Looming layoff? No fear!

Good afternoon everyone,

The Twitter saga is moving so quickly, I can barely keep up. In a matter of weeks since Elon Musk purchased the social media platform, he has:

• Issued an ultimatum to take long hours or quit
• Warned that the company could go bankrupt
• Banned impersonators
• Fired loads of people, and then…
• …tried to hire some back
• Tried to introduce a second “tick” after introducing a S$8/month fee

And to be honest I’m not entirely sure that’s all of the news. But among all these updates, the biggest and most immediately impactful must be the layoffs, which some reports placed at over half of Twitter’s global headcount.

But of course Musk is hardly the only one who has been shedding staff. Fellow tech giants Meta, Tencent, Amazon and others have all been laying off thousands of people or putting in place hiring freezes.

If you’re worried about keeping your job amidst all this gloomy news, stay strong – you’re not alone, and definitely not wrong to be concerned, especially with a looming recession and rising prices.

So don’t fret! In today’s issue, we’ll be exploring 5 things to prep for a looming layoff.

5 things you can do to prepare for the worst

1. Business as usual

There’s no need to put up a front, but make sure you continue to put out your best work. If the worst comes to bear and you are let go, your old bosses can become valuable referees as you look for a landing spot. If the layoffs never come, you would have demonstrated that you can help with pressing priorities as a team player who’s willing to learn.

2. Get your finances in order

If you do unfortunately get laid off, the immediate impact would be on your source of stable income. This can be very stressful, especially if you have to look for a new job at the same time. It would help if you had already set aside some money and topped up your emergency funds or savings account to prepare for the rainy day. Even beyond layoffs, this is in general just a good idea – we’ll go into more detail about savings in a future Thrive newsletter issue.

3. Update your resume

Speaking of looking for a new job, update your resume. NOW. Right now, you still have access to data and files that you may lose overnight if you do get laid off. If you think you don’t have the time (you do) or you don’t have a resume yet, break down the work and jot down notes and figures when they come to you, and download the files you need for reference when you do sit down to craft your resume.

4. Start looking

Don’t wait to get fired before you look for the job. Start going on LinkedIn, MyCareersFuture and other job portals to take a look at what’s available. Reconnect with acquaintances and friends, check discreetly with them on what they may have heard. Reach out to hiring managers, if that’s at all possible – and respond to any cold-call recruiter messages in your inbox. Even if you do end up staying at your current job, knowing what’s out there – and what you might be worth in the market – is never a bad idea.

5. Deep breaths

It isn’t stupid to take breaks. In fact, it is precisely during tough times that it’s good to take a step back, relax and unwind. Ultimately only certain things are in your control, and it’s no use overly fretting about things that are not. Being able to practice self-care also builds up your mental resilience in the long term. What you feel will also seep into how you present yourself at work (or to potential employers)