Downsized…Now What? 5 Tips for Handling a Layoff
Recently laid-off? You’re not alone. The wave of layoffs from late 2022 is still coming ashore. According to layoffs.fyi, February 2023 alone saw close to 42,000 tech workers losing their jobs. If you’re in that unfortunate boat, it’s normal to feel blindsided. Whether you were a recent hire or a long-time employee, it’s tough to start over. Especially when it’s not your decision.
If you’re treading the waters of unemployment, here’s a little life raft that might help to jumpstart your job search.
5 tips for handling a layoff.
1. Don’t panic.
It’s easy to become a deer in the headlights when you’re let go from a job. Worry about tackling the practical stuff first. Talk to HR. When will your health insurance run out? Is severance pay on the table? Ask about your remaining vacation and sick days.
2. Leverage your relationships.
Remember, your employer made a budgetary decision. This isn’t about your job performance. Get references from your team leader or manager. Positive feedback lets potential employers know that you left on favorable terms.
3. Take your time.
If savings or severance pay allows, don’t just jump at the first offer that presents itself. Now is a good time for reflection. Was your previous position a good fit or are you ready to tackle a different kind of role? This could be the perfect time to change direction. Remember that idea you had for starting your own business? Maybe it’s time to try freelance consulting for a while. When life gives you lemons…
4. Update your details.
What better time to blow the dust off your resumé? Review and update your credentials. Spruce up old cover letters.
5. Cast a wider net.
Only looking at a specific geographic area or urban center? If you can relocate, consider businesses outside of your normal search range. Don’t limit yourself unnecessarily. Also, consider looking outside of “big tech” companies. According to Wired, while they may offer lower salaries, “smaller firms and companies in adjacent industries are still hiring tech workers.”
Take a deep breath.
You’ve got this. Despite seemingly rampant layoffs, it’s still a worker’s market. A recent ZipRecruiter report found that 37% of laid-off tech workers snapped up new jobs in a month or less while 79% did so within 3 months. You might be onto your next job quicker than you think.
Stathis, Jaime. (2023, Jan, 24). 9 Things You Should Do If You’ve Just Been Laid Off. rd.com
Tarki, Atta. (2023, Jan, 30). Despite Layoffs, It’s Still a Workers’ Labor Market. hbr.org
Hoover, Amanda. (2022, Nov, 11). Despite Big Layoffs, Tech Workers Are Still in Demand. wired.com
Pollak, Julia (2023, Jan, 23). Survey of Recently Hired Workers. ZipRecruiter.com