What do you do if you face a layoff in Product Management?

when several of my friends got laid off few weeks back, I supported them through the planning for the transition phase and this is what worked with them 1) Laydown all your financial commitments and go back in history on your credit cards to 12 months back to assess subscriptions and regular commitments that are even on annual basis 2) Make a skill assessment of the current skill matrix and list down the new career job targets to assess the skills needed and create skill gap analysis that allow you to assess the missing skills or competencies 3) Define the transition period of how much you can survive until you get a new job and critical timing to have even some gig to support 4) Start refining CV & have support system of family/Friends

Layoffs can be challenging, but it also presents an opportunity to reassess your career and explore new paths. To start off we need to be calm, take some time off with family/friends/alone so that you can regroup your self and focus on next steps. Evaluate your savings and budget to understand how long you can sustain yourself without a new job. Reflect on your career aspirations and consider whether you want to continue in product management, pivot to a related field, or explore a new industry. Reflect on what you can learn from the layoff experience and how you can apply these lessons to your future career.

The first step with any layoff is not to panic. Getting laid off can be emotional - especially if you don't see it coming. Take the time you need to process. Yes, this includes practical things like assessing your financial situation and determining what professional skills need to be refreshed. However, I'd argue that getting in a good, healthy, determined headspace is the best thing you can do for yourself and your upcoming job search. You need to make your peace with the layoff before you can fully invest yourself in applications & interviews!

Because so many define themselves by their job (first question of another - what do you do), getting laid off can be gut wrenching. Step one is to not let this drag you down into depression. You are not a failure. You did not fail your family and children. You will be no value to them or yourself if you "get lost in the sauce". If needed, get professional help. Step two is to determine how long you can be without a job. Perhaps there are things you can cut back on short-term. Step three is to reassess See this as an opportunity to reset. Did you get laid off from a job you hated? that caused you to dread Monday morning? Perhaps this is a blessing in disguise. What job would make you happy? excited? bring you joy and financial rewards?

Consider the layoff a hidden opportunity to redefine your career path or pivot entirely. Evaluate how long without work is feasible, check savings/debts, and honestly assess feelings about your skills and career direction. Sometimes, a forced pause can lead to incredible growth or change.

When you're updating your resume, be sure you have a clear understanding of what employers are looking for. ChatGPT can be a great resource for this. Load in job descriptions for roles you find interesting, then ask it to summarize the skills and experience that appear most frequently. This will help you ensure that when you highlight your past work, you're showcasing capabilities and skills that employers are looking for.

It is crucial to update your resume and portfolio after being laid off. It would be best if you tailored your resume so that you can emphasize the most relevant product management skills and accomplishments you have had to date by indicating how you have helped enhance the performance of products under your supervision. In presenting various projects in your portfolio, you should highlight your problem-solving skills and emphasize user-centered design objectives and business impacts. A well-prepared resume and portfolio are key to opening doors to new opportunities.

Update your resume and portfolio with recent achievements and projects, emphasizing your impact, value, and product management skills. Incorporate quantifiable metrics, user feedback, and business outcomes to demonstrate results effectively. Include a concise summary outlining your career goals and aspirations, ensuring alignment with your personal brand. Craft a compelling narrative that portrays your identity and capabilities convincingly.

KISS ( Keep It Simple St**id ) the opportunity. It will be a learning opportunity. Résumés can be simplified and customised for each and every interaction. So can be your posts on LinkedIn. Think about your top three audience types and strategically build content for them. World is your oyster : 🌎 == 🦪

When renewing your resume, use action verbs and specific examples to demonstrate your impact on product development, user experience, and business growth. Furthermore, keeping an updated LinkedIn profile can enhance your online visibility and attract potential employers or recruiters.

Network your gd face off. The market is full of laid off product people right now. You can waste time updating your resume and applying through LinkedIn and indeed. Or. Or you can start messaging people for a 15 minute chat to get their advice on your next role. Zoom has made this insanely easy. And we all want to help people that have fallen victim to the poop sandwich the market is handing employees right now. So ask for a chat. Have a REAL conversation with the person and learn about them while sharing your experience (not the story of your tragic layoff) and ask them if they can connect you to other people in the types of companies you want to work for. Do this 10 times a week for the next 2 months and crush the interviews you get.

This is an area where you're either good - asking others for help - or you struggle. Reach out to your contacts on social media. Ask your prior co-workers to provide recommendations on LinkedIn. Follow companies you're interested in. Participate in their discussions. Consider your career your product. How would you market yourself? You're a PM so you should be able to answer this. Build a GTM plan for yourself to get the word out.

The job sites are helpful, but you must do your homework and find a contact if you are serious about getting an interview at the company. There are ways to do this through the job site, but it can be akin to a cold call. Networking is your friend. Don't be afraid to reach out to friends, family, and acquaintances. When you meet with them be sure to ask for references of others you should meet with.

Reach out to your network of friends, family and your colleagues for possible introductions. Explore and maximize the strength from a like minded community, group or forum.

Utilize your professional network. Let your contacts know you're seeking new opportunities. Attend industry events, join professional groups, and participate in online forums. Often, networking leads to unadvertised job opportunities.

Use this time to enhance your skills. Enroll in courses or certifications that boost your product management abilities. Stay informed about industry trends. This not only sharpens your skills but also demonstrates your commitment to potential employers.

It’s crucial to conduct thorough preparation for job interviews by researching the company, understanding its products or services, and familiarizing yourself with common interview questions in product management. Practice articulating your problem-solving approach, communication style, and leadership abilities through mock interviews or peer feedback sessions.

Apply for positions that align with your skills and career ambitions. Prepare thoroughly for interviews. Research companies, understand their products and market standings, and be ready to explain how your experience and skills are a good fit.

Stay Calm and Positive, I know it's difficult. Losing your job can be distressing, but maintaining a positive attitude is crucial. Stay calm and focused on the steps you need to take next

Staying positive and courageous in the midst of rejections and delays is not an easy task. Job searching is often a numbers game. Rejection is usually not a reflection of your qualifications (though it can be, and when it is, we can always learn more and improve). For example: Imagine you are an epic burger with all the epic toppings (fried eggs, mushrooms, bacon). But you got served to a person who already had a big breakfast and it's not even close to lunch time. Naturally, this person will not think this burger is epic (even though it is!). The same thing often happens in a job search. Sometimes, some companies just don't think you are epic and need to be ordered... So keep looking, keep trying, know that you are one epic burger!

Job searching is more like a marathon than a sprint. Maintain a positive mindset and keep physically and mentally healthy. Resilience is key during this period. Celebrate small victories and stay motivated.

Layoffs are often a result of business decisions and not a personal reflection of your abilities. First things first- 1. Take care of your mental health: It's normal to feel shocked, angry, or sad. Give yourself time to process your emotions. 2. Review severance package & negotiate if there’s an option 3. Reach out to your network without second thoughts- it could happen to anyone 4. Reflect on your experience: Identify key takeaways and accomplishments from your product management role to showcase in future interviews or applications. 5. Seek support from mentors on next steps. Go to therapy if you need to Stay positive, focused, and proactive in your next career steps.

Speak to startup founders & begin either as a freelancer or consultant or cofounder till you dont find a good opportunity. It is simple & easy to implement

Always have a back up strategy and use the lay off as an opportunity to improve yourself and develop new talents that will open new doors and opportunities.

Take steps to maintain financial stability during the transition period, such as reviewing your budget, exploring unemployment benefits, and considering temporary or part-time work if needed. Having a financial safety net can alleviate stress and allow you to focus on your job search and career transition.

Offer to complete the project on freelance basis since i have the full knowledge of the project financial status plus good relationship with customer. This is a stop gap until next opportunity comes along. Start networking as well as offer my expertise and experience as freelancer in the market either in project execution, project scheduler, project planner, project controller, project logistic, project QS and even project trainer. Maximise the skillset, knowledge and business acumen.