Why should you know how to survive a layoff? Because it can be lonely, confidence-draining, and financially debilitating. While our overall economic metrics may be improving, it isn’t the case for everyone. 2023 has been an unsettling start for tech employees around the world, with 90+ different businesses having cut 24,000 tech jobs within the first 2 weeks of the year. And the Big Boys are no exception. for example, Google is expected to take a hatchet to its headcount in early 2023 by laying off some 11,000 employees.
The layoff process can be one of the most stressful and uncertain times of a person’s life. But, with a few essential steps, you can make sure you are able to survive a layoff quickly and move forward with your life. In this blog post, we will look at four specific steps you can take to stay as financially secure and emotionally stable as possible during a layoff.
Stay Emotionally Resilient
The emotional toll of a layoff can be one of the hardest parts of the process. To successfully navigate the uncertainty and confusion, emotionally resilience is paramount. First, go ahead and acknowledge those feelings. (woo-sahhh!!!) Everyone reacts differently to a layoff, and feeling a range of emotions is normal. But be sure to talk to friends and family, or even keep a journal to help process your feelings in a productive way.
Next, we want to focus on what we can control. For example, how you spend your time and how you prepare for the search ahead. it also helps to maintain a steady routine. Just because you experienced a layoff doesn’t mean you sleep until noon. Try to maintain a regular routine to establish a sense of normalcy and keep you grounded. Reaching out to your network of friends, family, colleagues, and alumni can also provide invaluable emotional and practical support.
Manage your Finances
Protect the bag you have left! 💵 Taking proactive steps to navigate the current economic climate can help limit your financial stress. So assess your budget by taking sobering stock of your expenses to determine what’s necessary and what can be trimmed. Finding ways to reduce your expenses and free up cash flow, helping you to stretch resources and create a more manageable financial situation.
Consider other options to increase your income, such as short-term consulting or gig work to survive a layoff. You can control your schedule so that you can keep the search robust while supplementing that missing income. Got a 401(k)? You may be able to make an early withdrawal without penalties, depending on your plan and individual circumstances. If you have debt, review your payment plan and see if you can lower your payments or restructure some of the debt. Some creditors may offer relief to those impacted by a layoff, such as temporarily reduced or deferred payments.
“You gotta do what you gotta do, right?”
Begin Your Job Search
Now the rubber meets the road. Proper organization and execution of your job search is obviously the most impactful part of the strategy to survive a layoff. Have your resume and LinkedIn profile updated and modernized (get a pro, because trust me – YOU DON’T KNOW WHAT YOU DON’T KNOW!) Not using a brag sheet to track the day-to-day wins? Then be sure to do so in the future. It makes the resume process go faster because you already have most things documented in some way. (Haven’t you read my previous stuff??? 🤔)
Been building and nurturing that network? Well, now is the time to activate it. make sure every contact knows that you are open to new opportunities. Reaching out to colleagues, previous supervisors, and even recruiters can help you to find leads and stay in the know about what is happening in your industry.
Be sure to research the best and most active job boards and websites, as this changes over time. Get recruiters and staffing agencies involved to leverage efforts and expand your search. Signing up with sites and agencies that specialize in your desired industry or role can help to make sure your resume is seen by the right people.
Remember to keep remote jobs on the table. This is 2023 and technology can keep you at home in those fuzzy slippers and PJs, while earning your money. 😊