How To Handle A Layoff
How To Handle A Layoff
What first began as hiring freezes resulted in layoffs for FAANG tech giants such as Amazon, Meta, and Google to name a few. During the COVID-19 pandemic many companies in the tech sector hired based on projected growth. However due to inflation, supply chain issues, and geopolitical events this impacted consumer spending which as a result impacted revenue growth for companies. This cause and effect also impacted the stock market. Most importantly it impacted the lives of those directly laid off.
In the wake of recent layoffs, how should you handle the difficult news?
Negotiate Severance
The purpose of severance is to soften the blow of involuntary termination so that employers can avoid a potential lawsuit. As a result you may have leverage to negotiate your severance package depending on your seniority.
If you receive paid time off, sick time, or vacation time make sure that you are being compensated for it. If you enrolled in medical, dental, or vision benefits that coverage can possibly be extended from your severance package. Get the end of coverage dates for all benefits and utilize your benefits before they expire.
If you were eligible for restricted stock units (RSU) that have not vested yet you should negotiate that in your severance package.
Make sure to get anything that you digitally sign or agree on in writing and forward it to your personal email for documentation for your own records.
Many companies also offer job placement support. This can include advising sessions to assist in a new job search.
Once you get that severance how can you ration it so that it can benefit you as you job hunt?
Claim Unemployment Insurance
Typically if you are impacted from a layoff you may be eligible to receive unemployment. You must meet your state’s requirements for wages earned and time worked in order to qualify.
In order to claim unemployment, do your research to locate the unemployment resources in your state. You can determine the eligibility requirements as well as the documentation needed to claim unemployment.
Update Your Resume
Before you begin your job search update your resume to include your educational background and relevant experience. Include any languages spoken, your skills, relevant personal projects, and any volunteer work.
You can have a trusted friend review your resume or utilize professional resume building resources available online. Have your resume available in a Word and PDF format because recruiters and hiring managers work on various operating systems using different software. Using a PDF for instance will maintain the integrity of your document on all platforms.
Network
Once your resume is updated be sure to update any platform you use to job search such as LinkedIn. After updating your profile you can set job alerts to receive notifications on specific keywords.
You can also set your profile status to being open to work. There are filters to only display this to recruiters or your entire network. Don’t be ashamed to disclose that you are looking for work with your professional and personal network. Be honest with friends because this can also impact your social circle when it comes to social outings.
If you would like a letter of recommendation from your manager or a previous colleague don’t be afraid to ask!
Most importantly don’t let the loss of a job be the reason you job hunt. Even if you are not actively searching you should never get too comfortable but you should always be open to develop your skills and explore new opportunities.
Continuing Education
A large part of remaining marketable is continuing education. Especially in the tech sector where technology is constantly evolving, continuing your education by relevant certifications and courses can help you in your career. You not only keep current but you expand your knowledge. You evolve as much as technology does.
As long as you’re willing to learn, your job potential is limitless.
Utilize Mental Health Services
If you were like many who found out about layoffs through the media or waking up one morning and receiving a text or email, you are not alone. What was confusing is that most of the layoffs were not performance based so there was shock all around the board – even for those who heard their colleagues were part of the layoffs.
If you feel angry, frustrated, confused, scared, or any other range of emotion just know that it is justified. Especially if you have a family to care and provide for this makes an unintentional job loss even scarier. The answer on how to handle a layoff is however you want. Any emotional reaction is justified because it is an involuntary job loss. You are allowed to feel how you feel. However, to make that emotion productive you can seek therapy.
If you received a severance package you should have access to utilize your employee assistance program (EAP) which most employers have. Seeking therapy can help with you with any justified feelings caused by a job loss. You can receive free counseling sessions through the program to help you process your feelings. It’s important to talk about what’s going on inside of your head, you are not alone.
Reevaluate Your Budget
Since there has been a change in your life, it is only natural for your lifestyle to change with it.
Reevaluate your budget in conjunction with any emergency fund that you have and any severance you received. Adjust your budget to accommodate you while you job hunt, work an odd job, or even take a break to include essentials (or wants you can afford) until you have a stable income again.
Remember that life involves constant change, some being out of our control. But in the end everything is figureoutable. You are your own brand and your skills are a combo package which are valued in the workforce. You did it once and you can do it again!