Layoffs impact not just individuals but an entire family
The experience of being laid off can be jarring, both at the time and in the days and months that follow. There may develop feelings of failure or shame. In addition, losing your job might have an effect on your family, friends, and social networks.
According to Challenger, Gray & Christmas Inc., a consulting firm that keeps track of job cuts announcements and confirmations by companies across telecom, hardware manufacturing, electronics, and software development, the tech industry shed 9,587 jobs in October, the highest monthly total since November 2020.
Tech giants, including Meta, Google, Amazon, Apple, Cisco, HP, Intel, and many others, are restructuring and shedding off their employees. However, the point is that these layoffs are impacting individuals and creating a mess for their entire families.
It impacts
Organizations have viewed layoffs as a tool for improving economic results. It could appear to be a positive action for organizational success based on these economic considerations. Businesses naturally have a tendency to cut their workforce to save money, especially when the wider economy is experiencing a recession.
The experience of being laid off can be jarring, both at the time and in the days and months that follow. There may develop feelings of failure or shame. In addition, losing your job might have an effect on your family, friends, and social networks.
Firstly, according to several studies, anxiety, depression, and a decrease in life satisfaction are all related to unemployment. Even after finding new employment, memories could persist. Secondly, today’s society has more nuclear families than ever, with both husband and wife working and maintaining balance to keep the house going. However, the situation turns negative when the entire burden falls on a single person.
Thirdly, the upheaval of relationships and daily life brings stress and uncertainty. It might be harder for older professionals with more dependents to feel hopeful. Additionally, this may make those who currently have anxiety or any other mental health condition worse.
Fourthly, the hardest affected are those in their 30s with diminishing savings and increasing liabilities. They have to pay EMIs, tuition, and other expenses. The effects of the job loss ripple throughout the family, particularly the kids, who experience intense worry, uncertainty, guilt, desperation, and frustration.
Layoffs impact people in their late 40s or 50s very badly. Their immediate financial situation is affected, as well as their retirement plans and children’s higher education. In addition, they are left with almost no chance of finding new employment, given the state of the economy and hiring patterns.
Prepare yourself
If your unemployment check isn’t enough to cover your expenses—and many of us can’t—you might want to consider freelancing, finding a temporary job, or securing some side work to supplement your income.
Refocus your efforts and make use of this unexpected window of time to review your career objectives, get back on track, and look for a new job. Many job searchers have made a positive experience out of being fired.
Finally, one can consider a few things in advance, such as where to look for jobs, the best job sites, how to use your contacts, how to ace the interview, and how to follow up.
