Be it the dot com recession of the 2000s, the housing market crash of 2007–2009, or the Covid-19 recession of 2020; a problematic economy can lead to a very tough job market.
The year 2022 is no different, the economic unrest is still a falling knife that has not hit rock bottom yet. Major tech firms like Meta, Twitter, Lyft, Stripe, Coinbase, Netflix, Shopify, Amazon, Microsoft, Google, Stripe, and the list continues; have let go of their employees.
Getting laid off can be one of the biggest professional setbacks one can experience in life, but in hindsight, it can turn out to be an opportunity in the longer run. A lot of people remain stuck in their jobs, and not being able to move on as a self-induced change is very hard. Losing an old job is an indicator of a fresh start. Difficult times shape you into a better version of yourself, as long as you decide to take lessons from the crisis. Try to think about it as an opportunity that’s ultimately going to do you some good. Here are a few ways to combat being laid off in a more effective way
- Take a break
As an immediate aftermath of a job loss, give yourself some time to absorb the news that things are going to take a huge turn in your professional life. Try plugging out for a while and go take a break. A hike, going to a beach, a game of golf, or any other activity which makes you enjoy should be one of the very first resorts to deal with this massive blow. Being in surroundings that you enjoy can be a better way to assimilate such a piece of news. Try not to rush into the job market in the very first week, rather give yourself time to process what you feel. - Check your finances
Getting to know where you currently stand w.r.t finances will help to keep anxiety at the bar. In an ideal situation, you should have a run rate of a minimum of 1–1.5 years of expenses in your savings which can be liquidated at any point in time. Anything with close to 6–8 months is also a decent amount. But if it’s lesser than that, it gets slightly worrisome. Keeping a close check on a detailed household budget will help you define a timeline for the next job hunt, also to align the severance and other unemployment benefits. The more buffer of cash you have the safer you will tend to feel. You and your dependent family members need to cut down on the expenses till a resolution.
Also, take this as another lesson on how to manage your finances well.
- Talk it out
Rejection feels personal, be it in any form. Acknowledging the fact that your current employer has consciously let you go is hard. So it’s best if you speak to close friends and family as many times as you want till you’ve made peace with the new reality. If you dive straight into the job hunt without releasing the nasty emotions against your previous employer it might reflect badly on the new recruiters, try asking your trusted circle for objective feedback on your job market readiness. “Ask, ‘Do you think I’ve come to terms with the situation? Am I ready to go in front of a recruiter?’” - Develop a strong resume and LinkedIn profile
Once you’re ready for a job hunt start by updating your resume and LinkedIn profile. Come up with an upbeat explanation for your layoff to share with your potential employers. Start networking and set aside time to meet with people for business opportunities. A job search requires massive dedication — it’s a volume game, if you’re sending out your resume to 20 + openings and get one call back it’s still a very good sign. DO NOT give up! Getting complacent after one interview is something you can’t afford. Try to sustain the momentum.
Action Plan: Finally, create a list of accomplishments using the CARL (Context, Action, Result, Learning) or STAR(T) (Situation, Task, Action, Result + Takeaways) methods of reflection. Describing your accomplishments on paper will help you understand your current skills and capabilities and illuminate your successes, which can help calm all those racing thoughts about the job-hunting process.
You can check out the attached resources that will help you to make your job hunt easier-
Refer to
Guide to getting the right job.
How to write a resume that stands out.
Optimize your LinkedIn Profile.
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