Layoffs are scary and traumatic. You pour your expertise into your career every day, but there is no guarantee that you’ll get to stay. Many times, layoffs are sweeping and indiscriminate. Nothing could’ve been said or done; the company decided to go in a new direction and didn’t include your team.
Job layoffs have made huge headlines recently, so it makes sense that the workforce is currently on edge. The mortgage industry has cut back significantly. Redfin cut 13% of its staff, roughly 860 people, and is shutting down its home-flipping business. The tech sector has seen massive layoffs in many industry giants.
Microsoft, PayPal, and Lyft have all announced job cuts. After a poor-performing fourth quarter, Meta announced layoffs of 11,000 employees. The company expanded its headcount by about 60% during the pandemic, and experts see these layoffs as the company rightsizing. Under its new owner Elon Musk, Twitter announced 3,700 jobs cut, and Stripe cut 1,100.
The news about job markets often gives us a narrow view and may lead to unnecessary panic. Take small steps and start to prepare yourself now. You can do a lot to prepare for a layoff, even if you don’t think one is imminent.
How to Spot When a Layoff May Be Coming
Top Execs Leave
When people at the top of your company leave, this could be a red flag. People leave jobs every day, but when people in key positions start their exit, it may be an excellent time to brush up your resume. Start networking if more than one person at the top makes a move.
You’re No Longer in the Loop
Take note of any shift in communication. Did you feel looped in previously, and you don’t anymore? Has your boss canceled meetings or been vague about details? If this is a new occurrence, pay close attention. When companies make big moves, they often can’t disclose them early on. If something feels weird, it probably is.
Projects are Being Handed off to Other People
If your workflow starts to nose-dive, watch out. If you need more clarification on upcoming projects or your co-workers begin to get handed stuff you usually do, there could be a more significant reason at play. Ask for clarification and see if your boss can provide some transparency. If not, think about what you may want to do next.
There are Signs of a Merger or Acquisition
We all like to give our employer the benefit of the doubt. We hope that even if the company merges, our jobs will be safe, but this is only sometimes the case. Companies exist to make a profit, so they will do whatever they can to ensure that happens. Suppose an outside firm comes in to assess productivity or have you fill out a questionnaire. In that case, it could mean your company is about to make a major move.
How to Bounce Back From a Layoff
First off, know that whatever happens, you’ll be okay. Communities come together when people need help, and people will help you too. Let them. You’ll find your next great gig. In the meantime, here are some places to start.
Take a break
Getting laid off is an enormous emotional stress. Take a few days to let your body rest and recover. There is no right way or wrong way to feel. Feel all the things. Eat well, stay hydrated, and sleep. Things will begin to come into focus after your nervous system settles down a little bit.
Look at your finances
Asses a severance package if you were offered one. Figure out how much time you’ll be able to take to look for a new job. You may have more time than you think. It’s tempting to dive into applying but looking for jobs is draining. After you get a good look at your finances, you’ll know how quickly you’ll have to begin your search.
Get clear on what you want next
If you don’t know, that’s okay too. Start to outline what you want from your next job. What did you like about your last role? What could’ve been better? Partner with a resume writer or career coach to help narrow down your talents and focus on jobs that fit your new definition.
LinkedIn & Personal Networks
Networking is a fantastic way to land a job. In fact, 70% of jobs aren’t even advertised. Take advantage of LinkedIn and your personal networks to do some heavy lifting. LinkedIn is a great way to keep current on the job market and connect with others in your industry. Using these two things can help job seekers land roles sooner than later.
Onward
Nobody wants to experience being laid off; however, it’s often a reality we face working for companies. Numbers on the news can sound scary, but focus on what’s in front of you and take small steps to position yourself so that you’ll be able to rebound from a layoff quickly if you get the bad news.
Keep an eye on any changes in your company or a need for more communication. If your projects are shifting or an outside company has been hired to evaluate employees, look for open jobs. You’re still okay if you know you are part of a layoff. You know what to do next.
Take a break, look at your finances, get clear on what you want, and lean on LinkedIn and your personal network to connect you to jobs that may not be advertised. There’s a lot to the job market that we can’t see at a glance. When you slow down, care for yourself, and work with a network, things begin to come into focus.
Rejection can be seen as redirection. After you reassess what you want in the future, your new role could be the best thing ever. Get ready now, and you’ll be prepared for whatever comes next.
