The ongoing recession has left almost everybody in jeopardy of losing their jobs. Following are some of the warning signs that should be kept in mind to recognize the possibility of a corporate bankruptcy or unemployment.
1.If the company starts hiring a consultant then one must be prepared that job cuts and lay offs are on the cards.
2.A bad assessment or review is also a warning bell. If your colleague is bestowed with a positive review then you might be on the hit list. You should definitely start worrying once your managers complains about the recession and layoffs.
3.If the company is experiencing low profits and the sales are also down, then it is the time to worry. Profits and pay cheque are directly proportional, hence a decrease in the profit will directly influence decrease in the pay. Thus, when a company is rendering losses, then it will surely start cutting the number of employees.
4.If your company is slashing the present salary of the employees then become sure that your organization is in deep trouble. The situation can also appear dim in case there is a pay freeze. This too means that the company is facing a precarious condition.
5.When people are being laid off and hiring has come down to minimal, then it is advisable for you to start looking for an alternative. You never know when you many be thunderstruck with the lighting of unemployment.
6.If your company on the verger of a merger then it implies that something big is happening for good or worse. Since merger puts any company in a very negotiable position, there is a chance that the employees will be sacked. This happens a lot in IT jobs.
7.When too many rumors are being circulated in the market and the company officials are sitting with their lips sealed then there is a reason to worry.
These are some of the most common warning signs that implicate that your job is in danger. However, there are certain industries like auto industry and various manufacturing industries wherein the job stability is very less. Sometimes, even when your company is making profits but the industry is wavering, then your job might be far from being safe. Keep these warning signals is mind, especially during recession to keep yourself prepared for any catastrophe.
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Recession is such a bad situation where you cannot predict when your company will go into loss and when it will start laying off jobs. No matter how efficiently you have worked in the past, if you can't prove your worth in today's context, you are bound to be laid off. So what's it that will keep your job safe? There are some reasons for which anyone gets laid off earlier than others. If you avoid those causes, chances are that you'll survive. First reason is the cost of an employee to the company. If you are costlier than what you produce, you are gone. Another reason is bad attitude towards work- if you can't stretch your limits to include more works that you can do for your company then also you will be fired. There are some other reasons too. However, there are many ways that can be adopted to prove your value to your company. To know the reasons of getting laid off and the ways to prove your worth, read How to Keep Your Job Safe during Financial Crisis
