If you’ve been let go in the last few months, you’re not alone. Forbes tracked more than 305,000 layoffs last year, with cuts hitting the tech sector particularly hard.
So first off, breathe. Take a deep breath and resist the urge to panic. A layoff can leave most feeling very uncertain about their identity, financial situation (more on that in a minute) or even what they’re going to do tomorrow.
Over the next five days, this newsletter will share Forbes’ expert tips on the latest tactics to get ahead in today’s job market, including networking, résumé optimization, interviewing, and the long-term outlook for industries where mass layoffs are happening.
In the meantime, here are a few immediate action steps:
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| Yes, we’re calling this an action step. “Transitions often open up a mix of personal and practical challenges that range from clarifying exactly what’s next, to rewriting your cover letter and resume,” career consultant Joseph Liu writes. “Successfully managing any professional transition involves first reflecting on where things stand in your career.” Here’s a writing exercise to help you process: How satisfied are you with your career so far? What do you want more of? What matters most to you right now? Consider work-life balance, support from a manager and your personal values. “Having it all is nearly impossible,” Liu writes. “You have to decide which priorities you want to serve during this specific chapter in your life and career and which trade-offs you’re then willing to make."
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| When you’re ready to tackle finances, HR consultant Heidi Lynne Kurter recommends these next steps: |
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 | Evaluate your finances and create a budget. |
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| Review severance documents thoroughly before signing so you understand exactly what they entail. |
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| File for unemployment in your state. |
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| Look into alternative or temporary health insurance for when your employer-provided coverage ends.
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| Having these foundational tasks taken care of for your household can help rebuild your confidence, so you’ll be less inclined to “act out of desperation,” or take the first job offer you get, Kurter writes. |
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| Be Proactive & Optimistic |
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| Despite widespread layoffs, more than 70% of those who had been laid off were able to find a job within the first three months of unemployment, according to a December 2022 report from Revelio Labs. As author and sociologist Tracy Brower notes from the report, people who had been laid off reported increased salaries at their next job as well, so there’s reason for optimism. |
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| Cast A Wide Net: It’s smart to go where the recruiters are looking for you, so it would be wise to put your candidacy on display through multiple channels. (Namely, LinkedIn, where 58% of recruiters already are). |
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| Take (Smart) Chances: Go ahead and apply for a job even if your experience is slightly under what the description requires. Submit your application for a role, even if it’s not exactly what you’ve done before. Of course, you won’t want to apply for a director of finance role if you’ve never manipulated a spreadsheet, but if your skills or experience are adjacent to a role—or close—then take a chance. |
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| Be Your Best: Be prompt, courteous and professional. While recruiters may overlook your years of experience or gaps in your resume, they are unlikely to disregard slow candidate response time, unprofessional social media presence (or a lack of one at all), failed drug tests or background checks, or unprofessional behavior during the hiring process. |
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| Keep a Schedule & Take Breaks |
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Set a goal for how much you want to accomplish each day of your job search, and then take breaks once you reach that target. Executive recruiter Jack Kelly recommends engaging in hobbies, exercising and staying connected with friends and family. “Shut off the television, stop doomscrolling on Twitter … try meditation, breathing exercises and yoga to offer some calmness,” he writes.
That’s all from us today. Tomorrow, we'll share tips and tricks for networking like a pro. Add us to your address book to make sure you receive the rest of this series. If you use Gmail, you can also “star” this newsletter. |
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