Seeking to tighten their belts and cut budgets, corporate America is in a job-cutting mood these days, with some of America’s biggest groups shedding thousands of workers.
Meta (META) – Get a free report, formerly Facebook, laid off 11,000 employees in the second week of November. New Twitter boss Elon Musk cut ties with 3,700 people a week earlier. Seagate (STX) – Get a free reportcarvana (CVNA) – Get a free reportInstantaneous (INSTANTANEOUS) – Get a free reportCoinbase (PIECE OF MONEY) – Get a free reportand Microsoft (MSFT) – Get a free reportalso reduced job listings.
Economists expect more job cuts in the coming months as companies turn defensive with a recession potentially looming.
“It’s a very confusing time for employees because there are a lot of layoffs and resignations happening simultaneously,” said career and workplace expert Samantha Ettus. “Keep in mind: while navigating your career has completely changed, the way to land a job has not.”
Getting back on your feet after a layoff
Although losing a job can be emotionally draining and often takes time to heal, resist the temptation to feel sorry for yourself and focus on your business immediately.
Use these tips to get off the mat and back into the game.
Check your financial health
The first thing you should do after getting laid off is take a look at your finances.
“This checkup should include your bank accounts, monthly expenses, and any emergency funds,” said Forrest McCall, founder of Don’t Work Another Day. “If you don’t have an emergency fund, you’ll need to start looking for a new job immediately or start a side business to get some quick income.”
Additionally, you’ll want to cut down on any unnecessary expenses, such as streaming services, delivery services, and gym memberships.
“Also review your budget and re-evaluate how you allocate your expenses based on lower income,” McCall noted. “If you have a negative balance each month, you will have to find work or cut your expenses further.”
Check your severance pay
Next, check what is included in your severance package.
“After being made redundant, most companies give a 90-day vesting period,” said Secfi equity advisory director Vieje Piauwasdy.
“This is a quick turnaround, and some companies are extending their vesting periods, which they should, to ensure employees who helped build the company can practice.”
keep it positive
As tempted as you may be, don’t disparage your former employer when you start a job search.
“No matter how they fired you, talking about it negatively will look bad on you,” Ettus said.
Put yourself there
The sheer number of layoffs right now removes any guilt on your part, so use that leverage to your advantage.
“Now is not the time to lick your wounds,” Ettus noted. “Now is a good time to reach out to anyone you’ve ever worked with and announce that you’re looking for a position.”
Using LinkedIn can be a big help in getting the word out.
“LinkedIn is like a free gift to the working world,” Ettus said. “Use it to announce that you have been made redundant and are now looking for a new role. Also use it to cold contact people at companies where you want to work.
Make recommendations a priority
Accessing your network for referrals is essential.
“Don’t just think about the people you are closest to; research shows that ‘weak ties’ ties can pay the most dividends,” said Patrick Morrisey, chief growth officer at HireVue.
“Often the only differentiating factor between candidates is a solid reference. Set a personal goal to reach five people a day in your network and be sure to ask them for referrals.
Find a good recruiter
If you’re looking for a job and haven’t worked with a recruiter before, seek advice.
“Look for a recruiter who specializes in your industry or sector and introduce yourself and your situation – they may already have an idea of how to help you,” said Steven Waudby, Senior Recruiter at Delta Hire.
“It’s also imperative to start reaching out to your network and using both work and personal networks.”
“More often than not, your success after being fired depends on who you know rather than what you know,” Waudby added.
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