Surviving & Thriving Through Unexpected Career Changes
A few months after starting my first job after graduation, I was getting ready for work when I got a call from a co-worker. “Don’t come in, the receivers are here, and the company just went bankrupt. You don’t have a job anymore.” Wow. Needless to say, I was shocked, dismayed, freaking out, and not knowing what to do.
I am/was not alone. During our careers, most of us will encounter an unexpected job change. That could be a layoff, company closure, firing, demotion, personal issues, etc.
According to recent data:
40% of American workers have been laid off at least once (Harris Poll 2019)
23% will lose their jobs 3 or more times
47% of workers feel ill-prepared for a layoff (Harris Poll 2020)
While that information can seem daunting, according to the Bureau of Labor & Statistics as of Feb 2023, the average time to find a job after a layoff is 8.3 weeks.
How Can You Prepare?
Fast forward to today, and throughout my career, I have been through a total of 9 layoffs. I was laid off in 3, and for the other six layoffs, I was part of the organizing team.
With that experience over the years, I have acquired some key learnings on how you can prepare for the unexpected and bounce back quickly.
Savings:
Immediately upon starting any job, pay yourself first! If you have any debts; it can feel impossible or overwhelming, but save what you can, and if/when you receive any raises, increase that amount. Build a cushion to ensure you won’t go further into debt if things go sideways. When you are able to accumulate savings, you create breathing room to take stock of your next move instead of taking the first job offered.
Resume:
Update your resume every year! Whether you choose to do it at the beginning of the year as part of your New Year’s resolution to better yourself, at the very least, update every time you get a promotion or new title/responsibilities. (More on how you can optimize your resume in another post - but focus on accomplishments, not tasks.)
LinkedIn:
This should generally mirror your resume - if not the detail of your resume, at least ensure that your titles, jobs, and companies match. It’s a red flag if your resume has different roles and dates from LinkedIn.
Also, put in your profile what you can do for the employer. Don’t state I, I, I. Future employers want to see what you can do for them, not what you want from them.
Networking:
Always be networking! Attend and join networking groups, maintain your existing network, and follow up with people you meet.
Interviewing: It is never a bad idea to take an interview. If a recruiter reaches out and you’re not looking, it never hurts to have a conversation. Interviewing keeps you sharp, and you never know when it could be a fantastic job opportunity. If nothing else, now you have a connection with a hiring manager/recruiter!
Severance:
According to the Fair Labor Standards Act, companies are NOT required to pay severance (US Department of Labor). While some employers may voluntarily pay a severance package - do NOT count on it as part of your preparations!
What To Do When You Have Been Impacted
When you have been laid off, notify talent acquisition teams and recruiters. If you have taken the steps above, your resume will already be up to date, and your LinkedIn will be current, so you can now take steps immediately to get started on finding your next opportunity.
Network, let people know you’re in the market and looking for your next opportunity. This is not the time to be shy. Put yourself out there - there may be an opportunity to get the jump on a role that hasn’t been posted yet.
Keep a positive mindset. It’s okay to feel shocked and upset. But remember, even if it seems horrible, it’s only the end of one chapter; the next chapter is yours to write! Try to see this as an opportunity and make the most of it. Some of the best things happen out of circumstances that initially seemed not so great - trust me on this!
