The ax is falling on many workers. But you could end up better off with a new job — even if you're one of those cut.
Due to economic uncertainty, companies handed out 270,416 pink slips in the first three months of 2023, according to Challenger, Gray & Christmas. The growing list of U.S. companies laying off workers include high-profile employers such as Meta Platforms, Twitter, Disney, 3M, Amazon, Microsoft, and Goldman Sachs.
This year's layoffs, though, come with an unusual twist that should keep laid off workers — and fresh job seekers — from becoming despondent. The job market remains strong.
The nation's unemployment rate is just 3.5%, according to the U.S. Bureau of Labor Statistics. That's just a whisker above the January low of 3.4%, which was the lowest U.S. jobless rate since 1969. What's more, there are still 9.9 million job openings in the U.S. Employers still need help despite an economy hurt by higher interest rates, high inflation, and a wobbly bank sector.
Get A Better, New Job
So, while getting laid off is a bummer, it doesn't have to be a career buster.
Instead, getting downsized gives job hunters a chance to polish their personal brand, look for a better job, and maybe even boost their pay.
"It's an opportunity to think about how you can elevate your career to the next level," said Vicki Salemi, career expert at Monster, an online job search company.
Steps To A Better Job: Polish Your Brand
Pros point out five tips to help you land your dream job fast. First, polish your personal brand.
Your resume is your calling card. But recruiters are likely sifting through hundreds when filling a single job. So, yours needs a wow factor.
Your resume — especially the key "executive summary" at the top — must quickly sell your skills and successes. "It's the written version of your elevator pitch," Salemi said. The message? "What makes you stand out."
Grab Recruiters' Attention For A New Job
Your resume and online job outreach language on platforms like LinkedIn must read like a headline on a digital news story. It has to make the reader want to keep reading.
"You have six seconds to capture the recruiter's attention," said Stacie Haller, chief career advisor at ResumeBuilder.com. So, dive into the job description and requirements. And then tweak your resume and LinkedIn profile so they tell a compelling story.
To do that, promote a strength highlighted in the job description. Maybe you play up a big accomplishment, such as being the only salesperson at your old job to top $1 million in sales. Or that you speak Mandarin Chinese. Or that you're an expert in AI. "Highlight that you've got the goods," Haller said.
Go All In On LinkedIn
If you don't have a professional presence on job networking site LinkedIn, you don't exist in the eyes of recruiters. "It puts the job seeker at a huge disadvantage," said Haller. "Your LinkedIn profile represents who you are professionally," Haller said.
Craft your digital work profile intelligently. And include a photo that screams serious career-minded person. "When I go to LinkedIn and see a photo of somebody holding a beer can, I'm not impressed," said Haller.
Recruit A Coach
Athletes aren't the only pros that benefit from coaching. So, if your job-hunting game is minor league caliber, get a coach to help you reach your job-hunting A-game, says Haller.
How do you know when a coach is needed to hone your career-building skills? When nothing you're doing to land a job is working.
"If you've got your resume out there and you're not getting many interviews, then your resume is a problem," Haller said. "And if you're getting interviews, but you're not getting past the first or second interview, then you need help with your interviewing skills."
Adjust Your Strategy For A New Job
If your resume or LinkedIn profile are akin to a tree falling silently in a forest, it's important that you fix the problem pronto to find a new job.
Why? Striking out quickly and frequently leads to chronic unemployment. "The problem is you don't get a second chance with these companies," Haller said. So, don't send out hundreds of dud resumes that don't work. "If you start by sending out 20 resumes and you're not getting any responses back, don't keep sending anymore out. Don't keep doing what's not working," Haller said.
Instead, go back to the drawing board with a professional resume expert and get it right before you turn 20 rejections into 400 rejections.
And if you land an interview, don't dwell on the fact you were laid off. Don't bad-mouth your old company either. Instead, quickly pivot to why you're perfect for the new job. Your message to the recruiter? "I have the skill set that you're looking for," said Salemi.
