Layoffs? Read This Guide to Bounce Back
- 8 December 2021
- Posted by: Shubham Kohli
- Category: Business
With changing market conditions and business requirements, we see firms do announce bulk layoffs to keep striving for their core objectives. No matter if you are a part of any layoff program or not, every single person linked directly/in-directly to these organizations can feel the emotional and financial turmoil.
In this article, we’ll explore ways to bounce back during layoffs in your organization. To cover each aspect of layoffs, we are dividing this article into 3 broad categories – “Next Steps – If you are a part of any layoff program“, “Next Steps – If you aren’t a part of the layoff program but it happened in your firm/department” and “Next Steps – If you are joining an organization that recently wrapped a layoff program“.
Next Steps – If you are a part of any layoff program
There are a lot of posts, videos which try to depict the better side post getting laid off, but receiving that unexpected final letter from your HR is always daunting and no one wants to be on that side of the picture.
Moving here, we’ll explore ways to actually cope with this trauma and eventually create pathways to success.
- Digest, you are no longer a part of your current firm and your monthly in-hand will completely be dried up in the next couple of months (depending on your firm’s HR policy) if you don’t have any secondary source of income. The sooner you train your mind and body with this reality the better your chances become to fight.
Pro Tip: Don’t spend your resources in getting back to the HR/Managers as this won’t be of any help since the decision is already made and there are very fine to no chances of rebuttable.
- Be honest with yourself, family, friends and professional network. There’s no harm in announcing (probably on all your social handles) that you are open for opportunities, who knows what’s waiting for you on the other side. If you want to change your industry, business role or even upgrade yourself, this would be the best time to hit that nail.
Pro Tip: Make sure you keep conversing with your family and friends, if condition allows, schedule a visit to the ones with whom you love spending time. Keeping your mind at peace and relaxed will def help creative solutions to flow in.
- Send cold emails to all the recruiters/connections in your network. Can’t emphasise enough the importance of sending cold emails, LinkedIn connection requests or maybe joining Facebook groups. Remember, before sending any cold text it is important to gain understanding about the firm, role, etc, and prepare your job application/resume in accordance with the company’s vision and requirement.
Pro Tip: Before forwarding your resume to any recruiter/firm, make sure you work on creating cover letters (and customise your resume as per need of the role for which you are applying) briefly explaining your skillsets and how this you would be able to connect dots for your career/personal progression if you join this role/company.
In case you require help in overcoming this hard time + futureproof yourself, fill this form to connect with me and let’s this forward (this is not a professional service, just trying to help and do my bit)
Next Steps – If you aren’t a part of the layoff program but it happened in your firm/department
One can find baggage of mixed emotions which can’t be put into words. If you recently witnessed this, chances are you must be calculating the probability of getting laid off in the next wave (even not sure about these waves). Let’s dig and explore ways to get yourself futureproof.
- Introspect, there are high chances that you are the best one to see what’s working for you and what’s not in the current role. In case things aren’t working, then it would be the time to start upskilling or either switch your current function or the industry. If things are working for you, make sure you know in which ways you are contributing to your current employer and check if things/processes you know today would stay relevant in the coming 6-12 months, if not, you know the drill, upskill!
Pro Tip: Enroll yourself on a course/certification which will help you to stay relevant with changing conditions. Reach out to your manager and have an open discussion on your contribution to the team/firm and take their guidance to lay the path for coming months/years.
- Build a stream of passive income. If you don’t want to receive that unexpected HR letter and go out of money from the very next month, building streams of passive cash flow could be a fix to such a situation. Start tuitoring, reselling stuff, YouTubing or conduct workshops for the skills in which you are good at; there are many ways with which you can maintain a secondary cash flow and cruise through any difficult time.
Pro Tip: Even if you are 100% satisfied with your current function, it is recommended to have a secondary stream of income or start something which won’t be impacting your attention or deliverables with your current employer.
- The network is your net worth. Make genuine professional connections, share your expertise, engage with them on social handles, help them out with difficult times. Remember, one should not be confused with the number of followers on LinkedIn or Instagram, moreover, one should be focusing on adding true, genuine people to their network and maintaining to have a regular connect with them (in-person/online).
Pro Tip: LinkedIn is one of the best platforms to start building professional networks. If you are not on LinkedIn or your profile is outdated, this might be the best time to take the charge.
In case you require further help in futureproofing or explore more possibilities, fill this form to connect with me.
Next Steps – If you are joining an organization that recently wrapped a layoff program
This could be a nightmare if you are joining a firm that recently concluded a bulk layoff program, as one might be questioning the stability and future aspects of the company. This would not be as scary as you are thinking, let take it this way – If the organization hasn’t revoked any new offer and is still open to hire boldly means the leadership doesn’t want to compromise with individual performances and hence is still onboarding the best talents in the market for next phase of the journey.
If you are joining such a firm, I would recommend you to conduct a thorough research (connect and check with the folks who are already working there) to learn if they are still hiring, future plans, how their competitors are performing (if they are laying off too, this would be a red flag). Once you find the sweet spot and are ready to join the organization, make sure you follow the above sections to remain ahead of the curve.