Job cuts rise in November, forcing employees to focus on career amortization

Job cuts rise in November, forcing employees to focus on career amortization

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The rate of job cut announcements among U.S. employers in November was more than five times higher than a year ago, according to a report by Challenger, Gray & Christmas. Overall, US-based companies announced 76,835 job cuts in November, led by the technology sector. So far this year, tech companies have announced nearly 81,000 cuts.

Although the numbers seem staggering, the total number of layoffs since the start of the year is the second lowest on record, since the company began tracking layoffs in 1993. The lowest level was Last year.

“When we look at layoffs across the board, while we’ve seen a slight increase from the historic low layoffs we’ve been in for the past couple of years, we’re not seeing huge mass layoff activity,” he said. said Challenger, Gray & Christmas senior vice president Andrew Challenger.

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Employees want to be able to find a new job

As layoffs continue to make headlines, nervous employees are engaged in what is known as “career sinking.” Workers polish their CVs, boost their networks and learn new skills to prepare for new opportunities.

“There’s a bit of a game of musical chairs going on, and employees don’t want to be caught off guard when the music stops without a seat,” said Mark Royal, a senior client partner at the global consulting firm. in Korn Ferry organization. Current employees therefore want to be able to land a new job quickly.

How to deal with layoffs and deal with affected employees

Experts say part of the motivation for career sinking can also come from employees looking for a position that better aligns with their values.

“I suspect it’s coming from people who don’t feel a sense of belonging at work and who don’t find purpose in the work they do,” said Julie Kratz, founder and CEO of Next Pivot Point, an organization leadership training that works with businesses to promote diversity, equity and inclusion.

So employees are “sort of playing around in their jobs waiting for something better to come along and actively looking for it,” she said.

To calm employees, “be clear” on redundancy plans

Similar to the trend around “silent quitting,” career amortization can also come at the expense of productivity. To keep employees focused, experts say companies should be as transparent as possible.

“In the absence of information, people fill up with fear,” Kratz said. “So if you’ve had layoffs, [be] make it clear how much you expect this, or not, just to quell those fears, especially as the holiday season approaches in order to retain your talent.

Business leaders must take steps to ensure that the remaining employees will be part of a winning strategy. “Leaders can take steps to try to build confidence that the business is taking the right steps to deal effectively with the challenges ahead and create a promising outlook for the organization as a whole,” Royal said.

Managers also need to recognize the degree of uncertainty with their direct reports and find ways for remaining employees to benefit from reorganization.

“While we don’t have an epidemic of silent quits and we don’t have an epidemic of career amortization, leaders or managers are wise to take the signal seriously and consider ways to combat any disengagement focusing on basic engagement, potential elements and how they apply in the current context,” Royal added.

For workers who may be committed to a depreciated career, remember that the best option may be to secure the job you have.

“While you’re working on Plan B, remember to work on Plan A and work to build your value,” Royal said. He suggests employees tackle priority projects that demonstrate their unique value and make them hard to replace.

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