In the current mining economic climate, there are few individuals that are unfamiliar with the meaning of the word “layoff”. The down turn in mining has had a major effect on the labour market in many regions, and it appears that we are not out of the woods yet when it comes to layoffs. Companies are still unfortunately cutting staffs and budgets. Barely a day passes by without hearing of some retrenchment or downsizing.
The majority of job losses in recent years in the mining industry have nothing to do with job performance and everything to do with companies being in a position where they have their backs against the wall and have no option but to get rid of staff and reduce costs in order to survive.
Typically an employer will lay off employees in cases where the company is experiencing financial hardship. There are also other factors that will result in companies laying off their employees, one being where the employee’s job becomes redundant through a restricting process, or where the employer wants to reduce costs and increase profitability and productivity.
The reality is that any process of lay-offs produces a profound emotional impact on the workforce. Even for those who are not laid off, just the threat of losing one’s job can cause tremendous anxiety. The threat of layoffs affects everyone in the workplace, not only the person who is being laid off, but the remaining staff in the workplace and the management involved. Obviously the person most affected is the person who is being let go, but for those left behind it can be terrifying and very unsettling as well, as they find their security being seriously shaken. Employers realize that if it can happen to somebody else, it can also happen to them and this makes them feel very vulnerable and insecure.
For young professionals just starting off in their careers and in their first job being faced with being laid off can be particularly challenging. For those who are laid off, there are steps they can take to lessen the impact. Firstly and most importantly they need to realize that losing their job is not something they should feel ashamed about. Secondly there are ways that you can prepare yourself and to protect yourself. It’s all about trying to make the best of a bad situation. The reality is that retrenchment is going to affect your bank account and your life style no matter what but with the right reactions you can try to lessen the impact.
Online Colleges have some useful advice for young professionals faced with being laid off, from information on finding out what severance packages are offered by the company, to understanding where you stand with health benefits, to what happens with your pension, and getting compensated for unused vacation or sick leave.
They also have suggestions on a number of other steps that you can take to lessen the blow, such as filing for unemployment benefits if you are based in the United Sates amongst numerous other tips that will help you through what can be a very hard time. Always remember that if you do what you can today, tomorrow has a way of taking care of itself. So for more advice on how to survive a layoff read the article at Online Colleges.