Losing your job can be a difficult and stressful experience, but it is important to remember that a layoff does not define your worth or limit your future opportunities.
My feed has been filled with news of lay offs, uncertainty, and shifts in the tech industry. Tech workers are not the only ones effected. 59% of workers in the tech industry do not actually work directly in tech. They are marketers, strategists, recruiters, accountants, suppliers, sales people, etc.
Unfortunately, layoff have become common over the last few years, and particularly in the last few months. I've seen first hand how challenging it can be to recover from a layoff.
"Should I have worked harder?"
"I thought this job was going to be stable. How was I so wrong?"
"I don't know what to do."
If you are hearing these thoughts run through your head, you are not alone.
78,000 tech industry workers have lost their job this year so far, with another 160,000 in 2022 according to Layoffs.fyi.
This article is for people who are looking to get back on their feet and come out from their layoff stronger and more empowered.
10 practical steps that you can act on now:
- Take care of yourself: Take a pause and create time for yourself to reflect, be present, and accept the current situation. Losing your job can take an emotional toll. It's normal to feel grief, bitterness, sadness, and defeat. It’s important to take care of yourself physically and mentally. This can include exercise, spending time with loved ones, and finding healthy ways to cope with stress. You know yourself best. Do what gives you joy and energy.
- Assess your finances: Look at your budget and determine your immediate needs. Take advantage of any severance or unemployment benefits you may be eligible for, and see if there are any other sources of income available to you. I'd recommend creating a quick cash flow chart to determine how much income you'll have over the next few weeks and determine how much you'll need to be spending. You may have to adjust your lifestyle for the time being. Determine how many weeks you will feel comfortable without income (in other words, how many weeks you have to find your next role).
- Career reevaluation and stay open: A layoff can provide an opportunity to reflect on your career goals and assess whether your previous job was aligned with your passions and interests. You may have already been thinking about a change or have been feeling burnt out. Ask yourself, "What opportunities can I now pursue?". Be open to taking on freelance work or considering industries or positions that you may have previously ruled out.
- Time for personal growth: A layoff can provide time for personal growth, such as learning new skills, traveling, or pursuing hobbies and interests. You'll have plenty more time to be with yourself.
- Reflect on your strengths and interests: Take time to think about what you enjoy doing and what you excel at. This will help you identify potential career paths that align with your skills and passions.
- Build a tangible plan (WITH DEADLINES): Depending on your conclusions from 3 and 4, you may want to find a job immediately, take a short / extended break, pursue further education, start a business, pursue a passion, etc. The list can go on. Create a tangible timeline with key milestones that you would like to accomplish.
- Update your resume and professional network: Make sure your resume accurately reflects your skills and experience, and consider reaching out to past colleagues or networking contacts for potential job leads. This is something that you may not have updated in a few months. Get this done sooner than later in case opportunities arise.
- Research new industries and careers: Learn about industries and careers that interest you and see if they are a good fit for your background and experience. Consider reaching out to individuals in these fields to learn more about the day-to-day realities of these jobs.
- Build new skills: Acquiring new skills can help increase your marketability and make you more competitive in your job search. Consider taking courses or certifications related to your desired career path, or volunteering for organizations that align with your goals.
- Network: Networking is a critical component of any job search, and it can be especially helpful after a layoff. Attend industry events, reach out to people in your professional network, and utilize online networks such as LinkedIn to connect with potential employers and learn about job opportunities. Asking for help is extremely beneficial. Consider working with career counsellors, mentors, coaches, and support groups.
Remember, recovery from a layoff takes time, but with determination and a positive attitude, you can get back on your feet and find a new job that will be a better fit for your skills and career goals.
You have a lot to offer! You can lead your career!
A layoff can be can be seen as a setback or an opportunity. I've seen people bounce back from layoffs and end up happier, stronger, and even more motivated.
Have any other tips, resources, or guidance to share? Comment below!
As a Career Strategist, I help professionals create fulfilling and impactful careers and lives based on their strengths, values, and interests. You are not alone.
If you are open to support, I am happy to offer my time to be a sounding board, thought partner, and a guide to help you develop a plan for your next career steps.
Feel free to DM me directly on Linkedin or email me at hello@caseychung.com for more details or to book a slot, click here.
