The pandemic-era hiring rush in high-wage industries is over. As a result, companies are looking to cut costs – and staff – in anticipation of a downturn.

“We’re seeing the pendulum swing,” said Jacob Zabkowicz, vice president and general manager at recruiter Korn Ferry. “The balance of power is shifting back to the employer.”

Some of the big multinationals have started downsizing, worrying workers they may be next.

Some of the big multinationals have started downsizing, worrying workers they may be next.

Here’s what the experts say you should do when you’re stuck at a company facing layoffs, bonuses falling, or anxiety rising:

Go ahead and do it: ask your boss to fire you.

One of the most troubling layoff trends in recent months has been the tendency for some companies to miscommunicate with employees about who is losing their job and when. Some employees found out about their termination through social media or because they lost access to internal systems like Slack.

In a context where there is a lot of confusion and the rumor mill is rampant, career experts say that asking your boss about your job status can be helpful, as long as you do it constructively and in a positive manner.

“It’s perfectly appropriate to go up to your boss and just say, ‘Hey, I’d like to talk about my career development here. I have some ideas on how I want to grow and I’d love to hear your feedback,'” said Michael Urtuzuástegui Melcher, executive coach in New York and author of the forthcoming book. Your invisible network.

Melcher notes that when looking for jobs, companies often look for underperformers. Given that harsh truth, it’s important that employees facing potential layoffs aren’t overly high-maintenance, don’t put goals on their backs, and express a desire to stay with the company, he said. A career development conversation reveals both your intent to stay and insights into the status of your job.

https://www.smh.com.au/business/workplace/how-to-prepare-for-the-worst-as-global-giants-cut-jobs-20230119-p5cdpr.html?ref=rss&utm_medium=rss&utm_source=rss_business How to prepare for the worst as global giants cut jobs

Brian Lowry

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