Layoff Guide: How to Land on Your Feet After a Layoff
It seems like everywhere you look there are layoffs. In 2023 there were 250,000+ layoffs in the tech sector alone. Unfortunately in January 2024 there have already been 30,000 layoffs affecting tech, publishing, and other industries.
I work with many job seekers who find themselves in a tough spot due to company downsizing, like Melanie who went from laid off to offer signed in less than 60 days. If you’re anticipating or recently impacted by a layoff, this guide is for you. Here’s what you should do before, during, and after layoff to land on your feet.
What to do Before Layoff
Getting laid off means that you are losing your job to no fault of your own - this often happens due to loss of company profits, low performing stock, or restructuring. Given the planned nature of layoffs, usually there will be murmurs of layoffs before they happen and employees will have some warning before they are announced. Use this advance notice to your benefit and organize anything that you might need should you depart your company. It may be tempting to bury your head when you hear murmurs of a layoff, but there's plenty you can do to prepare.
Migrate Your Files
Review any projects, files, and items on your computer that you want to take with you. Today many of us use our work computer as our main computer, so make sure you send any personal items you want to yourself. Also consult your employee handbook to understand which items are allowable.
Healthcare Checkups
If you're enrolled in company health insurance, use this time to schedule any doctor's appointments and fill prescriptions. This can save you money and mental strain in the circumstance that you are laid off.
What to Do the Day of Layoff
Receiving the news that your position has been impacted by layoffs can be shocking and difficult to hear. Your notice may have come from an email, group call, or one-on-one meeting with HR. Before you react, take a moment to pause and review information about your separation. HR will have likely discussed any type of severance package or sent over information for your review.
Decompress
Take a walk, run, or do your favorite mental health boosting activity. Take the mental load off for now and give yourself grace.
Apply for Unemployment
Start the application for Unemployment Benefits as soon as you receive news that you have been laid off. Each state has different requirements and instructions for filing for unemployment so you will want to reference your state government's website.
In some states vou can start receiving unemployment right away, even if you've received severance pay. For others like New York, you may have to wait until your severance pay period ends to start receiving unemployment benefits. Regardless, navigating unemployment can be a long process - get ahead of it by applying early. Unemployment Benefit amounts, instructions, and applications vary depending on your state. Visit your state government's website directly.
What to Do the Week After Layoff
Understand Your Severance Agreement
Before signing your severance agreement read it several times to understand your benefits and rights. Is your severance paid off in a lump sum or is it paid out over a certain time period? Does your health insurance continue for a few months or will you have to pay the full premium through COBRA insurance? Will the company pay for additional assistance like a career coach?
Understanding your severance agreement will help you determine how much runway you have and whether you should go back to your employer and negotiate for more severance or benefits.
Make a Budget
Now that you've seen your severance amount it's time to determine how much financial runway you have and make a budget to fit. Look at your savings, severance, and additional income sources to determine how much financial runway is available if needed.
Financial experts suggest immediately scaling back on discretionary spending and instead focusing on essentials like housing, food, and utilities, until your next job. Cutting back on eating out, subscriptions, and extras like vacations can help you save money.
Now that you have an understanding of your cost of living per month, use that amount divided by your available finances to determine how many months you will have for financial runway while job searching. Spend an hour or two examining your financial situation, creating a budget, and eliminating unnecessary expenses. Planning can alleviate layoff stress and ensure security for the future.
Get Started with Job Searching
Now that your life admin and logistics are taken care of, start updating your resume and optimize your LinkedIn profile and portfolio to let your network know that you're open and looking for your next opportunity.
Before sharing your resume, make sure it is thoroughly edited and reflects the accomplishments you achieved during your most recent role. Consulting a professional for resume writing services can help make sure your resume is professional and tailored to your field. As you're updating and sharing your resume, be mindful of these Common Resume Mistakes (and How to Fix Them).
Share that You’re Open to Work
Craft a thoughtful Linkedln post that highlights your skills, the positions you're open to, and shares your resume. Use this opportunity to be top of mind for your network and ask for any job leads and connections to companies that are hiring in your field. Networking will be essential during your job search so make sure you're engaging with your network throughout this process.
Ongoing Job Search Strategies
Structure will be your greatest helper during the weeks after a layoff. Aim to schedule your day in the same way you would when working on a major work project. Add calendar blocks during the time of day that you feel most productive and apply for the most exciting jobs for 2-3 hours. Create a to do list for additional tasks like following up on emails and potential leads. Remember to take regular breaks throughout your day. Creating a job search strategy can be key to focusing and securing the right role.
Networking
Use a few hours a week to Network. Most jobs are never advertised and many positions are filled through personal and work networks. With job postings receiving 100s and sometimes 1000+ applications, networking greatly improves the chances that your application will be seen and you will be considered for an interview. A recent client Melanie mastered networking to go from Layoff to Offer Signed in less than 60 Days.
For networking strategies, use this Guide for Networking During Your Job Search. You can start networking today - set a goal on who you want to build a connecting with and why, then seek out referrals to get connected to the right people. Focus on building authentic relationships with people that can be nurtured overtime.
Mental Health
Job searching can often feel like job itself. It's important throughout this process to take care yourself and your mental health.
Take breaks regularly throughout your day and after strenuous tasks. Consider taking 1 day off a week from all things job related. Make time for doing things you love outside of job searching. Whether it's cooking, exercise, reading - practicing hobbies will help you recharge and alleviate stress from job searching. Everyone will have a unique strategy, here are more ways to Take Care of Your Mental Health During a Job Search.
