By Brenda L. Peterson, The Layoff Lady About The Seven Layoff LessonsThrough my seven layoffs and many conversations with others in post-layoff career transition, I have learned seven core lessons:
About Layoff Lesson Six: Examine Your Energy to Take Control of Your TimeEven when you have a general idea of what needs to happen, sometimes it’s hard to translate higher-level information into specific activities. Sometimes, even when you have a clear sense of your goals and a well-written to-do list, another obstacle remains. Even when you know what your top priorities should be and how urgent those tasks are, you still can't manage to get those crucial things done. How is that even possible? In short, it all comes down to our energy. When life is puttering along as planned, we don’t have to spend undue effort living our everyday lives. Post-layoff, a lot changes. Losing your job upends your life and gives you a whole new set of challenges you simply have to figure out. These problems also come with uncertainty about the future, new complexities in your financial life, and anxiety about how long it might take to get back to something that could be called normal. You are now entering an unplanned phase in your life where you will experience more rejection in a shorter period of time than ever before. All of this change and rejection can take its toll. Managing Your MindsetBe sure to leverage your Realistic Optimist mindset by reminding yourself that good things are coming—as long as you put the work in to get there. While you can accomplish a lot, you’ll never be able to do absolutely everything that may contribute to your success. Instead of setting unrealistic expectations for your ongoing productivity, you need to prioritize where you spend your energy and your time. Leading and Lagging IndicatorsWhen pursuing a big goal, it's important to focus on taking the small steps that will help you achieve your larger goal. Many times, we think of the end goal--for example, an accepted job offer is one of the ultimate measures of job search success. Having a new job is a lagging indicator. That means that it is a big goal that won’t happen for a while and has many contributing factors. Too often, people overfocus on achieving a big goal (lose 50 pounds, write a book, run a marathon) but skip over the smaller steps that build toward that huge goal. This is where leading indicators come in. Leading indicators are all of the tasks you need to complete to position yourself to achieve that bigger goal. Leading indicators are those smaller, checkoffable things you can control. For job searching, those might be applying for three jobs a week, sending LinkedIn connection requests for two people per week, and sending thank you notes after an interview. Consistently doing those leading indicators will help you achieve those lagging indicators. All Hours Are Not Equally ProductiveWhen I’m in career transition, I spend a lot of time writing, applying for jobs, and interacting on LinkedIn. I also tend to rewatch TV shows and movies. Conventional time management would say that I’m wasting a good chunk of my life. In reality, it is not feasible to produce noteworthy results all the time. Achieving at a high level requires preparation and adequate recovery time. That means if I have two video interviews in one day, I will appear to be doing nothing for those couple of hours right afterward. The only way I can knock those interviews out of the park is by managing my energy well. Reflect on Factors Influencing Your EnergyAs you think about how to spend your time, learn about yourself and when you will be the most productive and happiest with each activity. I interact with LinkedIn posts during my first cup of coffee, enjoy afternoon walks, and do yoga at night before bed. There are no absolute right or wrong times for most things, just ones that are a better fit for you. Take time to reflect on your most and least productive times of day. Do you excel in the morning, or do your best work late at night? How much structured time do you need? How much social time do you need? These answers will help you gain a sense of how to get the most out of each day. Energy Builders and PrioritizationPlain and simple, there is not enough time to do everything you could possibly do. Therefore, it’s crucial to prioritize your time. This helps ensure you are doing the highest value activities that get you closer to your goal. Know that saying yes to higher-value activities--like having a job interview or meeting with colleagues--means you’ll have to say no to other activities. If socializing drains you, you may skip a social gathering and rest to recover and prepare for other job-searching tasks. Also remember that energy builders, like resting, walking outdoors, or medication, can help you sustain the energy levels needed to work toward your goal for as long as it takes. For The Whole StoryFor all the information on each of the seven lessons, pick up a copy of my book Seven Lessons From Seven Layoffs: A Guide. Learn More
0 Comments
By Brenda L. Peterson, The Layoff Lady About The Seven Layoff LessonsThrough my seven layoffs and many conversations with others in post-layoff career transition, I have learned seven core lessons:
About Layoff Lesson Five: Help People Help YouLife is challenging when nothing out-of-the-ordinary is happening. It's even harder when you're going through an unexpected job change. While I'm a fan of self-reliance, I also know how important it is to find your people and support one another as you go through challenges. You're not weak for needing people. You are strong because you know the value of building and leveraging relationships to help get you through trying times. I have found that people genuinely want to help. In many cases, though, they might not know what you need. Not only is it vital that you seek out help when you need it, but you need to figure out what type of help you need. One Career Transition RevelationHere's something that might surprise you. When you tell people that you're looking for a new job, this is when you will discover that many people don’t know exactly what it is you do for a living. Instead of being taken aback that they don’t know, use this as an opportunity to learn how to tell them what you want and need during your career transition--and it's much more than just a new paying job. Figure Out What Life Help You NeedFirst off, you need to figure the types of life help you might need:
Figure Out What Job Search Help You NeedIn addition, you need to figure the types of job search help you might need:
It Takes a VillageOnce you have a better idea of what you need, make sure you don't expect one person to fill all of these roles. Think about who could help you in each area and reach out to them. Leveraging Your Professional NetworkLinkedIn is my goto tool for building and managing my professional network. It's importan to make sure your LinkedIn profile represents you well, and that you showcase your experience and the value you bring to others, and to a new role. There is also an art (and a process) to asking people in your professional network in a way that is mutually beneficial. For The Whole StoryFor all the information on each of the seven lessons pick up a copy of my book Seven Lessons From Seven Layoffs: A Guide. Learn MoreBy Brenda L. Peterson, The Layoff Lady About The Seven Layoff LessonsThrough my seven layoffs and many conversations with others in post-layoff career transition, I have learned seven core lessons:
About Layoff Lesson Four: Shape and Share Your StoryNow that you’ve determined what you want in your next role, your new challenge is learning to tell your story. This includes telling the overall story of who you are professionally and the value you bring. To this end, you'll use a few key documents to summarize what you do, highlight your core accomplishments, and persuade that employer that they should spend more time learning about you. Your Job Search ToolkitYour job search toolkit is the collection of information you need to showcase your value to a potential employer. Each item in this list helps you share a part of your story during the hiring process.
Your What I Want StatementBased on what you learned during your Structured Soul Searching, the next step is writing a clear and concise “What I Want Statement." This statement can help you as you review job openings and prioritize your applications to those that most closely align with your goals. This statement can also be repurposed when letting other people know what jobs interest you the most. Your Professional SummaryIn addition to your “What I Want” statement, you also need to be able to tell your career story. Your professional summary is that paragraph of quick-hit information that starts to outline who you are, your qualifications, and what you bring to the table as a candidate. This statement can also be repurposed when letting other people know what jobs interest you the most. Your Interview AnswersThe same stories you use in your resume to showcase your skills and the results they generate can also become the answer to commonly asked interview questions. Instead of answering with no plan and hoping for the best, you can use a model, like CARL or STAR, to structure your answers and get to your point more quickly. For The Whole StoryFor all the information on each of the seven lessons pick up a copy of my book Seven Lessons From Seven Layoffs: A Guide. Learn MoreBy Brenda L. Peterson, The Layoff Lady About The Seven Layoff LessonsThrough my seven layoffs and many conversations with others in post-layoff career transition, I have learned seven core lessons:
About Layoff Lesson Three: Ask Yourself, “What do I want to be next?”Few people take the time to step back from their work life and think, “Is this really what I want to do?” When you go through an unplanned job change, seize this rare opportunity to revisit your career path. Take time for a little structured soul searching and actively decide what you want both long-term and in your next job. An Opportunity For Self ReflectionWhile it’s hard to take the time to reflect when you’re busy living your life, a layoff means the pause button has just been pushed on your career. This may be your once-in-a-lifetime chance to reassess your current situation and think about what you really want from your work life. What Do You Want To Be?Adults often ask children, "What do you want to be when you grow up?" As an adult, especially in a time of transition, it's valuable to pause and ask yourself that question once again. Once that good enough job is no more, its an excellent time to dedicate some time to figuring out your longer-term career goals. After you identify what you'd like to ultimately do, it's valuable to answer the question, "What do I want to do next?" Being able to describe the details of your desired next job will help you find the next right role for you. Structured Soul SearchingThe structured soul-searching process involves reflecting on many areas of your life, including what truly matters to you, your natural ways of working, your skills, and your interests. This process includes identifying your personal values, finding out and naming your strengths, gathering information on what you like to do at work, and identifying your desired salary. This process will include connecting with previous coworkers to discuss their observations, reviewing job descriptions for skills that appeal to you, researching compensation information, taking online assessments, and making time for personal reflection. This process will help you establish what type of new role would be the best fit for you at this point in time. Prioritizing What Matters To YouOnce you reflect in a few different ways, it’s time to gather what you’ve learned and use that to put together your preferences list for the job you want. You'll think through your preferences regarding work logistics, salary, benefits, employer characteristics, and the day-to-day job and determine what matters most to you. You can also revisit your target job profile and adjust it as your job search continues. As you move through your job search, you'll learn more about what you really want (and what you really don't want). You'll continue to fine-tune what the right next job for you is so you can focus your job search efforts accordingly. For The Whole StoryFor all the information on each of the seven lessons pick up a copy of my book Seven Lessons From Seven Layoffs: A Guide. Learn MoreBy Brenda L. Peterson, The Layoff Lady About The Seven Layoff LessonsThrough my seven layoffs and many conversations with others in post-layoff career transition, I have learned seven core lessons:
About Lesson Two: Keep Your Mind on Your Money (and your money on your mind).Most people work to pay their bills and afford the life they want. Unfortunately, when your job ends, so does your main income stream—and possibly your health insurance, too. Making the right short-term changes can help you weather the storm while also minimizing long-term financial repercussions. Let’s look at a few key components of this lesson. Post-Layoff ChangesAfter a layoff, many things in your financial life change. Now, you don’t know when your next paycheck will arrive or how much it might be. However, you do know that you need to figure out how to survive financially from now until that unknown future date. As you wrestle with uncertainty, you need to research options, run the numbers, and make the right decision for your household. New Financial GoalsNext, it’s important to adopt new interim financial goals. Now, the focus is not on getting ahead or progressing toward larger goals. Instead, your overarching goal is to live through your period of unemployment until you are gainfully employed again with as little long-term financial trauma as possible. Career Transition Income SourcesWith your day job gone, chances are your core source of income just evaporated. Instead, you’ll get one last paycheck. Your check may be a little larger than usual if you get a vacation payout and a little bigger still if they don’t deduct anything for the benefits you won’t have anymore. Depending on your situation, you might also get a severance payment—which could be any amount between a fat lot of nothing and the equivalent of several months of income. In most cases, when your job ends due to a layoff, you will be eligible for unemployment insurance (UI) benefits. UI replaces a portion of your employed income—which will most likely be significantly less than your previous paycheck. There are multiple ways to help fund your life varying from good to decidedly bad ideas. These could include using your savings, taking on short-term work, or incurring additional debt. Career Transition HealthcareWhile you’re working, your health insurance has a pretty good chance of being connected to your day job, and your employer may even pay a portion of your costs. When your job ends, you have a lot of decisions to make. You can continue your current health care coverage with a significantly higher cost, usually referred to as COBRA. If possible, you could become a dependent on someone else’s coverage or find a plan on Healthcare.gov. Alternatively, you could enroll in a lower-cost short-term health plan or find other ways to pay for healthcare costs. When it comes down to it, it’s essential to consider the short and long-term implications of your healthcare decisions—especially since having an unexpected health expense can cause severe financial hardship. Career Transition ExpensesUnfortunately, while your regularly scheduled income goes away, your expenses generally do not. Now, it’s more a matter of adjusting your priorities and seeing what you can do to streamline your layoff survival budget. When times are tight, you will need to make more calculated decisions regarding where you spend money. Line items like rent, car payments, and utilities may be non-negotiable, while you may need to pare down what you spend on non-essential expenses like entertainment and restaurants. As you work to minimize expenses, this is another area where making shortsighted decisions can cause long-term problems. You also need to make sure you still take part in activities that make you happy, even with less discretionary income. When Income and Expenses Don't Line UpOne of the harsh realities of career transition is that your current income may be significantly lower than your outgo. In these cases, you may need to take on additional work or incur some debt. If you can’t pay your bills, contact the company and discuss options. While it can be humbling, it’s better than damaging your credit score, which can negatively impact your financial life for years to come. For The Whole StoryFor all the information on each of the seven lessons pick up a copy of my book Seven Lessons From Seven Layoffs: A Guide. Learn MoreBy Brenda L. Peterson, The Layoff Lady About The Seven Layoff LessonsThrough my seven layoffs and many conversations with others in post-layoff career transition, I have learned seven core lessons:
About Lesson One: Experience Your Emotions and Manage Your Mindset.Right after a layoff, people often act hastily out of sheer unbridled panic. Instead, you must attend to two key tasks right away: feeling your feelings and choosing your career transition mindset. Getting your head on straight before springing into action will prepare you for the challenges ahead. Let’s look at a few key components of this lesson. Experiencing Your Emotions Losing your job, even through no fault of your own, will bring on a myriad of feelings. When someone asks you how you are, you may say “fine,” and you may even think that you are, indeed, fine. In truth, you are pretty far from fine, and you may not be truly fine for a good long while. Right after a layoff, your mind will be spinning as you process what just happened and figure out what on earth to do with yourself next. Your dominant emotions may include shock, anger, sadness, fear, and possibly even relief. As your career transition continues, you’ll cycle through those emotions as you hit ups and downs. At every step of the way, you’ll also experience more people telling you no than at any other time in your life. Through all of these feelings, it’s important that you acknowledge each one, and work your way through them. Managing Your MindsetYour mindset is your overall approach to dealing with the world. It includes how you think about your current situation, including your assumptions about what is true. When people search for a new role, successful people believe that the future will be good while also acknowledging that there will be challenges along the way. Adopting a mindset that combines optimism and realism will help you weather the challenges you’ll face. Changing your language to support your updated mindset will help you stay motivated, no matter how long your search lasts. You Are The CEO of YouAlong with your mindset, it’s helpful to change how you think about work. Instead of thinking of yourself as an employee who has to do whatever their employer asks or else, you need to give yourself a life promotion. In reality, your career is your business, and you are the CEO of You. Just like the executive team at a company needs to make tough decisions for the organization’s greater good, you need to make business decisions that are in the best interests of you and your household. For The Whole StoryFor all the information on each of the seven lessons pick up a copy of my book Seven Lessons From Seven Layoffs: A Guide. Learn MoreBy Brenda L. Peterson, The Layoff Lady Why I Started The Layoff LadyI remember the good old days when I felt bad for my friend Tricia because she had been laid off four times. When I found myself working through my post-layoff career transition number seven, I decided I needed to do more than just find myself a new professional "day job." I also committed myself to documenting my lessons learned. I wanted to create resources that could benefit others who unexpectedly found themselves unemployed. Out of that decision, The Layoff Lady was born. I share my insights through blog articles, educational sessions, speaking engagements, podcast interviews, and my book Seven Lessons From Seven Layoffs: A Guide. I committed myself to sharing what I had learned to help people on who have been part of a layoff, who are in job transition, and people who want to proactively build their career resilience to help ensure their professional success. About The Seven Layoff LessonsThrough my seven layoffs and many conversations with others in post-layoff career transition, I have learned seven core lessons that can help you navigate this challenging time. If you are in the midst of a post-layoff career transition, these lessons speak directly to the unique challenges you will face as you navigate from layoff day until the first day of your new job. If you're currently employed, but aware that no one is immune to layoffs, these lessons can help you understand the layoff experience and plan ahead just in case it happens to you. Let's briefly review my seven lessons. In future blog articles, I'll expand on each lesson in more detail. Lesson One: Experience your emotions and manage your mindset.Right after a layoff, people often act hastily out of sheer unbridled panic. Instead, you must attend to two key tasks right away: feeling your feelings and choosing your career transition mindset. Getting your head on straight before springing into action will prepare you for the challenges ahead. Lesson Two: Keep your mind on your money (& your money on your mind).Most people work to pay their bills and afford the life they want. Unfortunately, when your job ends, so does your main income stream—and possibly your health insurance, too. Making the right short-term changes can help you weather the storm while also minimizing long-term financial repercussions. Lesson Three: Ask yourself, "What do I want to be next?"Few people take the time to step back from their work life and think, “Is this really what I want to do?” When you go through an unplanned job change, seize this rare opportunity to revisit your career path. Take time for a little structured soul searching and actively decide what you want both long-term and in your next job. Lesson Four: Shape and share your story. Finding a new job is all about you telling the story of your career. You get to shape your professional narrative so you can share your compelling story with colleagues and potential employers. Learning to talk about where you’ve been, your skillset, and where you’re going is powerful. Weaving in company needs with who you are professionally will help you communicate your value more effectively. Lesson Five: Help people help you.It’s hard for many of us to ask for help. If there was ever a time to avoid going it alone, this is it. Overall, people genuinely want to help others through trying times. You can assist them by being mindful of what you need and asking just the right person. Letting people help you will make managing the emotional, logistical, and practical aspects of this career transition easier. Lesson Six: Examine your energy to take control of your time.When it comes to achieving a goal, people often focus on time management. While checking the right items off a task list is valuable, having the energy to do so is often overlooked. Figuring out those right things to do, prioritizing tasks, and factoring in your energy levels will help you sustain your job search momentum for the long haul. Lesson Seven: Assess, adapt, and rise above.Having a plan for success is critical. It is even better to assess how it is going, adapt when needed, and rise above challenges. By anticipating roadblocks and thinking through possible solutions, you can proactively alter your game plan as needed. Learning as you go will help you build resilience and cultivate successful outcomes. For The Whole StoryFor all the information on each of the seven lessons pick up a copy of my book Seven Lessons From Seven Layoffs: A Guide. Learn MoreBy Brenda L. Peterson, The Layoff Lady Learning About YourselfWhen thinking about the life you want to live, it's essential to start with what is truly important to you. Identifying those guiding principles will help you make decisions about how you budget your money, which people you will surround yourself with, and what type of work is right for you. Finding the words to express your values can help you live in alignment and increase your overall wellbeing. The Question: What is Important to Me?In the abstract, it can be hard to figure out what really matters to you. It's even harder trying to convert your thoughts and feelings into meaningful words that can help you express what is meaningful to you. Fortunately, there is a tool you can use to help you find the right words. Part of the Answer: think2perform Values ExerciseAt a previous job, when designing a retirement planning seminar, I discovered the think2perform Online Values Exercise. I take this assessment on at least an annual basis. Even though the words that resonate with me stay very similar over time, the process helps me revisit what matters to me most at that point in time. The assessment includes 51 value cards and four rounds of reviewing the cards. The total time to complete this activity is about 15 minutes or more, depending on how much contemplation you do. In the end, you'll have five value cards remaining with descriptions that name and describe key areas that matter to you. The Words You Choose May Change Over TimeI have completed this values exercise multiple times. My results vary depending on what is happening in the rest of my life right then. The words that have remained in my top five consistently over time are autonomy, relationships, and health. When lilfe has felt unpredictable, words like stability, security, and safety have moved up. Similarly, since work is such an important part of my life, there is always a word directly related to what I do for a living. In the past, terms like work, education, or helping others indicated what work meant to me at that time. Applying Your Values To Your LifeIn the final phase of the values activity, I thought very hard about which words were the best guiding principles for me. Here are the values that resonated with me this time around.
Applying Your Values To Your WorkBe sure to use your values as you consider the type of work you want to do and the workplace environment that will help you succeed.
What Do You Think?How do your values influence your career decisions? Share your thoughts in the comments. Learn MoreBy Brenda L. Peterson, The Layoff Lady Change Is The Only ConstantBusinesses are always changing. They constantly update their strategy to stay viable long-term. Changing staffing levels is one way they evolve to meet those needs. There are a few factors to be aware of that could indicate that changes to your company, and even your role in particular, might be coming. It's also important to note that the presence of one or more of these changes does not mean that all is lost. Use these indicators as one piece of data as you think about the possible future of your job with your current employer. On the positive side, changes may be good--like an opportunity for a promotion or taking on different responsibilities. Alternatively, it could mean that some jobs may be eliminated or changed significantly, which could result in positions being eliminated, layoffs, or even a company-wide reduction in force (RIF). Here are a few signs to look for that may indicate that bigger changes might be coming to your organization. Economic DownturnFrom the dot.com bubble to the 9/11 attacks to the subprime mortgage crisis to pandemic fallout and beyond, economic conditions impact the viability of individual businesses. During the pandemic, we saw some businesses boom (like video conferencing) while others struggled (like hospitality). Consequently, for organizations that were floundering, job eliminations followed. In 2022, mortgage rates rose, causing mortgage companies to streamline their operations. Now, as businesses shift gears post-pandemic, additional workforce changes may be on the horizon. This strategy may help companies realign their staffing levels to meet business needs in a cost-effective way to respond to new economic realities. Financial TroublesNot all companies are successful--even in a strong economy. Companies might miss their sales targets for a quarter (or longer) or start to lose market share to a competitor. It could be a result of a news story breaking that causes consumers to go elsewhere. Whatever the cause of financial troubles, companies need to adapt to survive. To adjust, they may start with small cost-cutting measures, like having fewer snacks in the breakroom or downsizing employee events. On a larger level, there may be hiring freezes, open positions going on indefinite hold, no raises, or skipping performance bonuses. There could even be temporary pay cuts or elimination of some benefits (like employer contributions to a retirement plan). Since salaries are one of the biggest line items companies have, eliminating staff is one way to address financial troubles that show a significant, more immediate impact on the bottom line. New LeadershipWhether a CEO or a frontline manager, leadership changes can impact an employee’s future. When a president is replaced, a VP of a critical department moves on, or a manager leaves due to personal reasons, new people fill those positions. When key staffing changes happen, it is unwise to assume your role and responsibilities are not up for discussion. New leaders typically review the current state, assess staffing levels, revisit company goals, and make changes. This may include them bringing in their own people, restructuring departments, halting unsuccessful projects, or starting new initiatives. In some cases, they may bring in one or more consultants to make recommendations—including the jobs that will continue, their scope, and who will do them. In addition, sometimes if sweeping changes are on the horizon, company leaders start to leave for new opportunities. At one point, I worked for a very large organization with approximately seven layers of management above my individual contributor position. Before I was laid off, six of the seven people working in those positions left. Sometimes leaders leaving is not the cause of the changes, but an indicator that organization-wide changes are taking shape. Ownership ChangeCompanies are always adapting to stay viable. Sometimes, that means a change in company ownership. Possibilities include mergers, being acquired by another organization, acquiring another business, spinning off from a larger company into a separate entity, or changing how the organization is funded (like moving from venture capital to private equity). When ownership changes, so does the organization. In the event of a merger, duplicate teams will combine, and some positions may be consolidated or eliminated. A company culture with very structured documented processes may be replaced by a move-fast-and-break-things startup mindset. New company values or objectives may mean that a department once considered indispensable might now be seen as costly overhead. When a new company takes a closer look at finances, they may be ready to take more immediate action on teams that seem like they are a cash drain. Regardless of the circumstances, one thing is sure. The organizations in question will determine changes that need to be made and move forward to strengthen the company—which may or may not include a job for you. RestructuringOccasionally, companies revisit their goals and decide to switch directions. For example, a call center might start expecting all agents to be able to answer all call types, then shift to having specialized teams, and then decide later to outsource or eliminate a service altogether. The work that may have been completed by two teams may now be the responsibility of one brand-new department. This may also bring in new leaders with new ideas on how to organize work optimally. Shifts take place to minimize costs or capitalize on a potentially lucrative market. Unfortunately, this also means that the job you have that was once considered essential may be deemed out of scope. Reduced ResponsibilitiesOn an individual level, changes to your job (especially if it becomes less challenging) may be a hint about the future of your role. If, at one point, you led projects, and now you are left out of crucial meetings, take notice. See if this is an isolated incident or a pattern. This may also be a downstream effect from changes elsewhere in the organization. For example, a new manager may observe you doing your (now less challenging) job and see a misalignment between the value you bring and the salary you receive. Whether this is due to a new boss who isn’t your biggest fan or one who has a former colleague they want to bring in to replace you, it’s important to pay attention. Changes in responsibilities may put you in jeopardy as the organization evolves. Company CultureDepending on company culture, the amount of voluntary and involuntary turnover varies. While some companies have employees who have been there well over a decade, others may have the bulk of their staff there for less than a year. A larger, more established company has a better chance of longevity, while a tech startup may have more people regularly coming and going. Some companies may quickly decide if an employee is an organizational fit and take action to move them out of the company more quickly. Others will have a structured (and often lengthy) procedure for attempting to correct performance before terminating. An organization’s mission, values, and day-to-day practices will influence your onboarding to a company and when and how quickly you might be offboarded if it's not working out. A Round of LayoffsThe most blatant indicator that you may lose your job is that the company has already done some layoffs. I used to think that if I was still employed after a layoff, my role was safe. Unfortunately, that is not always the case. At one of my jobs, the organization did several rounds of "quiet layoffs." The company never formally acknowledged job eliminations. Instead, I would notice that someone would be listed as "offline" in our office chat application, then later see a LinkedIn post from them saying they were looking for new opportunities. In that role, I had this experience of someone being gone about once a month for a few months. When the company released a new organizational chart, and I was on it, I thought I was safe--especially since at least a couple of people had been eliminated a couple of weeks prior. Shortly after, my position ended as well. All of The AboveSometimes, a layoff is inevitably caused by a series of events. For example, it may start as an economic downturn, followed by the company’s financial issues, then a leadership change, a resulting reorganization, and end with the company being sold. There could be layoffs at any point in this process, and it could also happen more than once. Learn MoreBy Brenda L. Peterson, The Layoff Lady Layoffs Happen All The TimeIt starts like any other day. Then, it takes an ominous turn. Whether you were invited to an ambiguously titled last minute meeting, received an awkward email in your personal email notifying you of your last day, or are perp walked to HR on your first day back from vacation, you are now among the newly unemployed. Welcome to the suck. Now What Do I Do?Even if there were buyout rumors, a quarter with low sales, or a new company direction, being part of a reduction in force (RIF) is still surreal when it happens to you. It's hard to know what to do with yourself when you find yourself unexpectedly out of the job. It's time to redirect your attention. Your New Focus AreasThe work problems you had an hour ago are gone. Along with your freed-up future come very different challenges. It’s time to shift to these top three focus areas:
Your Guiding PrincipleAlong with your new focus areas, your overall guiding principle is not to do anything counterproductive (or downright dumb) as you figure out your post-layoff next steps. Your Never-Do List Here are the career-limiting moves that will make your life harder. Instead of springing into action, stop, think, and then just don't do the following:
Your Think-Before-You-Consider-Doing List Here are a few things you may want to do at some point, but that require thought and a plan before you move forward. At the very least, sleep on it before you do any of the following:
Now that you are at least somewhat inoculated against creating utter chaos for yourself, let's get back to those top three focus areas. Focus Area 1: Process Your EmotionsLosing your job can be an emotional roller coaster. An unplanned job change is a stressful life event on par with getting divorced or going to prison. Just like dealing with a death in the family, you’re dealing with the death of the future you thought you had. Losing that imagined future is a significant loss that needs to be addressed. Figure out how you will cope with these changes. While distracting yourself from the unpleasant parts of the process is natural, building healthier coping mechanisms, like prioritizing self-care, is better for your long-term success. While you can get away with avoiding your feelings for a while, eventually, you need to acknowledge each one so you can move on. If you don’t work through those difficult emotions, your ignored feelings will come out sideways at just the wrong time. It is better to work through your grief privately than to fall apart during an interview or snap at someone who is trying to help you. Step 2: Review Your FinancesDisclaimer: While I know quite a bit based on my previous work experience supporting financial coaches, my own research, and my personal life experiences, I do not currently hold a license or certification to give financial advice. Therefore, the information provided here is educational information provided as guidance. I hope you can glean value from my lessons learned. Feel free to take my recommendations or not—but whatever you do, double-check my information (and everyone's facts, for that matter). This is your life, and you will care more about your finances and health care than anyone else. With that, read on. Possible Money From Your Former EmployerAlthough your paychecks will eventually stop, you will receive your final paycheck, possibly vacation time that you have earned and, hopefully, a lovely parting gift from your former employer in the form of a severance package. Severance could be equivalent to a set number of weeks of pay or include an additional lump sum, continuation of some benefits, and job placement services. In most cases, employers do not have to give you any type of severance. If you are eligible for a severance package, you will need to sign something before receiving that money. Once you sign, any thoughts you might have about legal action regarding your employment with the organization are pretty much over. Read the agreement given to you, consider having a lawyer look it over, and ask for clarifications (and any revisions) before signing it. After that, there is typically a waiting period before you receive that money. I also encourage you not just to sign whatever paper they put in front of you. Make sure you advocate for yourself. Unemployment IncomeAfter a layoff, most people will be eligible for unemployment insurance income, or UI. I encourage you to apply for unemployment payments. The money used to make unemployment payments comes from the payroll taxes that employers pay. That money is intended to help people who have been laid off to pay their bills as they search for something new. Unemployment payments are administered at the state level and vary by state. After you apply, there may be a waiting period before you receive a payment. Your state will also outline the amount of each payment you will receive, the number of payments you are eligible to receive, and additional factors impacting your payments. You may also qualify for job search support services and even programs to help you upgrade your skills. In short, apply for unemployment income right away. In most cases, there is not a good reason for most people to forgo unemployment payments. A Note About Health InsuranceSince many people rely on their employers for health insurance coverage, consider how you’ll cover healthcare costs. If you have a spouse, domestic partner, or parent who can bring you onto their health insurance, that may be your best option. Check with the other person’s employer and let them know you no longer have health insurance through your employer because of a layoff. Their employer can talk you through your next steps and cost changes. If that's not an option, consider COBRA coverage through your former employer. This means you could stay with your previous health insurance, but now you'd pay the whole premium cost. Brace yourself when you see your new premium amount because it is usually A LOT more than you spent as an employee. Another option is going on the insurance exchanges at Healthcare.gov to find coverage. You may even be eligible for a subsidy to offset the cost. Alternatively, for less expensive coverage intended to cover a big expensive medical issue should it happen, short-term health care insurance may be a good interim option. Do your research and determine what makes the most sense for you and your household. Step 3: Prepare For Your Job SearchNext, plan to launch your search for a new job. Start by thinking about what kind of job you want. Write down job titles, possible employers, and your target salary range. Update your resume to include details about your last position and showcase your unique skillset as it aligns with your target job. From here, start letting people know your new status of being “in transition” and ask for help. They might be able to introduce you to a valuable business contact, keep an eye out for job openings that meet your needs, and introduce you to a hiring manager looking for someone just like you. It Will All Work Out. It May Also Take A While.All told, I’ve had seven workdays that started with lots of obligations then quickly evaporated into unemployment. The good news is that it will all work out. The bad news is that there is a lot of uncertainty between your last day of work and your first day of your fancy new job when it does arrive. Using these tips will set you right as you begin your career transition. Seven Lessons From Seven Layoffs: A GuideIf you've recently been laid off, check out my book Seven Lessons From Seven Layoffs: A Guide. You can even buy the eBook to get help right now. In this book, I cover seven lessons from my seven experiences with unplanned job losses. I include my personal stories alongside practical advice for navigating this tumultuous time. You'll learn strategies for managing your mindset, finding the next right job for you, shaping your career story, and overcoming setbacks. Learn More |
Just get laid off?
Click here for info on what to do first. Author7-time layoff survivor Brenda L. Peterson, The Layoff Lady, waxes poetic on layoffs, job transitions, & career resilience. Buy The Book!Were you recently laid off from your job and need a roadmap for what's next? Pick up a copy of my book, Seven Lessons From Seven Layoffs: A Guide!
Categories
All
Archives
May 2024
|