How to Bounce Back After a Layoff

You’ve been laid off, now what do we do? This is a how-to guide for corporate professionals. Addressing this critical topic, you may have clicked to listen to this podcast or watch this video on YouTube because you have been faced with layoffs or are getting ready for the possibility of it happening to you in the future. Quite a few industries right now are undergoing significant changes and job cuts.

Many of you might find yourselves without work. My goal today is to discuss the current layoff trends, revisit some of our best advice from previous episodes, and expand on why I think the information is important and relevant to you. I will introduce some new strategies to help you navigate this challenging time, sharing things that have been on my mind. I want to explain some of the data I have found through the combined analysis I have been doing with clients’ information, with the purpose of helping you get this job of yours as soon as possible and make your duration of unemployment as short as possible. I hope this episode can educate you on what the next steps should be.

I know sometimes it’s hard to know where to start and what to focus your attention on. So if you’re navigating these next steps, this episode is definitely for you. Let’s do this.

First, I want to talk to you about the current trends in unemployment as we record this episode, which is around the end of May 2024. Let’s look at the layoff trends that we’re seeing now. In the United States, it has been happening for over 12 months. The tech sector specifically has been the hardest hit. Thousands of employees have been laid off from hundreds of companies in the tech world. Especially in the first quarter of this year, we have still seen quite a lot of layoffs, with major tech companies like Google, Amazon, and Meta announcing layoffs, adjusting their workforce post-pandemic due to overexpansion or changes in their structures, which is normal at any time.

But right now it seems it’s all happening at once. Other sectors as well, like finance, healthcare, and retail, tend to get caught up in the political cycle of elections, consumer sentiment, and recession. Usually, election years are when we tend to see the job market not being favorable to people looking for work. That’s normal, and we just need to adjust our expectations to that. In Australia, sectors like retail and manufacturing have seen job cuts. Companies are restructuring, improving efficiencies, and adapting to changing market demands, including international market demands. Australia tends to be very much affected by what’s happening overseas. We also see Telstra, our biggest telco company, announcing thousands of jobs will be made redundant before the end of the year.

In the UK, which is my third biggest market not just for the podcast but for my clients, interesting times are being experienced with the election being announced much earlier than expected. Lots of job cuts are happening. Digital services are struggling due to pandemic overhiring that is now readjusting. With the election being announced, layoffs may pause until they figure out who is going to be in government, which organizations tend to do at times like this.

Understanding these trends is crucial. Having an understanding of the macro effect of the economy and how it affects the micro effect of your life and career is really important whenever you think about job searching, the duration of your job search, and finding work.

You need to think about the macro-level, strategic level, what’s happening around the world. For example, what does it mean if you are in tech? There’s a shift in the industry. You might need to re-skill for the next wave of roles that will eventually be advertised or are already being advertised. You have to look at your geography. What else is available near you? Consider making changes. Do you want to make changes to your career trajectory? Get out of tech or transfer your skills to another sector? You might need to be ready for a more prolonged search, adjusting your budget, and expectations in terms of the type of employment you will get. It could be that you need to look for short-term contracts for the time being, which is one way that employers get jobs done when they have a hiring freeze but still have a budget line to hire freelancers and contractors to help them with work.

Let’s start by revisiting some of the past advice you may have listened to on this podcast before. If you’re new, you can listen now, subscribe, and let’s revisit some of that valuable advice from previous episodes and why they’re still effective today. I want to give you some data about it.

First of all, networking. This is a fact: my clients that have networked since the end of last year have done better than those who have not. Networking is always crucial, but even more so when you are between jobs in difficult and challenging times like right now. Reaching out to former colleagues, attending industry events, and making sure your LinkedIn profile is up to date—all these networking tasks can open doors to unadvertised opportunities and provide support during your job search. Attending virtual events, in-person networking events, and industry fairs is important.

These events can connect you with potential employers and industry professionals, giving you direct access to peers, colleagues, former bosses, recruiters, and more. Some people find it a bit awkward to go to these events when they are unemployed, but once you’re there, it’s fine. All my clients who have attended events really valued the opportunities and the expansion of opportunities that happened to them. You can find out about them online, join professional groups, attend virtual networking events, and reconnect with your university alumni.

These connections are crucial. They give you leads, referrals, and ideas about what you can do next. The whole point here is to shorten your job search. Seek out those events and find the free ones. Government, industry associations, and chambers of commerce often have free events.

Skill development is another important point. Clients who use their job search time to mix job applications with skill development do better. Using this time to up-skill or reskill to crystallize the learnings from your previous employment is really beneficial. Online platforms offer free or affordable courses, and there is no better time to take them than now. You want to crystallize those learnings, not necessarily to show a bunch of certifications on your LinkedIn profile or resume, but to know what to say and how to express yourself when explaining the work you’ve done, whether in project management, agile, or other areas.

Mental health is another crucial aspect. Clients who have adopted mindfulness practices like breath work, meditation, and exercise do better in their job search. The stress of a layoff can take a toll on your mental health and your ability to look for work. It’s essential to acknowledge that this may be happening to you or may happen in the future and adopt mindfulness practices. Whether it’s physical exercise to deal with the fight-or-flight response or downloading an app like Headspace or Calm for guided meditations, you need to boost your energy and mood to present well at job interviews and handle the failures and bumps along the road that come with recruitment and selection.

Financial planning is also important. Clients who don’t worry so much about money do better in the job search. Managing your finances carefully during unemployment is crucial. This could mean creating a different budget, understanding your severance package and how to use it, exploring unemployment benefits, and getting the financial help you need to withstand this period. It’s not going to last forever; it’s something finite, and you need to plan for it and get the support you need.

We also need to look at new strategies moving forward. Some things that I may not have explained as much in previous episodes, but I want to discuss now. First, personal branding from a different perspective. Personal branding is very important. You need to build a strong personal brand as you look for work. This means having a professional online presence and showcasing your skills and achievements. However, some of you may not know what your personal brand is or what your strengths are. If you’re struggling to understand your brand, start by taking a step back and doing a strengths assessment test like TalentPredicts, which is available on my website. It is often overlooked but very effective.

If you know your strengths and values, the report helps you speak confidently about them. Not everyone needs to build a personal brand by regularly posting on LinkedIn or writing articles or blogs. The point is to build a brand where you know what you’re good at and can talk about it when pitching yourself for a job, talking to a recruiter, or networking. Doing a strengths assessment and reflecting on the results, maybe booking a consultation with me to expand on what TalentPredicts suggests, can deal with most of the blocks people have about talking about themselves.

Consider freelancing and gig work. Employers who need you may not be able to hire you permanently, but they may have the budget to hire you for a short period. Many of my clients have engaged in three to four-month contracts and then moved on to permanent roles once the hiring freeze ends or the financial situation improves.

Career pivoting might be perfect for you if you’ve been dreaming about or considering it. If your industry isn’t hiring and you’re considering upskilling or reskilling in a career you’ve invested time in but no longer have the same energy for, think about transferable skills and roles in different industries or sectors. Moving somewhere else or engaging with a coach before taking big, risky steps can help. Having conversations with people and being mentored can be valuable. You are at a crossroads, so make the most of it.

Analyzing data from years of working with professionals, I’ve found that people often reach out to me later than they should, typically after many months of trying to DIY their job search. Most people come to me after the average duration of unemployment has passed. For example, if the national average is three months, they may reach out to me after 4, 6, 8, or 10 months. This delay is due to an optimism bias, a cognitive bias that causes us to believe we are less likely to

experience negative events and more likely to experience positive outcomes compared to others. This bias can lead to underestimating risks and overestimating the ability to control outcomes, affecting your job search.

Many job seekers believe that finding a new job will be quicker and easier for them than it is for others, underestimating the complexities and competitiveness of the job market. This optimism bias delays seeking help, prolongs unemployment, and increases financial strain. For example, a professional earning 150K per year laid off for 10 months without early coaching loses $125,000. Early intervention with coaching could minimize this job loss, making the investment in coaching worthwhile by reducing unemployment duration.

Working with a coach has emotional benefits, reducing stress and providing support. Regular sessions with a coach can boost accountability, set realistic goals, and enhance self-confidence, improving interview skills, personal branding, and overall job search success.

Coaching provides tailored advice that helps you find your uniqueness and competitive advantage. Group coaching programs offer an extensive network of professionals, providing support and introductions beyond what a private coach can offer.

Pay attention to optimism bias during your job search. Being aware of it can help you navigate more effectively, using it to your advantage and recognizing when it’s impacting you negatively. Engaging with a career coach can reduce your unemployment period, providing the right strategies and mindset to navigate layoffs and identify new opportunities.

Thank you for listening and trusting my ideas. Stay positive, stay connected, keep moving forward, and listen to other episodes. If you found today’s ideas interesting, check my website, RenataBernarde dot com, for services that may help you. If you learned something valuable, don’t forget to like this episode, rate this podcast, and give it a five-star review. It helps us share this information with other professionals. We need to be better at helping each other and talking about jobs and careers with ease, sharing both the highs and the lows to learn and succeed together.

Until next time, this is Renata Bernardi on The Job Hunting Podcast. I’ll see you soon. Bye.