While it can be a stressful and challenging experience, you can prepare for a layoff. The upside is that if the worst case scenario happens, you’ll have a game plan for next steps.
Layoffs are being more and more common. According to layoffs.fyi, which follows the tech sector, more than 166,000 people have been laid off by 553 companies in 2023.
Here are some tips to help you prepare for a layoff:
It May Not Be You
While some layoffs are expected, others may be a total surprise. In many cases, the bad news has little to do with you.
A budget issue may be the reason you’re being cut. Also, tenure, while usually valued, may result in a higher but less desirable salary for a business looking to cut corners.
And the decision to eliminate you may be made by someone you’ve never met, who is in a different city. Your everyday work may have been exemplary but seen by someone else as expendable.
Have Up to Date Resumes and Portfolios
Even if you’re positive there’s no chance you’ll ever lose your job, update your resume every six months. This is a 10 to 20 minute task.
Make sure your resume reflects your most recent accomplishments, skills, and experiences. If you have great work samples, have them saved and easily accessible.
By doing this work ahead of time, when you’re not under the stress of needing a job, you’ll be much better prepared to start looking for a new job as a competitive candidate.
Networking
Networking is another way to to prepare for a layoff. Reach out to friends, colleagues, and industry contacts. Let them know that you’re looking for a new job.
Even if you don’t think you’ll be laid off, remind people about the kind of work you perform and the skills you possess. Over time, people may forget and some may not be aware of your professional evolution.
While some like attending local professional organization meetings, others prefer social websites like LinkedIn, as a way to meet new people and learn of new opportunities.
Develop New Skills
Step back and consider if any of your professional skills are in need of updating. Perhaps you’re technically up to date but need help with soft skills, like public speaking.
Know Where to Look
Identify where are good places, like online resources, to look for jobs in your industry. While you don’t have to start applying for anything, it’s good to have a defined path for when you need to start looking for a new position.
Think about if there are attractive businesses in your area that would be good places to work. Go online and learn more about them. Social media posts can be a good sources for gaining insights into the workplace culture.
Your goal is to use preparation to remove some stress from the search process.
Look Forward to the Future
Understand that while a layoff is a painful experience, it could lead to a better tomorrow. Change is scary but a little bit of career preparation can help you feel more in control of an unexpected situation.
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