How to Survive and Thrive after a Job Loss

How to Survive & Thrive after Job Loss?

Imagine you join a Zoom link & hear the dreaded words:
“We regret to inform you that we’re terminating your employment with immediate effect.”

This seeming fantasy has become  current reality in some rare cases.

Job loss equates to the loss of  loved one, especially to those whose self-worth is linked to their
Job Title.

It has huge economic & emotional impact on lives of the persons & their families.

According to layoff.fyi, a tracker that compiles public information about layoffs in start-ups, around 43,399 employees across  globe lost  jobs between April & June 2022.
(Could be an understatement.)

13% if the above (around 5500) were Indian startups.

Some tips shared in  report by the Economic Times, along with my own perspectives.

Take a Pause and deep breathe.
Sudden pressure & feeling of helplessness may lead to immediately jump into job search mode.

It’s advisable to catch one’s breath,  talk to trusted friends & family.

Clear head helps turn adversity to advantage.

Understand severance package in minute detail, to uncover any benefits lump sum or monthly, any short term medical/financial relief, outplacement support etc.

Request to let you continue to vest your stocks, pay for coaching/training or short term health insurance

Improve  Networking. Reach out to warm connects – family, friends, relatives; as well as cold connects – colleagues, alumni & professional associations.

Elevate social media presence, especially recommendations on LinkedIn & possible referrals.

Spend time fruitfully e.g.volunteering, learning a new, relevant skill where you perceive a gap. This will help  showcase what you did during  career gap.

Companies are looking for digital savy & adaptable talent that can become good fit across multiple roles.

Having a mentor is a great help to deal with anxiety & keep motivated.

Share  professional experience & insights on social media especially LinkedIn to strengthen your your personal brand.

Build connections with prospective companies.

Support others in a similar situation. This is a great emotional reliever.

Keep an open mind & consider all options. Layoff may be new way to begin right job in right organization.

Use the time to do the things you couldn’t do earlier. This can relieve stress and ignite positivity.

Acquire industry specific knowledge & technology.

Prioritise picking up Transferable Skills in adjacent & diverse areas.

Financial planning plays key role in navigating this crisis.

Finally, a layoff doesn’t mean you lay off. It’s a passing phase. This too shall pass.

Would love to hear any other perspectives that you may have in the comments below