It's a Rocky Economy. Here's How to Handle a Potential Layoff

We’re seeing an increase in the number of people being let go from companies due to the current economic climate. Fortunately, many companies are still hiring. It’s important that people who have been laid off develop a good job search strategy to guide them to their next opportunity.

My father worked factory jobs in Northeastern Pennsylvania for most of my childhood. A year rarely passed without him being laid off or going on strike. The experience taught me from a young age that there is little to the term “job security.” The pandemic reinforced that belief when millions upon millions of people were laid off or furloughed almost overnight.

Your own anxiety about layoffs may be growing as you encounter headlines about the economic challenges we’re all facing right now. Specifically, meteoric post-pandemic growth is leveling off and countries are still grappling with inflation. The result is that many industries are bracing for what may be a financially difficult few months.

The tech industry appears to have been hit particularly hard as they brace for whatever may be on the horizon. A number of large tech companies have recently announced layoffs and other actions, including a corporate hiring freeze at Amazon, a partial hiring freeze at Apple, layoffs at Lyft and — of course — mass layoffs at Twitter following Elon Musk’s acquisition of the platform.

Today, I want to offer some action items that anyone can take if they are affected by a layoff — or fear they may find themselves out of work in the near future.

1.) Take a Deep Breath, Don’t Panic

Most people will naturally panic when they go through a job loss. A loss of employment can trigger our internal fight-or-flight reflex. You’re likely going to want to start applying to every job post you see, but fight that urge. Instead, take at least 24 hours to ask yourself some important questions about your situation and career path.

These questions are probably what a lot of you would expect: What economic resources do I have to get me through my job search? Do I qualify for unemployment payments? Do I want to continue on the path I’m currently on in my career? Where do I want to work? Do I need to find a bridge job to earn money in the interim? There may be more depending on your situation.

Make sure you take the time to actually answer those questions for yourself. Also, act on what you need to do in that moment, such as applying for unemployment payments or talking to people about their career paths. You may need an extra day or two to complete these tasks.

Asking yourself these questions over a day or two will put you in a much better position as you start your job search.

2.) Get Your Profile, Resume in Order

Once you ask yourself those questions, it’s important to take some time to make sure your LinkedIn profile and main resume document are in good shape to be reviewed by potential employers.

What does “good shape” mean when it comes to your LinkedIn profile and resume? Well, it depends on the jobs you plan to go after during your search. Spend time gathering and analyzing job descriptions for the positions you want. Then, tailor your profile and resume to be those of a great candidate for the type of role you hope to land.

3.) Activate Your Network

The next step is to reach out to your network once you have the answers to what you want, have your LinkedIn profile polished, and have your main resume document in order. Tell them that you’ve lost your job due to layoffs and that you’re looking for a new position. Tell your network the type of position you’re looking for and give them a copy of your resume along with a link to your LinkedIn profile.

I know there is often shame attached to being out of work, but it’s crucial that you tell your network that you’re looking for work. If you don’t, they won’t know to help you.

Also, some of you may worry that you don’t have a network or that you haven’t kept up with relationship-building while employed. The good news is that we all have networks even if they haven’t been actively cultivated. 

Your friends and family are part of your network. People that you see in your local community are part of your network. Other parents at your children’s school are part of your network. The key is to think holistically about the people you have some sort of connection to in your everyday life. 

Also, if you were part of a larger restructuring, consider creating a job search club with other people who were laid off with you. You can help each other with your resumes, practice interview skills, proofread cover letters and so much more.

4.) Develop a Job Search Routine

People lose a lot when they are laid off, including their routines. You’re generally setting yourself up for success if you adopt a similar routine to your workday during your job search. 

For example, get up and go for a walk or to get coffee to simulate a commute. Spend a chunk of time researching companies or open roles. Take time for lunch. Pencil in time for e-learning and networking each day. Then, wrap up your job search at the end of the day just like you would at a job. Close your laptop and call it a day.

Applying a routine to your job search will help you acclimate to your new and temporary reality, keep you moving forward, and it will also help you set healthy boundaries between your job search and personal life.

5.) Focus on What You Can Control

Many components of a job search are out of our control. We end up setting ourselves up for failure when we set goals or objectives about things that fall outside of our control.

My go-to example is someone who says they’re going to get three job interviews every week. While that may seem like a great goal, you have very little control over the scheduling of job interviews or employer outreach. 

Instead, focus on what you can do that will increase your odds of getting a job interview. For example, set a goal of networking for 5 hours every week — sending emails, having coffee chats, or reconnecting with old coworkers. Networking for 5 hours every week is completely within your control and will likely increase the odds of you getting an interview.

Also, focus on the quality of your job applications — not the quantity. Some people believe job searching is a numbers game and submit as many applications as humanly possible. Yet, that “spray and pray” method rarely results in a good outcome. Spend your time building great job applications for roles that excite you. The end results will typically be much better.

6.) Make Time for Fun

You really need to make time for fun and self-care while looking for work. I know some of you will disagree with me because you’ve told me in the past. Typically, people will tell me that a job search is a full-time job. Even if you believe that mantra, full-time jobs allow for vacations and days off.

Focusing on any task — whether a full-time job or a job search — without breaks or time off will ultimately lead to burnout, which will impact your performance. Allowing yourself time to enjoy your hobbies, hang out with friends and family, get outside or do something you enjoy will give you the space and time to recharge.

You’re going to be a much more effective job seeker if you give yourself space and boundaries.

7.) Ask for Help

Some people can’t navigate a job search or really stressful situation alone. Personally, I likely would not be able to control my anxiety in such a situation without the help of a therapist.

Never be ashamed to ask for help during your job search — whether professional mental health help, hiring a job search or career coach, or just having a trusted friend to lean on when times get tough.

Job searches are not meant to be solo journeys. 

8.) Stay Optimistic

Lastly, do your best to stay optimistic during your job search. Many of the steps I mentioned above will help, including developing a routine, making time for fun, and asking for help when needed.

Overall, remember that job searches do not last forever. Millions of people lost work during the pandemic and those job losses have been made up for in a short amount of time.

Plus, the economy is not in dire a position as of right now. The fact is that growth is slowing, but it’s slowing down from an unprecedented hot streak. Basically, things are returning to pre-pandemic levels. Yet, it’s still considered a slowdown, which is why we see companies taking the actions they are with their workforces. The good news is that despite headlines about layoffs, many companies are still hiring.

The key is to have a good job search strategy and keep going.

Once you’ve gotten through the application portals, cover letters, and perfectly-tailored resumes, it’s time to attack the next job search hurdle: the interview. Valerie Sutton, who is director of career services at Harvard School of Education and the instructor behind the popular LinkedIn Learning Course Master Common Interview Questions, joined me on the latest episode of the Get Hired podcast to dispel some interview myths and dig into key best practices for nailing the job interview. You can read a transcript of the conversation by clicking here. You can also listen to the episode below or by clicking here.

If you like the podcast, don't forget to rate and review us on Apple Podcasts by clicking here!

• How do you avoid and combat burnout? (By Brandi Fowler) Every job has its stressors, but when work feels particularly overwhelming, it’s important to pay attention and make sure you’re taking care of your mental health. You could be on the brink of burnout. It’s important to identify the signs and symptoms of burnout to help you combat it or avoid it. Read more by clicking here. 
• Why does the workplace feels so chaotic? (By Alessandra Riemer) The Great Reshuffle, quiet quitting and quiet firing, oh my! While all these workplace trends might start to make your head spin – for the most part, these sentiments have been around since 2019, argues a labor expert. The pandemic only added fuel to the fire, igniting calls for more work-life balance and better benefits. So why do all these trends feel more dysfunctional now? “I don’t know if there’s more dysfunction so much as, in many cases, we’re saying: No, we’ve seen a better path," an organizational psychologist tells CNBC Make It. Read more by clicking here. 
• How do you build a daily routine for yourself? (By Timothy Mably) One of the main ways to create stability in your life is to develop a routine. Finding the right daily routine takes time as you experiment and figure out what works best for you. The main approach is to have a top priority to build your schedule around. Fortunately, in today’s hybrid world, you may have more control over your routine than ever before. Read more by clicking here.

Work burnout is dangerous to your mental well-being. This LinkedIn Learning course offers ways to combat feelings of burnout, stress and exhaustion. You cannot be your best self without taking care of yourself. You can listen to the course below or by clicking here.