Layoffs refer to the reduction of staff size due to slow business or initiatives to save money. Layoffs can be permanent (the complete cessation of employment) or temporary (the cutting back of employment with an understanding that the employee’s position will be restored at a specific time. If you’re an employee potentially facing such problematic situation, it’s good to know the possible drivers of job insecurity. Buyout A large and powerful company can buy out smaller companies. They could buy the majority shares (in corporations). The larger company may replace or retain the employees of the acquired company. Employees of the acquired company could be terminated if their positions are redundant. If terminated, the employees will receive 30 to 60-day notice and notice of their rights, procedures, and severance benefits. If the employees wish to be retained, they might be transferred to other departments or hold a new position. Cost-cutting due to economic downturn Wages form one of the largest operational expenses. To save overhead and operating expenditures, the company will ask employees to resign in exchange for separation packages and employment search assistance. Those employees that perform redundant roles or perform unsatisfactorily are prioritized for layoffs. Employees who aren’t easy to replace will most likely be retained in the skeletal force team. Industry decline This refers to the slow economy of a specific industry - Agriculture, Commerce, Logistics, Information Technology, Healthcare etc. Pandemic, supply and demand and technological trends can impact industries. For example, two decades ago, landline phone boots and long-distance calls abound but as soon as the smartphones and internet advances came, the commercial telcos of the 1990s came into decline in the early 2000s. Project ends Projects are temporary. They may last from months to a year or so. When projects end, the participants’ employment ends. The participating employee or consultant will receive a regular salary or benefits until the end of the project. Examples of project-based employment include: Construction project - bridges, residential apartments, and tower Research project - Geological and social surveys Web development project for 1 year - A landing page and subpage for a pharmaceutical company Relocation A company may close down its branches in a country and transfer its assets to its remaining offices in the originating country. An organization could relocate because of cost-cutting and diversion of funds to the newly focused product and services segment. The company may not relocate employees due to redundancy and savings. Staff redundancy We have already mentioned the term a couple of times above. When staff perform identical tasks for a long-term project, their output becomes redundant, hence providing little value to the company’s goals. If an organization faces a slow business or possible bankruptcy, it may slash its workforce.

Unless you are already in a perfect job, quitting is a reality. Outside your current job, you’ll find better opportunities and offers. Having an exit strategy can help you find the right track and a better outcome. Here we present ways you should do after deciding to quit. Ask for recommendation If you’re on good terms with your coworkers or superiors, you can ask them for recommendations or networks. Ask if they know someone within their network that is currently working for a company that hires your skills. You can also get a referral from a direct network. Check for employee benefits When you resign, you may receive separation benefits that could be paid in cash or check. Some employers give post-dated checks so prepare for spare cash. You can also apply for unemployment benefits offered by the government. Make sure you have plan B Plan B or fallback plan protects you from the economic fallout of not having money to pay your bills during your unemployment days. Plan B includes savings, freelance or temporary work, or a low-capital business. Make sure that you have a backup plan since this period can make you more vulnerable. Make your official resignation letter Through a formal letter, tell your company or your immediate superior that you are resigning. Use proper format and typeface when you are writing a letter. Here are the things that you should say: Thank them for the opportunity, growth, and the years of working with them. Inform them that you have already oriented or scheduled the orientation with your successor for the things that he/she should do when the handover is complete. Remove your personal information If you have been working from home, you have already used your company’s laptop or hard drive. When you quit, it’s best to remove your personal info and apps stored on that laptop before returning it.  Here are the things that you should do: Backup your password. Delete password and history in the browser. Delete quick access history. Delete the programs you installed. Settle your bills Bills such as rental, water, electricity and internet are recurring and best to be settled before you resign. You can use rental deposits to pay your last rent in case you decide to vacate your space. Other bills include cable television and streaming subscriptions. Also, you may want to retain your internet plan for sending applications. Go for vacation Quitting or resigning your job is also a period of contemplating your past and a time of relaxing from work-related stress. You can finally breathe a sigh of relief. At this time, if you have enough savings and budget then take a vacation. Nature getaway can help you relax, reduce your anxiety levels and breathe fresh air - the freshly cut grass, the musky jasmin, and the fruity scent of ylang-ylang

Most people will seek high-paying jobs, but did you know that such occupations have strings attached? Here we discuss the pros and cons of high-paying jobs of which being aware of can help you choose better jobs and career decisions.   PROS You can buy more Obviously, if you earn more, you can buy more. You gain more purchasing power than your peers who earn below the minimum wage or those folks earning less than a digit of yours. Earning twice the minimum wage or more can help you buy your desired gadgets, rent a good apartment, afford to buy a condominium or a car, avail insurance plans and elevate your lifestyle. But such goodies of a fat wallet or savings account depends on how you spend and budget. Even if you’re in the high-income club, if you’re a spendthrift, you’ll end up broke. Engage more in investments Investments are the way of making your money grow by spending it on products, stocks or properties with potential returns. You’ll have more power to join Forex trading, mutual bonds and stocks since you have a steady or stable stream of high income that serves as a surplus. Investing can help you grow your money more than keeping it in your treasure chest or low-interest rate banks. Enjoy more savings You probably know how hard it is to save if you’re maintaining monthly bills and house rent. If you earn more, you can set aside money for the next months or years without downgrading your current lifestyle. Again, this boils down to your financial skills. Get more attention or privileges Positive attention means getting more privileges when joining clubs or deals. For example, you can get more loans as per salary bracket, avail rewards and perks. For loans, most lending companies and banks set limits to borrowers depending on their capacity to repay. Shop for more gifts Of course all of us can gift someone regardless of the price tag. But one of the perks of earning a big fat paycheck is you can afford to buy gifts for more people outside your family. You can afford to give away high-end smartphones, laptops and branded clothes, help others, and make them happy. CONS Experience more stress Remember that a high paycheck always comes with big responsibility. Most of the time you have to work hard and make hard decisions everyday to earn it. Job-related stress is prevalent in high-paying jobs such as pilot, surgeon, and high-ranking corporate official.  Stress includes: Making critical decisions ​Managing tight deadlines Dealing with a perfectionist boss Pilling tasks Dealing with major company setback  Handling changes within the organization Another drawback of elevated stress is the risk of failing health. Psychological stress has its toll on the heart, stomach, blood flow and brain. When you’re earning a big paycheck, you’ll always rely on counter-stress measures such as binge eating and overspending which lead us to the next point. Spend more A drawback of stress-related work due to high paying jobs is spending more. Here you may buy more anti-stress medications, engage in expensive habits or rewards to reduce stress and comfort yourself. On top of that, an elevated stress could compromise your health which means more clinic, hospital visits and medications that can chomp on your big paycheck. Luxuries become necessities Because of your salary, you get more confidence and capability to buy things that are luxuries or wants. They become items that you can live without. Luxuries include video streaming services, a condominium from an affluent neighborhood, jewelries and monthly spa service.   Pay more taxes This is a common problem that high-income earners face. The government will tax you more for earning more. Your health declines The more stress you experience the more your health suffers. An article pointed to the relation of stress on body function and weakening of the immune system. If you have a heart problem and diabetes, stress can worsen your condition. Work-related stress caused by tight deadlines, toxic colleagues and company policies can impact your health. The ill effects of stress can negate what you can earn from your work. Expect you’ll be axed first or have your salary reduced  Earning more and having a high salary means your boss or company management is expecting more from you. Unlike your low paid colleagues, you are likely to be blamed if mistakes happen.  Since you earn more than the rest of your team, you’re always on the radar of your company’s budget reduction scheme. When the economy is bad (such as the COVID-19,  slow business and bankruptcy), the organization can decide to trim its workforce. You can be in a hot seat since it can be costly to retain employees with high salaries. Get fewer job opportunities Finding your next job can be difficult especially if your skills are very special, low in demand or your previous position is in management. Hiring personnel could reject your application due to overqualification. Unless you can settle for less salary or position than your former role, you can have a hard time finding a better job. Earn more schooling and experience High-paying jobs mean more education, degrees and hundreds to thousands of hours of training and experience. You can’t just get a nice paycheck by being content or relying on less knowledge and skills. A good salary requires: A solid experience required by the position Promotion (depends on the company structure and size) More education and training (Post-graduate degrees, Special training and certificates from recognized certification bodies)

One of both surprising and distressing news to hear is your company announcing that you and your teammates will be unemployed soon due to slow business or some other reasons that sent your business into a limbo realm. Layoffs are common during economic downturns and pandemic (COVID-19). If you’re the CEO, chairman or business owner, you can opt for these alternatives to save your business without taking the livelihood of your employees. Y ou can also reduce the negative economic impact on your workers. ESTABLISH WORK FROM HOME Keeping employees in rented office space costs more money. If your business work process can be partially or totally carried out at home, you can have your employees work from home. A remote work set-up can save you monthly expenses such as: Office space rentals - This is the highest operating expense unless you own your property. Even if you own your office, you have to deal with water, electricity and internet expenses. Water supply Electricity supply Internet connection Industries or business and jobs with operations that can be performed at home. Information Technology Programmer Web or Mobile app developer Graphic designer UI/UX designer Social media manager Content writer Video editor Healthcare Remote medical doctor for consulting Remote pharmacist for consulting Remote dietitian for consulting Finance Accountant Bookkeeper CONSIDER MERGERS AND ACQUISITIONS One way to survive and avoid bankruptcy is to sell your company to a larger company. Acquisitions refer to a company buying out another company. Mergers pertain to a company joining another company to form a new one. You can have your company merge with another one. This can help avoid mass layoffs and save jobs. CUT BACK ON EXPENDITURES Cutting back on costs involves reducing non-essential monthly expenses that can take a huge slice of your budget pie. By reducing non-essential spending, you can save your company from going bankrupt or laying off your employees. Without these things, you can still have a functioning company. Cable television Car upgrade Credit card Dining out and takeout of board members Office aesthetics and upgrade Printing Vacation travels CUT PAY/SALARY Inform your employees through memos and letters that everyone must undergo a sacrifice for companies and job security - that is, cutting salaries. Make sure that pay cuts are appropriate and sustainable. You can’t cut the salaries of those who receive less and have barely enough money to survive the cost of living. High ranking employees such as directors and managers who earn a humble salary and enjoy a nice house or fancy cars can afford to take salary cuts. Remember, true leaders take sacrifices while terrible leaders impose sacrifices on others. After giving them the news, inform them that the benefits will be reinstated when the business returns to normal. CUT BENEFITS Benefits can mean bonuses, car loans, medical insurance and vacation trips. Tell your employees through email and memos that you have to resort to cutting some benefits to save jobs, but as soon as your business return to normal, the company will reinstate the benefits.  ENCOURAGE VOLUNTARY RETIREMENT This option is good for employees nearing the age of retirement such as 50 and 55. You can offer them retirement packages such as cash and a livelihood package. FREEZE HIRING If your current staff can do all of your daily operations without quality and efficiency issues, then freeze hiring will work for you. A multi-talented employee can work wonders for you when he or she can do many things or higher-level tasks. When you assign additional workload, make sure to fairly compensate and not to overwork him/her. Remember that overworking employees is an unsustainable strategy. OFFER UNPAID DAY OR TIME OFF Save money from wage expenses by offering your employees more days off or slashed working hours. You can ask them to work 3 times a week in exchange for more off and job security. In this case, that will be a win-win scenario for both. RENEGOTIATE SUPPLIER AND VENDOR CONTACTS Sometimes you have to seek a solution outside of your company, which is to your suppliers and vendors. If have a good relationship with your suppliers and vendors, you can negotiate the contract for a better deal. Prepare your market data to back up your claim that you need to cut costs. A favorable contract can work on your odds and develop a mutual and sustainable relationship.

Industries refer to categories of companies that deal with different types of products and service businesses. It’s good to know the thriving industries during this pandemic because it can help you determine what jobs and skills you should focus on. Knowing them can help you strategize your move during job hunting. Construction Although some construction jobs have been affected, still the need for making buildings for new hospitals and vaccination sites is there. On top of that, swab tests houses and booths are needed to augment virus detection efforts. The following are the jobs in this industry. Architect ​Carpenter Civil Engineer Construction worker Foreman   Logistics Logistics is the process of managing resource acquisition, storage and transportation. So in simple terms, it’s how goods are handled from the factory, warehouse, up to the final destination (mall, store or individual buyer). Whether pandemic or not, lockdown or not, all materials need to move from one space to another. Jobs in this industry comprises the following: Computer operator Driver Forklift operator Logistics Coordinator Warehouse security staff Warehouse staff Food production Food, the basic need of humans, will always be thriving, especially companies or businesses that make or process basic products such as beverage, bread, canned food, cereals, coffee, eggs, flour, lean meat, milk, rice and vegetables. People will always need a variety of food to live. Anyone won’t live comfortably on the same food every day (canned foods or eggs) and will need different food each day. Here are some of the jobs in this industry: Food packer Machine operator Quality Control staff Warehouse staff Healthcare Our healthcare or medical care sector has a key role in surviving and fighting the COVID-19. This industry is broad as it may comprise laboratories, hospitals, pharmacies, and insurance. The demand for healthcare workers surged from the start of the pandemic. The list of jobs include: Emergency medical technician Medtech Nurse Pharmacist  Physician Radtech Information technology  This sector has a lot of jobs which can be performed at home or remotely. Most businesses use computers and programs to manage their daily operations such as storing and organizing information. Many of their creative or technical tasks can be performed at home as long as the staff has the computer, internet connection and comfortable working space. Here are the some of the jobs in this sector: Back-end/Front-end developer Content writer Data Analyst Graphic artist Technical writer Virtual assistant Utilities Day and night, whenever and wherever, everyone uses electricity, gas, internet and water. You may like it or not, you’ll always receive your utility bills every month. Unless you own a solar panel or a water treatment facility, you’ll still need utilities. Businesses use utilities to sustain their operations. Jobs in the utility companies include: Electricity Electrical Engineer Equipment Operator Field Representative Lineman Meter Technician Internet Account Manager Installer/Repairman Network Engineer Telecoms Engineer Water Plant Mechanic Utility Meter Reader Wastewater Management Engineer Water Treatment Specialist Manufacturing Manufacturing is a general term for processing raw materials and turning them into products. From the start of the pandemic, some goods and products have been rectified to make products essential to the pandemic response. For example, factories that produced liquors have shifted part of their efforts and resources to making alcohol-based sanitisers. Others that used to make garments have been urged to produce facial masks and face shields. Jobs in this category depend on the type of products and services of the company.   Admin staff  Assembler Machine operator Manufacturing technician Production planning staff Quality control inspector Security staff