How corporate layoffs could kickstart the next wave of startups

The UK has always been a nation of frustrated would-be entrepreneurs. A survey conducted in January, before the COVID-19, found that 64% of the UK workforce wants to set up their own business. We all know that one of the biggest factors that govern startup success is ‘timing’ — and the truth is, there has never…

How corporate layoffs could kickstart the next wave of startups

The UK has always been a nation of frustrated would-be entrepreneurs.
A survey conducted in January, before the COVID-19, found that 64% of the UK workforce wants to set up their own business.

We all know that one of the biggest factors that govern startup success is ‘timing’ — and the truth is, there has never been a better time to take a leap.
So, what should you do if you are currently still in work, but you know that your employer will be making cuts and you are likely to be a casualty?
Well, first thing’s first, be assured you aren’t alone. In our recent report ‘Crises calls for Innovation, not hibernation’ nearly a third (29%) of the 300 C-suite we spoke to said they were implementing cost-cutting measures, including redundancy, due to the pressures of COVID-19.
Don’t just take our word for it — look at the daily headlines of corporates making statements on huge layoffs.
The International Labour Organization has warned nearly half of the global workforce are at risk of job losses.
James Reed, the boss of the UK’s largest recruitment firm, has predicted the unemployment rate in the UK could reach 15%, which equates to 5 million people out of work.
Be proactive
The key is not to sit and wait for the inevitable. No one wants to be exited into a jobless market with no plan.
There is an opportunity, which can help both your company and your ambition. Put simply, your company can start a programme as part of its redundancy package where it offers staff its support to build a startup.
It might s
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