Avoiding layoffs: These measures are essential when joining a company.
In the first three weeks of 2023, nearly 2,100 employees were let go by 14 businesses in India, according to statistics gathered by Moneycontrol. As more businesses turn to layoffs to keep afloat during a financial winter, the number of layoffs during this period has surpassed the three-week average of 1,060 from last year.
As a result of recent layoffs at businesses like Google, Microsoft, and Amazon, thousands of Indian IT experts in the US are also struggling to find new positions within the time limits outlined in their work visas. Although employees may find it challenging to predict layoffs in their workplaces, HR and career experts believe there are a few warning signs that workers, particularly new hires, can look out for before the ship capsizes.
Examine the project in which you are involved.
The role and project the applicant will work on are the first and most important things to investigate before joining a company. “Most startups and MNCs may hire for a position or project in its infancy. The technology or the job itself will be changing for them, according to career coach Senthil Kumar Venugopal, who spoke to Moneycontrol.
Since the company is new to the domain, they would prefer to hire those with that knowledge. Venugopal advises looking at three things: You would be in charge of this endeavour. This might appear elegant and alluring. It will begin and conclude with you, which is the trap.
Second, start from scratch when assembling the team. Although the company could make you feel like a leader, hiring only sometimes happens. You will be required to oversee the current crew, who you must regularly instruct on this topic.
Thirdly, the company will announce that it intends to grow its business using this technology. Because of the novelty of this idea, the company may state it wants to test it out with current clients or in response to market developments they have heard about.
Venugopal advised, “Join only if an established company and team members have worked on this project for more than two years. When there is a based company, there are complications. People were always going to be a part of any organization.
Different checks are done for MNCs and startups.
HR professionals advised researching the sector before exploring the business. High-risk industries at the moment include those that are consumer-facing (FMCG, direct selling), financial services (Banks, PE, etc.), discretionary income-based (travel and luxury), and B2B businesses, according to Amit Sharma, an HR leader in a multinational IT company (tech, consulting etc.)
Additionally, he added, “there are dependable, recession-proof companies that provide for requirements like pharma, communications, defence, etc. Researching the organization’s initial responses to challenging external conditions, history of layoffs, and what current and former employees are saying about the company, HR experts advised, are all options.
Sharma suggested reading annual reports and investor evaluations for MNCs. “Pay attention to sections like business risks, attrition, and leadership changes. Look for trends that indicate stability in R&D spending, employee learning investment expenditures, etc.
Here, keeping note of prior layoff information, typical bonus payouts, and increment percentages over the previous year is also essential. “It’s a warning sign if a corporation hasn’t paid bonuses or has offered modest increments,” Sharma added. He advised entrepreneurs to examine their financial plans, business plans, dependence on other platforms like Amazon or Apple, and any legal gaps.
Second, assess the expansion of the workforce. “The ideal scenario is consistent annual workforce growth. Red signs include either zero development or excessive change. Thirdly, applicants should look into how challenging the salary negotiation was. Ask all the IT guys who received triple-digit increases; he added, “if you asked for a 100 per cent increment and they agreed to it at the drop of a hat!”
Different checks for freshers and experienced
People can join an organization in one of two ways: either as freshmen through university placements or as working adults seeking a job, a career shift, or professional advancement.
R P Yadav, the CMD of the HR consulting business Genius Consultants, advises freshmen to constantly research a company’s history of employing new employees. Do they typically fire new hires within the first year or not? This is something they should investigate.
Wipro, a large IT company, fired 452 freshmen to whom it had extended offers but had not yet accepted. The corporation stated that the freshmen were permitted to go because they “repeatedly scored poorly in exams even after instruction.”
Professional job seekers, who make up the second group of job seekers, should decide to switch careers only if it is essential, according to Yadav. Due diligence should be performed in terms of firm size, products available on the market, and market share, even if you wish to switch in the current climate.
Additionally, business ratings are now accessible on open platforms. Positive and good ratings demonstrate the organization’s professionalism and give insight into how well the facility is run and how well the expansion is doing, Yadav continued.
Analyze the motivations for retention
According to career experts, the boss, organizational culture, and growth prospects are the three main factors that contribute to professional satisfaction. According to a career counsellor and expert, Sawan Kapoor, “a boss is a person who will have the most effect and impact on your career growth. They know how to separate your human being from the failing event that transpired.”
Second, organizational culture and core values are guiding concepts that affect each employee at the company. And they would lose money to uphold it, and they might even dismiss a worker for disobeying them. Additionally, according to Kapoor, a company’s culture dictates how employees will act in various circumstances. Thirdly, he claimed that employees who understand they can advance within an organization are much more invested in their work than those who do not.
Edited by Prakriti Arora
