Layoffs & How to Overcome Them

Layoffs are a risk we face as employees of any company. And though it would be great to think we’d never face a layoff during the course of our career, it definitely happens to the best of us for a number of reasons.

There are certain signs to watch for when a layoff may be in the future. First, if a company has had a steady financial downturn and revenue or profits have been consistently low for a while, one of the places companies often look to cut costs is labor. Or, if the company seems to be ‘cutting costs’ frequently, then this could mean things are not going well for the company, so be aware. Another way to know if a layoff might be coming down the pipeline for your company is to ask someone at a certain level (i.e., management) who might know. It’s true these things are often held highly confidential until the company’s ready to communicate to the mass population, but you can often read between the lines based on your manager’s response. Or, if upper management seems to be slacking off or more ‘on edge’ than normal, this could be a sign, as well. Often, companies restructure or move offices offshore (to other countries) to cut costs, which may also mean a layoff for some in an organization. A little closer to home, if you’re suddenly being cut out of meetings, get little response from the team on your projects or presentations, or you’re simply being treated differently by your coworkers or manager, these may be signs that a layoff is in your future.

So, what happens if you are an individual who receives the unfortunate pink slip or severance? There are some items to focus on to get the ball rolling quickly for your next career move. First, mentally prepare yourself. Don’t look at the layoff as a negative, but realize being terminated from your old position can open up new opportunities for you. Determine what you want your next position to look like, and go for it! Second, if your company offers outplacement services as part of the severance package, take full advantage. Outplacement companies can offer anything from career counseling, resume preparation, job search training to interview techniques and preparation. If your company doesn’t offer outplacement services as part of the package, you may want to look for an outplacement service company or career coach on your own. Third, make sure your tools, like your résumé and cover letter, are up-to-date. After all, these are your marketing tools. Next, start networking right away with others you know in the industry, on line with social utilities like LinkedIn, at relevant networking events, or with recruiters and placement firms that focus on your industry and field of experience. And finally, start applying for positions for which you’re interested!

It’s true a layoff can happen to the best of us, but it’s easy to remain standing or get right back on your feet by following these tips!