Unemployment numbers have been rising throughout the year, with the economy losing more than 600,000 jobs so far. If a company is facing financial trouble that mandates cutting overhead costs, we're all left wondering, will it be my head or hers? Maintaining a live document with your job history is a good idea no matter the state of the economy, but now more than ever before in your professional lives it may pay off to be prepared. There are certain factors that play into an employer's decision to hand a pink slip to one employee over another — find out what they are when you read more.
CNN Money asked several recruiting experts for insight about the factors that contribute to deciding which employees are the first to be laid off. Here are some of their remarks:
- Job performance: Last hired, first fired, is an old way of thinking. Management focuses on keeping their best talent — those who are productive and consistently produce quality work. Instead of resting on tenure, every employee's goal should be to make themselves as valuable as possible to her employer.
- Salary: Higher paid employees are more at risk and will have to work hard to prove they are worth the money.
- Business need: When money is tight, companies may cut entire departments if they are not cost effective and aren't essential to business operations.
Are you worried about losing your job?