How to Prepare for a Possible Layoff
Layoff speculation can be stressful. Take steps now to avoid being in a tough position later.
We don’t always know when layoffs will happen and who they will affect, but sometimes, you can see the writing on the wall. In our current economic climate, a lot of companies are reevaluating their finances and cutting costs with headcount. Maybe your company didn’t hit their fundraising goal in time. Maybe your team has had a sudden hiring freeze. Maybe your manager gave you a heads up that there will be some structural changes in your organization soon. Regardless of where the information is coming from, having time to prepare can make a world of difference. We tend to make more rational decisions about our future when we’re not stressed or in a time crunch. And even if the potential layoff you’re worried about never comes to pass, or the hiring freeze or structural change turns out to be temporary and your role is ultimately safe, having taken the time to assess your situation and your options is a solid investment in yourself and your personal and professional development.
Here are some quick tips to make a potential layoff as stress free as possible.
Don’t panic!
Take a look at your financial situation first. How long will your savings be able to sustain you without an incoming paycheck? Will you have access to health insurance once your company is no longer covering it? Do you have any major expenses coming up?
Once you’ve taken a look at your finances, you’ll have a better understanding of how much time you’ll need to give yourself to find something new. If you have plenty of savings, you may be able to afford a nice break in between jobs. If you don’t have much runway, you may want to start your job search before layoffs are officially announced. Either way, preparing ahead of time will give you a much needed head start (key to keeping your power at work), and that will make your job search easier in the long run.
If layoffs are potentially on the horizon, don’t panic. Start by taking stock of your finances.
Think about your career goals
Have they changed at all? Have you been progressing the way that you want to in your current role? Now is the time to take an honest look at what you like about your current work, and what you would like to change. You might want a role where you can be more autonomous; you might want to move into an entirely different industry. Figuring this out while you still have a steady paycheck can make all the difference, and it can ensure that your job search is moving you in a positive direction (instead of rushing into a role that is similar to your current one).
Check out who’s hiring
It’s helpful to get a good understanding of the hiring market before you start your job search so that you can see what types of roles may be available to you right now. You may find that a lot of larger companies are having hiring freezes for your type of position, but smaller startups are actively searching for people like you (or vice versa). You may learn that some of the titles for your role have changed since the last time you were interviewing. You may also learn that certain skills are in much higher demand than they were previously. All of this information can be really beneficial in planning your search more effectively.
You can alway start by checking out the careers pages of companies that you would be open to working with, as well as doing a few quick job searches on LinkedIn. You can also set up a time to speak with someone who works at Envision Inclusion for an informational interview (we work on all types of roles within tech, and usually have a pretty good idea of which roles are hot at the moment).
This video explains how to use LinkedIn to search for jobs. Check it out below. 👇🏽
Short video on how to use LinkedIn Jobs function to search for job opportunities.
Consider startups
Traditionally, startups have been seen as fairly risky, and we understand why a lot of talent may be hesitant to work for companies that are not yet well established. However, in these chaotic times, many startups can actually provide some stability that larger companies cannot. While larger companies may have over hired in the last couple of years, many startups focused on fundraising. As a result, many startups are now hiring, and they have a stable amount of runway for the next few years. The risk of working with a smaller company has decreased pretty significantly, and the opportunity for reward has increased. Startups can not only offer a great amount of growth and visibility potential for your career, but they can also offer a much larger stake in a growing company. For other reasons why to consider a startup, check out our blog post here.
Update your resume and your LinkedIn profile
Updating your resume and your LinkedIn profile can take more time than you would expect, and this can make a key difference in the amount of time it takes to find a new role. Make sure to include detailed descriptions of the work that you’re doing; add your accomplishments, the goals you hit, the projects you lead, and the technologies you worked with. You want to make sure that your resume and your LinkedIn profile have the key words that would make you a fit for the jobs that you’re looking for. If you’re a product designer using Figma, make that clear. Companies who want someone with Figma experience will be much more likely to reach out to you.
Network internally
Okay, so maybe your current role or team is being eliminated. That doesn’t mean there still isn’t a place for you within your current company! If you think that your skills may be transferable to another team, set up some time to chat with members of that team. Take some time to learn about the work that they do. If you think that you may be able to be a meaningful contributor to their team, you can express interest in current or future openings* they may have.
*Note: many companies have very formal interview processes for transferring to another team. You may have to get your manager to sign off for you to interview for another team, so take that into consideration. If your manager is aware that layoffs are coming, they may even encourage you to look at other teams.
Network externally
The easiest way to get a new job is still through your network. Consider joining a professional network that aligns with you and your career goals. Look at LinkedIn and see if any former classmates or colleagues are working at companies that you would be interested in working for. Set up informational interviews and coffees with people to learn more about how they were able to get into their current roles, and let them know that you may be open to something new.
You may also want to change your LinkedIn settings* to “Open to Work.” This will let recruiters at other companies know that you are interested in having conversations, and they’ll be more likely to reach out to you.
*Note the recruiters at your current company won’t be able to see that you’re open to work. LinkedIn prevents them from being able to see this information about any of their current colleagues. If you want everyone (not just recruiters) to see that you’re open to work, you can also add an “Open to Work” photo frame, too, but that will also be visible to your current colleagues.
Use company perks now!
Now is the perfect time to look at all of the perks that come with your current job and make sure you’ve been using them! If your company offers to pay for certifications, enroll in those courses now. If your health plan covers an expensive procedure, talk to your doctor and see if you can get that procedure scheduled now. Get a good understanding of your company’s PTO policy so that you can make an informed decision about whether to take PTO now, or get paid out for unused PTO later. Get that phone plan reimbursed, use your company’s gym membership, and eat lots of free meals. The company set aside money for you to do these things, so you may as well use your perks to the fullest!
At the end of the day, layoffs happen and can be painful to both those impacted and not impacted. If you’re anticipating layoffs, taking a few small steps now to proactively prepare for a job search can make a big difference.
Have any other questions about your job search? Email us at info@weenvisioninclusion.com. We’re happy to help. :)
