As L3Harris employees face job automation and layoffs, they need to focus on one thing — building a diverse skill set and staying mentally healthy,' advises Kevin Landis, a representative of The Retirement Group at Wealth Enhancement Group. “These measures will not only help to keep the job in the present situation, but will also improve the employee’s chances of finding work in the changing job market in the future.'
'Paul Bergeron from The Retirement Group at Wealth Enhancement Group advises that L3Harris employees should focus on the development of their professional careers and networking in order to be ready for the potential changes in the industry,' adding, 'It is important to build a diverse career portfolio that can survive the changes that are likely to come with automation and layoff trends.'
In this article, we will discuss:
1. The Current State of Job Security: An analysis of the rising trend of layoffs in L3Harris companies and the impending threat of automation in the job market.
2. Emotional and Psychological Impacts: A discussion of the various psychological effects of job loss, according to experts.
3. Effective Coping Strategies: Some tips on how to deal with stress that comes with layoffs and how to stay strong during career changes.
According to Forbes, 'According to the Bureau of Labor Statistics, employers cut 90,309 jobs in March, the most in any month since 102,943 jobs were lost in January of last year.'
It is important for the L3Harris employees to know that the employers are still firing a large number of workers.
It is predicted that 20 million manufacturing jobs will be lost to automation by 2030, and 37% of Americans are concerned about being replaced by artificial intelligence. In addition, automation may put 73 million jobs in the United States at risk by 2030, which would be almost half of the current workforce. Given this fact, the L3Harris employees who are worried about their job security are not alone. About 48 percent of Americans have job loss anxiety.
In a Forbes article, Dr. Gregg Jantz, the founder of the counseling and treatment center: A Place of Hope, and the author of several best-selling books, including The Anxiety Reset Continued explained that after death, job loss is one of the most stressful events in people’s lives. 'People feel a betrayal of trust, particularly when the job loss is unexpected. It's so distressing.'
As more headlines about tech industry layoffs are making the news, it can be difficult for L3Harris employees to control their emotions. Dr. Jantz said the typical response to betrayal is rage. The feeling that the employer did not respect or value you is a sense of injustice. It makes people very angry when they feel that their employer does not appreciate their efforts. You want to get your revenge, retaliation, and revenge against those you think have wronged you.
In addition, Dr. Jantz points out that “Our country is in the midst of a mental health crisis.” The most common diagnosis in the United States is anxiety, followed by depression.
When a person loses their job, these emotions increase. It is important to note that 40% of Americans have been laid off or fired at one point or another during these times. Although this may not solve your problem, you may find comfort in knowing that others have been in the same boat that you are in.
These feelings should be recognized and not acted on to your own detriment.
What Not To Do When Being Laid Off
Don't Leave Without Saving Critical Documents It is recommended to save personal or professional documents from your work computer on a regular basis.
Some employers will escort terminated employees off the premises or immediately restrict their access. It is crucial not to be left with no important information.
Don't Discuss Termination Before Taking Time to Process When you are laid off, you may feel angry and stressed.
You may have these emotions when interacting with management, which may be counterproductive to your goals. Let’s meet in two days and have this discussion. In the meantime, check on the company’s policies and practices so that if you can, you are ready to try to negotiate a reasonable severance package.
However, if you are unable to delay a decision on a severance package should it be offered, you should consider the terms and whether it is worth negotiating to obtain a more comprehensive package.
Don’t Refuse to Help With the Transition In order to ensure a smooth transition, you will be considered as a good employee and may get some references and recommendations from your superiors.
No matter what situation you are in, it will always be better for you to be nice. At the very least, you will have made an honest effort to assist your employer which may result in a positive reference.
Don't Ignore the Opportunity to Resign Sometimes, resignation might be a way out of termination.
There are advantages and disadvantages of quitting a job on your own will rather than being terminated. You may lose your unemployment benefits if you resign but sometimes you stand to gain. In any job interview, you will not be required to explain why you were fired, which can be embarrassing.
Don't Be Afraid to Request a Reference If you have good coworkers, you can ask them for a recommendation when you are still in touch with them. You can use their recommendation when you are looking for your next job.
Do Not Miss the Opportunity to Ask Why If your employer has not followed company policy on due process, you may be able to apply to human resources for more time to improve your performance. You may also be protected by an employment contract, a union contract, or an anti-discrimination statute.
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Don't Quit Without Investigating Other Positions at the Company If your superiors think you are a positive employee and have a good work ethic, there may be other positions available for you within the company. If your employer knows that you are willing to take any position, they may consider you for positions that are more suitable for your skills.
Don't Announce Your Firing Immediately Take a moment to consider what you want to say, and how you want to be perceived by your colleagues and other professional contacts before you inform everyone that you are out of a job.
Factors to Consider
If a hypothetical L3Harris employee is laid off, it can be a difficult issue to face. Transition is always a process that is often accompanied by negative feelings that reduce the employees’ efficiency. According to experts, those who have been laid off may tend to feel helpless, anxious, and negatively biased towards themselves.
It is important to have these feelings, but you should not let them control you. If you give these types of thoughts too much credit, you may prevent yourself from moving forward to a better future and may end up doing something you may regret.
It is important not to vent on social media about your former employer when you are fired. For L3Harris employees, even if they are mistaken, you have much more to lose. By giving yourself 24 hours, you are given time to reduce the intensity of your feelings.
You will become a victim if you allow yourself to be overwhelmed by anger and send nasty emails that will prevent you from getting a job in the future. In addition, if you express anger and feelings of betrayal, you may appear to be at fault, which is extremely counterproductive in an interview setting.
L3Harris employees may also help narrow down their words and only use them to close friends and relatives. 'Be mindful of what you do to the people around you, such as venting continuously, being irritable, and projecting your anger onto others.
You are telling it to your loved ones, even though they had nothing to do with this event. This is not how you should express your emotions.' Dr. Jantz gave advice.
Adaptation Strategies for L3Harris Employees
It is crucial for L3Harris employees with overwhelming emotions to practice good self-care and be resilient.
When confronted with anger, contributing positively to your nutrition, sleep, and physical routine may prove beneficial. Walking, working out, and exercising are all methods of anger management. In addition, writing down your emotions, not engaging in self-destructive behaviors, and the knowledge that you cannot punish yourself for what has happened are also ways of dealing with these intense negative emotions.
One must also reconsider and reevaluate and determine what needs to be done in order to strengthen and improve health. Those who formerly worked for L3Harris are more likely to exhibit depressive symptoms if they isolate, stay indoors, and constantly withdraw.
While it is important for L3Harris employees to consider their work as part of their identity, it is dangerous to make it your only identity. In a study conducted by the Journal of Frontiers in Psychology, individuals who reduced themselves to their jobs felt dehumanized, like a machine or a tool, and had higher levels of disengagement, depression, and burnout.
Therefore, L3Harris employees may also find it helpful to understand the concept of self-complexity. Self-complexity refers to the number of characteristics that define the important aspects of who you are. The more diverse your personality is, the more resistant you are.
Hence, it is important to build a diverse self-identity, as you would a diverse portfolio of investments. You can develop self-complexity and build your identity across various areas of your life. Therefore, when things are not going well at work, you will not feel like you have nothing left.
You may decide to spend time on your interests, religion, or health. It is possible that L3Harris employees may reduce feelings of depression and anxiety towards work after being laid off if they are persistent and always strive for success.
It is important to ask oneself, 'Am I angry and bitter? Is fear and anxiety all around me?' Use positive encouragement to tell the person that there is nothing wrong with them and that they are going through a tough time in their life.
Sources:
1. Zippia Team. '35+ Shocking Statistics About Automation and Job Loss in 2023: Are Robots, Machines, and AI Coming for Your Job?' Zippia, 2023. https://www.zippia.com/advice/automation-and-job-loss-statistics/ .
2. Zippia Team. '23+ Artificial Intelligence and Job Loss Statistics [2023]: How Job Automation Impacts the Workforce.' Zippia, 2023. https://www.zippia.com/advice/artificial-intelligence-and-job-loss-statistics/ .
3. Zippia Team. 'Get the Job You Really Want.' Zippia, 2023. https://www.zippia.com/answers/how-many-jobs-are-going-to-be-lost-to-automation/ .
4. Zippia Team. 'Get the Job You Really Want.' Zippia, 2023. https://www.zippia.com/answers/will-ai-cause-job-losses/ .
5. Zippia Team. 'Get the Job You Really Want.' Zippia, 2023. https://www.zippia.com/answers/which-jobs-are-most-at-risk-of-being-automated-by-artificial-intelligence/ .
6. 'Automation and Job Loss Statistics.' Zippia, 2023. https://www.zippia.com/advice/automation-and-job-loss-statistics/ .
7. 'How to Deal with Layoff Anxiety.' Harvard Business Review, September 2022. https://hbr.org/2022/09/how-to-deal-with-layoff-anxiety .
8. 'Top Things Not to Say or Do If You're Fired.' The Balance Money. https://www.thebalancemoney.com/top-things-not-to-say-or-do-if-you-re-fired-2063942.
What specific factors should L3Harris Technologies employees consider when determining the most suitable form of pension benefit at retirement? Employees of L3Harris Technologies may have various options, such as life annuities, contingent annuities, and lump-sum payouts. Understanding the implications of each option, including tax treatments and benefit guarantees, can be crucial in making a decision that aligns with long-term financial goals. It is also important to consider how the selected form may affect survivor benefits and overall retirement income planning.
Pension Options at Retirement: L3Harris Technologies employees have various pension benefit options to consider at retirement, such as life annuities, contingent annuities, and lump-sum payouts(L3Harris Technologies I…). Each option has different tax treatments, survivor benefits, and guarantees. For example, selecting a life annuity ensures a fixed monthly payment for life, while a lump-sum payout might offer more flexibility but comes with immediate tax implications. Employees should evaluate how each option aligns with their long-term financial goals and whether it provides adequate survivor protection for dependents(L3Harris Technologies I…).
How does L3Harris Technologies determine eligibility for early retirement, and what implications does this have for pension benefits? Employees should familiarize themselves with the criteria for qualifying for early retirement, including age and service requirements. Additionally, understanding the benefits that are available should retirement occur before the standard retirement age can affect financial planning, as these benefits can differ significantly from those available at normal retirement age due to reduction factors or penalties.
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In what ways do the pension formulas at L3Harris Technologies differ, and how can employees assess which plan is most advantageous for their retirement? Employees participating in the L3Harris pension plan can choose between different formulas, such as the Traditional Pension Plan and the Pension Equity Plan. Assessing which formula may yield higher benefits involves understanding the benefits calculation processes, including how each formula accounts for years of service, salary history, and participation criteria, which can significantly impact total retirement income.
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How should L3Harris Technologies employees prepare for the selection of a beneficiary, and what are the potential impacts on their pension benefits? Selecting a beneficiary is an important component of retirement planning. Employees at L3Harris Technologies must understand the implications that come with adding a spouse or other individuals as beneficiaries, including the effect on benefit amounts and how beneficiary selection can influence survivor payouts. Moreover, they should familiarize themselves with the requirements for updating beneficiary information and the legal implications of such designations.
Beneficiary Selection: Choosing a beneficiary is a crucial step for L3Harris employees. Adding a spouse or another individual as a beneficiary may reduce the employee's pension benefit but ensures that a portion of the pension continues after the employee's death(L3Harris Technologies I…). Employees should be aware of the survivor benefit provisions, spousal consent requirements, and the need to regularly update their beneficiary information(L3Harris Technologies I…).
What procedures must L3Harris Technologies employees follow to appeal a denied pension benefit claim, and what timelines should they be aware of? Employees should be well-informed about the steps involved in the appeals process for denied claims, including how and when to file an appeal and the importance of providing adequate documentation. Understanding the statutes of limitations related to claims and appeals can significantly influence the outcomes for employees seeking to reinstate or secure their benefits.
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How does L3Harris Technologies handle survivor benefits, and what actions should employees take to ensure that their surviving spouses or partners have access to these benefits? Understanding the components of survivor benefits at L3Harris Technologies is crucial. Employees should learn about the eligibility of their spouses or partners following their death, the type of benefits due, and any actions required to secure these benefits. Familiarity with the plan’s rules surrounding survivor benefits and timelines for elections can also affect the financial security of beneficiaries.
Survivor Benefits: L3Harris offers survivor benefits to spouses or designated beneficiaries(L3Harris Technologies I…). Employees must ensure that their spouse or partner is properly designated to receive these benefits, which may involve selecting an annuity option that provides continued payments to the survivor. Understanding the timelines for making these elections and the rules governing survivor benefits is crucial for securing financial support for loved ones(L3Harris Technologies I…).
What resources are available for L3Harris Technologies employees for receiving personalized retirement counseling, and how can these resources aid in making informed financial decisions? Employees may benefit from accessing professional counseling services or informational resources provided by L3Harris Technologies. These resources can include individual retirement planning sessions that help employees align their pension benefits with their overall retirement strategy, ensuring that they utilize their benefits effectively and are informed about their options.
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How can employees of L3Harris Technologies find out more about their eligibility for the Cash Balance Plan and the advantages of this plan over traditional pension formulas? Employees should research what defines an "active Cash Balance Plan Participant" as well as the benefit calculations associated with it. Investigating the elements that set this type of plan apart—specifically regarding lump-sum distributions and the ability to track benefits—can better inform employees about the potential advantages for their future retirement income.
Cash Balance Plan: Employees interested in the Cash Balance Plan can research its advantages over traditional pension formulas. The Cash Balance Plan allows for lump-sum distributions and provides clear benefit tracking, which can be more appealing to employees looking for flexibility and control over their retirement funds(L3Harris Technologies I…).
What impact do potential changes to the L3Harris Technologies pension plan have on current employees, and what steps should they take to stay informed about such changes? Employees should remain vigilant regarding any amendments to the pension plan that could influence their retirement benefits. This includes understanding their rights under ERISA and staying engaged with communication from L3Harris regarding plan updates, ensuring that they are equipped to make timely decisions based on the latest information.
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How can employees of L3Harris Technologies contact the Benefits Service Center to address specific questions regarding their pension plan or retirement strategy? It is essential for employees seeking clarity on their pension benefits or retirement planning to know how to reach out to the L3Harris Benefits Service Center. This center acts as a vital resource, and understanding its operations—including contact times, methods of contact, and the types of inquiries that can be addressed—will enable employees to receive the guidance they need regarding their benefits.
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