During an economic downturn, companies often need to layoffs Fiserv workers in order to reduce costs. This can be a challenging and stressful situation for employees.
Having adequate planning and communication can make the process less stressful for all parties involved. Specifically, it can help employees understand their options and how to find employment.
Reasons for Layoffs Fiserv
As the economy continues to struggle, many companies are beginning to cut their workforces in response. These cuts, commonly known as layoffs, can be difficult for both individuals and businesses.
There are a number of reasons why companies may choose to cut their workforces, including changes in the market, economic uncertainty, and a desire to reduce costs. Regardless of the reason, it’s important to remember that layoffs don’t happen to just anyone.
The world’s largest payments processor, Fiserv, has been laying off workers in recent months as the company struggles to keep up with a deteriorating economic climate. This week, Fiserv reported that third-quarter severance costs had climbed 46% to $35 million as the company cut jobs at its technology services unit.
While severance packages and other benefits are available for laid-off employees, they are not guaranteed. If you have a severance agreement or you’re eligible for unemployment benefits, it’s best to seek professional advice.
Employees affected by a layoff often feel lost and confused about what to do next. Managing your emotions is one of the most crucial things you can do when you are facing this type of situation.
It is also a good idea to try and focus less on the “why” and more on what you are going to do now. This is a great time to get into the job search process and start looking for something new that you really enjoy doing.
Getting laid off doesn’t reflect well on your job search like being fired does, so you should do your best to not take it personally and continue to look for a job that you love.
A layoff can also be an ideal opportunity to pursue a side hustle that you have always wanted to try out. Once you’ve taken that leap of faith, you can begin to turn your career around and take the next step in your professional life.
If you’re planning to take a side hustle full-time, it’s a good idea to alert your current employer and any professional contacts that might be affected by the layoff. This will help them make a plan for your continued success while helping you avoid potential legal issues later on.
Managing Your Emotions
Layoffs often come with a mix of emotions that can have a devastating impact on your mental health. Loss of income, status, daily structure, social support, and self-esteem are just a few factors that can make it hard to manage your feelings.
Those who are getting laid off can experience a variety of emotions, including grief, anger, denial, bargaining, depression, and acceptance. Managing your emotions can help you get through this difficult time and move forward with a clearer head.
Avoiding your emotions can be detrimental and lead to unnecessary stress, says Noam Shpancer, professor of psychology at Otterbein University in Ohio. Instead, embrace your emotions and use them to fuel your goals.
If you’re a manager, it’s important to understand that your employees are experiencing the same emotions as you are. This is why it’s crucial to show empathy and compassion while communicating with your employees about layoffs.
It’s also helpful to let your team know that you’re taking this situation seriously and will be there to provide emotional support. Be open and honest about the reasons for the layoffs and how they will be handled. Layoffs Fiserv
A layoff can leave your team feeling unsure of their future, which can affect morale and productivity. In addition, it can cause survivor’s guilt for those who are staying. Layoffs Fiserv
Managing your emotions can be a challenge, so it’s important to seek help from a mental health professional when you need it. A counselor can help you work through the emotions you’re experiencing and learn new coping strategies. Layoffs Fiserv
In addition, a psychologist can give you feedback on how to handle your job search. These professionals can give you insight into what employers are looking for and how to present yourself in a way that will attract attention from the right people. Layoffs Fiserv
The sooner you can start your job search, the better. The longer you delay, the harder it will be to find a position. It’s crucial to find a role that will offer you the opportunities and challenges you need to thrive in your career. Layoffs Fiserv
Managing your emotions can be challenging for all involved, but it’s essential for your mental health and the success of your career. Take the time to talk with a therapist, coach, or other experts about your feelings and how you can cope with this life-changing event. Layoffs Fiserv
Managing Your Job Search
Managing your job search can be an intimidating task, especially when you’re experiencing a major life change. But taking control of your job hunt can help you make the most of this time of transition and get you back on track. Layoffs Fiserv
One way to get started is by assessing your priorities, says Taaffe. Take a look at what matters to you most, from your commute and salary to the opportunity to develop new skills. This exercise can help you decide where your next job should focus and what features it should have, she says. Layoffs Fiserv
Then, create a resume and cover letter that communicates these values. You can also have a friend or mentor read it and provide feedback, Green advises. Layoffs Fiserv
You may feel like you should start applying immediately after you hear news of a layoff, but it’s better to take your time and let yourself feel what’s happening. And it’s also a good idea to take advantage of any outplacement services you might be offered as part of your severance package. Layoffs Fiserv
It’s important to stay positive and focused throughout your job search after a layoff, as this will help you keep your spirits up. A positive attitude can help you find your next role quicker and get you back on your feet sooner than if you’re feeling depressed or angry. Layoffs Fiserv
Another thing to remember is that being laid off isn’t your fault. Often, the reason for your layoff is because of internal company restructuring and downsizing. Explaining this to your future employers will help you avoid negative repercussions later in your career. Layoffs Fiserv
If you do end up being laid off, try to negotiate the best possible severance package. This includes things like severance pay (one or two weeks per year of employment), bonuses, unused vacation and personal days, sick leave, retirement benefits, and other compensation. Layoffs Fiserv
Keeping in mind that you are going through an extremely difficult time, it’s important to get your emotions under control and to take care of yourself, she adds. Having a supportive network around you will go a long way in helping you through this transition and ensuring that your next job is a positive one.
Managing Your Relocation
When it comes to employee relocation, you don’t have to be in the business of human resources to have some say in how you handle this rite of passage. Having a solid plan in place and the resources to execute it will go a long way in your efforts to get the best results possible. In the words of an old pro, “the last thing you want to do is have employees who leave to tuck their tails under their desks.”
The more informed and empowered your employees are, the better off they’ll be. To make this happen, you’ll need a well-thought-out plan that’s implemented by top-notch HR personnel with the right training and tools. The end result should be happy, productive employees who are more likely to recommend your company to others and tell their friends about the good ol’ time they had at your company. Layoffs Fiserv
