Were you laid off or fired from work? There are some other terms that we use that can seem right at the moment but it isn’t.
Layoff is usually a permanent and sudden termination of one’s work contract due to circumstantial hits taken by the business. An employee is not laid off due to irregularities in work done and productivity. Layoff is usually in numbers as companies and businesses are looking to re-strategize and reposition themselves in an ever-changing economy.
The main aim of layoffs is to reduce the workforce. Several “sweet” terms can be used to coat the word, layoff. Employers call it downsizing, smart sizing, right-sizing, etc. One should not mistake layoff for mutual termination (there is nothing mutual about it). Layoffs usually erupt feelings of sadness, anger, disappointment, and depression. It is truly a wrecking ball.
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Why do companies lay off employees?
There are several reasons why a company or firm would resort to layoff. Some include economic recession, employee redundancy, unmatched financial projections, merger, and buyouts, technological advancements, outsourcing employees, etc. Decisions resulting in redundancy are made for the progress of the business. Sadly, the progress of the business would result in the downsizing of “not-so” integral employees.
What is the difference between layoff, fired, and furlough, though? They all have the same end which is, losing your job. The difference is in the how.
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Difference between Lay off, Fired, and Furlough
Being fired means your contract with your job is terminated. Unlike, being laid off where the fault is on your company’s part, getting fired comes from issues resulting from irregularities in your job. Some of us might get too comfortable in our careers or keep using old methods to solve new issues. The world is continually progressing and it is pertinent we stay relevant in our respective fields.
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Due to the nature surrounding getting fired, it is important to understand the reason. That will help you get better and also allow you to give an honest reason at your next interview (if there would be one).
The idea behind furlough, though, is selfish in my opinion. A furloughed employee is still under contract with a company but cannot perform their duties or receive pay. Different companies have different ways they go about their business.
In a world of remote jobs, though, a furloughed employee should have no issue sourcing jobs online to keep income coming in at the time.
You’ve probably understood the idea behind laid-off. An employee is laid off due to eventual changes that a company has decided to execute to drive a company in a new direction. In the reevaluation and reconception of a business’s goals, value proposition, business model, etc, the employees can either suffer a reduction in the workforce or an increase.
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Benefits of being laid off from work
But, but… I just lost my job. Well, that’s true, but we should look at the bright side. The gates closed on one end can open another. There are several advantages to being laid off:
Employment in a related company
When your company is experiencing some downsizing, that can mean the potential for a company to poach the employees of that company. It is sometimes illegal for other companies to poach an employee in another when still under contract.
However, immediately there is a termination of a contract, and these companies see the gold mine, they jump the brilliant minds released.
Employment promise
When there is downtime in a company resulting in scaling down, these companies issue promises to their employees. The aim is to keep them on their radar in the prospect of when the company gets better, although this can seem selfish on the part of the company.
It is advisable, though, for employees to keep on looking for other jobs and move on with life. It is unspecifiable how long this downsizing will go on. This can also place you in a position of power if ever your services are required again.
You could negotiate a higher contract. For that to be possible though, you have to be worth your salt.
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Compensation
There is usually a budget set apart to compensate laid-off workers. This is usually done to prevent legal action taken by those whose contracts were terminated.
Every company has different ways of going about this. Some allow you to keep your health insurance, some set you up with allied companies while some will simply compensate you monetarily.
It is tough coping with being laid off. The fact that it was unexpected and sudden can leave one in a state of confusion. The question is, how can we make the most out of this bleak situation?
How to bounce back after You have been laid off
Explore job options
There is no use crying over spilled milk. Pick yourself and explore companies that need your skill set. Wallowing in your sorrow would only make things worse. Vacant positions are waiting to be filled.
Learn a skill
In a world that is continually progressing, one cannot stay put with just one skill. You have to “up-skill” and “re-skill”. Several skills are in use today and many have lasted the test of time.
You should learn a new skill and chart a new path for yourself.
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Manage your finances
You have to keep a close watch on your expenses. At this point, there is no money flowing in anymore, only out. You must monitor the movement pending the time you get a new job.
Protect your mental health
It is possible to slip into depression after being laid off from work, which can affect your thought process and limit productivity. You can see a therapist to guide you through the whole process.
One can also find solace in a loved one to keep yourself from rolling in the deep (Thanks, Adele).
Conclusion
Read the second point on how to bounce back from being laid off from work and practice it now. It doesn’t matter if you are still under contract. It is impossible to determine times when economic meltdowns could happen or recession. Age could also be a determining factor to lay employees off.
Stay relevant and be prepared for all that can come.
