Life immediately after Layoff
Part 1 of a Multi-Part Series: From Layoff to Job Offer
In November of 2023, I was laid off. We had already seen large layoffs at my company, but I was nonetheless surprised to get laid off (especially while on vacation).
Here are some pieces of advice I can share through that experience.
Don’t take it personally
Layoffs, especially mass layoffs, are in response to some general factors. There are a myriad of reasons why people get laid off: reducing headcount on a product line, reducing headcount in one part of the organization, too high compensation for your level, eliminating recent hires if overhiring had occurred, etc. Even if you do ask why, you might not get the real answer.
A layoff is not indicative of your worth as a person.
Ask for referrals on your way out
The relationships with your coworkers are extremely important. For the coworkers you were close with, have a quick chat or message them. If you’re in a lousy mood, try to reach out on LinkedIn. Not only does it solidify those relationships, it can be helpful in your job search in the future. Ask your manager or those who you had a good relationship with if you can get a referral in the future.
Get your things in order
There are some things you should get in order following the notification that you’ve been laid off.
If you are offered a severance package, make sure to thoroughly read it. These packages can be negotiable, and you won’t know until you ask; companies are looking for a clean break and don’t want to deal with possible legal repercussions. I was able to get an extra week of severance, since I was only a week away from my 2 year anniversary.
In addition, you may need to opt in for COBRA coverage for health insurance, or find your own for you or your family.
As you are exiting, make sure you have your personal email linked as a backup for your retirement account(s), HSA, Stock Plan, and other financial accounts associated with the company. I recommend beginning rollovers with the institution of your choice and consolidating your tax advantaged accounts so that they’re all in one place. If you haven’t done this yet, try to work with HR and the financial instituation to get your personal email listed on these accounts.
Make sure your address and personal email on file with your employer is correct too. This is important for your W2s for tax season!
Look into unemployment as well (US). I believe everyone should apply for unemployment, even if you don’t think you “need it”. As an American company, your employer has paid taxes to provide unemployment insurance for you and all other employers. It can reduce the financial stress on you, even if you have received severance. Make sure to answer the questions in the application truthfully and your state will determine if you are eligible.
Lastly, jot down some accomplishments and high impact work you’ve performed, ideally with metrics to back them up. You’ll be thankful you have this information when you refresh your resume for your job hunt.
Take some time for yourself
I found it important to take some time to decompress after my layoff. I was on vacation, and ended up extending my trip so I could enjoy myself a little longer. It allowed some time for me to be truly unencumbered by work.
For many, work is a major component of life and may be especially true if your identity or social life is tied to your job. Take a step away and realize this as an opportunity for you to take a breather from the typical work schedule.
That might be exercising more, diving into hobbies, or going on vacation.
Reach out to friends and family
I had somewhat seen my layoff coming — there was opaque direction and our stock price had been tanking. Fortunately, I didn’t take it hard, but I’m very glad I had great support from others. It made the blow from getting laid off feel a lot less.
It’s important to remember that life is hardly predictable with so many external factors. About the only thing you do have control over is your feelings and mentality.