What to do if you are laid off?

Being laid off can be one of life’s most stressful situations. While some welcome the move as a way to escape stressful work situations, for others, a lay-off comes with significant emotional and financial stress. However, it does not always have to be so. Being prepared for such an eventuality can be quite liberating in your current job. Here are some steps of preparation.

Financial preparation

Build and maintain a financial nest egg. Saving up for a rainy day gives you the space to search for the right next job. How much should you save? It depends on your expenses and your relationship with money. One rule of thumb is to have six months of cash in a rainy-day fund. This gives you peace of mind and the added benefit of not needing to jump on the first available job offer.

Emotional resilience

You will feel a sense of loss and betrayal— that is very normal. Remember that a job loss is not a reflection of your abilities or worth. Often, such decisions are taken without regard to the capabilities of the individual. Your previous company may be seeking to cut costs. Or your superiors may want to bring in a familiar contact into your position. Often, it is not personal, although it feels very personal to you. There are ways to combat the emotional burden.

Reach out to your support network of friends and family. Do not isolate yourself and dwell in feelings of shame and despair. Sharing with a supportive group of people helps you see the big picture. They may also help you brainstorm on the next steps and have contacts who might be helpful in getting your next job.

Try to look back on the episode with a “What” rather than a “Why” lens. Asking ‘What’ helps you reflect on the facts of the situation. You might gain some insight—perhaps there are areas where you need to improve, or your examination might show you that the episode had nothing to do with you personally. In contrast, constantly thinking about “Why” creates a victim mindset and may keep you stuck. Lori Jennings, founder of Jennings ProSearch (an Executive Search firm) advises, “Although it is easy to get down and feel defeated, reflect on what happened and any lessons learned from this experience so that you are prepared to share your story regarding the layoff without getting emotional”.

Be physically active. The mind-body connection is real. Being physically active will help brighten your outlook. Experts advise that the smallest step you can take is to make your bed every day when you wake up. That way, even if the day goes terribly, you can look forward to a clean and neat bed at night.

Keep a schedule. Having a plan and keeping to a schedule will help you avoid spirals of rumination and regret. Finding a new job is a time-consuming effort. Make a plan to find your next job and stick to a schedule.

Build your network

Building deep and meaningful connections takes time. It is also true that most people find jobs through connections. Companies prefer hiring via internal referrals—on the theory that their employees are connected with others with similar mindsets and cultural fit. Applying for roles where you do not know anyone who can advocate on your behalf can sometimes be a waste of time.

How should you build your network? Blindly sending out connection requests on LinkedIn will only result in your being blocked by the platform. Instead, use the principle of “Give before you get”. Volunteer for industry associations to meet people with similar interests. Follow industry and company leaders in your targeted account, and make thoughtful comments on their posts. Create and post relevant comments on LinkedIn. Ask your mentors to introduce you to three people, who you can meet and get to know, always keeping in mind the question of how you can help them, before asking for any help.

Update your resume and practise interviewing. If you have been at your previous job for a while, your interviewing skills might be rusty. There are plenty of resources online on resume writing and interviewing skills—you want to make sure that you don’t look dated. Hiring a resume writer/career coach can ensure you are current with your formatting and wording.

Regardless of the choice you make, remember that practice and mock interviews will help you calm your nerves. Leverage business networks, such as Naukri, LinkedIn or Indeed to cast a wide net for your search.

Losing a job can be devastating. Nevertheless, the right attitude and some preparation can help you land a role that is a perfect match for your talents and interests.

(The author is a global social entrepreneur and multi-sector partnership builder who advises CXOs in talent management and philanthropy.)