Looking to tighten their belts and curb their budgets, U.S. companies are in a job-cut frame of mind these days, with some of America’s largest groups parting ways with thousands of workers.
Meta (META), formerly Facebook, laid off 11,000 employees in the second week of November. Twitter’s new boss, Elon Musk, cut ties with 3,700 people a week earlier. Seagate (STX), Carvana (CVNA), Snap (SNAP), Coinbase (COIN), and Microsoft (MSFT)also cut employment rolls.
Economists expect more job cuts in the coming months as companies turn defensive with a recession potentially on the way.
“This is a very confusing time for employees because there are simultaneously large numbers of layoffs and resignations,” said career and workplace expert Samantha Ettus. “Keep in mind: While navigating your career has completely changed, how to land a job has not.”
Getting Back on Your Feet After a Layoff
While losing a job can be emotionally draining and taking some time to heal is often necessary, resist the temptation to feel sorry for yourself and instead immediately get busy taking care of business.
Use these tips to get up off the mat and back into the game.
Check Your Financial Health
The first thing you should do after being laid off is take a look at your finances.
“This checkup should include your bank accounts, monthly spending, and any emergency fund,” said Don’t Work Another Day founder Forrest McCall. “If you don't have an emergency fund, you'll need to start looking for a new position immediately or start a side hustle to get some quick income.”
Additionally, you'll want to trim any unnecessary spending, such as streaming services, delivery services, and gym memberships.
“Also look at your budget and reassess how you allocate your spending based on a lower income,” McCall noted. “If you have a negative balance each month, you'll need to find work or cut your spending further.”
Check Your Severance Package
Next, check into what’s included in your severance package.
“After being laid off, most companies give a vesting period of 90 days,” said Secfi's director of equity advisory, Vieje Piauwasdy.
“This is a quick turnaround, and some companies are extending their vesting periods, which they should, to ensure the employees that helped build the company are able to exercise.”
Keep It Positive
As tempted as you might be, don’t bad-mouth your previous employer when launching a job hunt.
“No matter the manner in which they laid you off, talking about them negatively will reflect poorly on you,” Ettus said.
Put Yourself Out There
The sheer number of layoffs right now takes away any culpability on your part, so use that leverage to your advantage.
“This is not the time to lick your wounds,” Ettus noted. “It’s the time to reach out to anyone you have ever worked with and announce that you are looking for a position.”
Using LinkedIn can be a big help in getting the word out.
“LinkedIn is like a free gift to the work world,” Ettus said “Use it to announce that you have been laid off and are now seeking a new role. Also, use it to cold-contact people at companies where you want to work.”
Make Referrals a Priority
It’s critical to reach into your network for referrals.
“Don’t just think about the people you’re closest to; research shows that connections with 'weak ties' can bear the most fruit,” said HireVue Chief Growth Officer Patrick Morrisey.
“Oftentimes the only differentiator between candidates is a strong referral. Set a personal goal to reach out to five people per day in your network, and make sure to ask them for referrals.”
Find a Good Recruiter
If you’re looking for a job and haven’t worked with a recruiter in the past, reach out for guidance.
“Look for a recruiter that specializes in your industry or sector and introduce yourself and your situation – they may already have an idea of how to help,” said Delta Hire senior recruiter Steven Waudby.
“It’s also imperative to start reaching out to your network and utilizing both professional and personal networks.”
“More times than not, your success after being laid off is predicated on who you know rather than what you know,” Waudby added.
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