5 Key Warning Signs That You Need To Update Your CV Now
The outlook for top tech companies across the UK is, at the moment, very uncertain. Not a day goes by when we don’t hear reports of projects being stalled, hiring freezes being put into place, or worse still another employee posting on LinkedIn that they have been laid off and are #opentowork.
While talk of an economic downturn has been imminent since the Covid-19 pandemic began in 2020, the reality of mass job losses is only being realised in recent months.
According to layoffs.fyi, more than 150,000 workers have been laid off in the first quarter of 2023 worldwide. In the UK, 15,000 jobs have been lost in the retail sector so far in 2023, according to the Centre for Retail Research, but tech and finance redundancies are grabbing most of the column inches.
CWJobs reports that 53% of UK tech workers are pre-emptively applying for new jobs over fears of redundancies at their companies. The highest area of risk in the UK is London, where the number rose to 63%.
In banking, the takeover of Credit Suisse by UBS is expected to impact investment banking roles in London, and up to 20% of workers could be shed across other business functions.
As a result, technology and financial services sector workers across the UK are now actively preparing themselves for potential layoffs and a looming recession.
So, if you want to stay ahead of the curve and protect your career you need to act now. Here are just five of the tell-tale signs that you your job may be on the line––and that you need to update your CV.
1. Rapid cost-cutting
The majority of companies are keeping a close eye on the bottom line in 2023. However, if your organisation is taking this to the extreme and getting rid of things like free snacks in the kitchen, or wiping health and wellness benefits off the table, it could mean it is really struggling to make ends meet.
2. Things are strangely quiet
Has your workload been decreasing quite a bit recently and are you being passed over for projects you’d normally get by default? If so, this could be a red flag–– it could mean your services are no longer required by the organisation.
3. Your company was acquired
When a company is bought, it’s not always an easy transition. Credit Suisse and UBS is a case in point: with 5,000 Credit Suisse and 6,000 UBS staff based in London, rationalisation is en route. Prepare yourself for a lot of changes, which could include team restructuring, bilateral career moves, or potentially redundancies.
4. No new hires
If your company stops hiring new members of staff or replacing those that have already left then you have every right to feel concerned, especially if they expect current staff to pick up the slack.
5. Pay freezes
In order to progress in their career (and stay motivated) employees need to be incentivised. Regular pay increases should be part of every company’s retention policy. However, if this stops, it could be a sign that things are heading south.
If you do take our advice and update your CV, here are just a few great jobs that you could apply for, with lots more on the City A.M. Job Board.
Rates Change Business Analyst Project Manager, Barclays, London
As a Barclays Rates Change Business Analyst Project Manager, you’ll apply the right processes, tools, methods, and skills to manage the delivery of a project from business case through to closure, ensuring consistent focus on front to back business outcomes and target value proposition. You’ll need understanding in project management and change delivery experience as well as the ability to master and navigate new subject domains quickly. Excellent stakeholder management skills and exceptional analytical skills are also required. See all the details for this role here.
Senior End User Support Engineer, Tradeweb Markets LLC, London
To be considered for the Senior End User Support Engineer job at Tradeweb Markets LLC, you’ll need excellent troubleshooting skills across all areas of technology, including desktops, telephony, AV, collaboration, messaging, remote access and mobility. You’ll provide superior client experience and strengthen relationships across the global organisation, troubleshoot reported issues and complete assigned tasks according to SLA in ServiceNow. You’ll need seven years’ desktop support or engineering experience, a strong understanding of the requirements of supporting financial markets businesses, knowledge of principles of service management, and a strong grounding in all areas of infrastructure technology and engineering. Apply for this role now.
Product Manager – Financial Platforms, Octopus Energy, London
Octopus Energy is looking for a Product Manager to aid in the development of one of Octopus Group’s most exciting businesses. The company is building a whole new way for drivers to join the electric revolution, and the product team is crucial in defining and bringing to market this vision, while working hand in hand with teams across the company to deliver it in record time. If this sounds like the job for you, you’ll need practical knowledge of software development, UX and UI, cross-functional requirement gathering and managing backlogs. Previous experience in product management (preferably within a fintech environment) from inception to market launch and ongoing iteration would be a benefit. See the full particulars for this job here.
Apply for all of these jobs and many more on the City A.M. Job Board today