What the HE**! Company layoff??
Friction is in the air. The office atmosphere crackles with gossip throughout the entire company. Rumors of a lay-off. Dirty words like “rightsizing”, “downsizing” and “reorganization” are quietly being whispered to those on a need-to-know basis throughout upper management and then sifted through “don’t repeat this” conversations down the line. The reasons why are varied from consolidation with another company to bankruptcy. All you care about is whether your position is in danger of elimination.
As the organization finalizes plans for the “change”, a catchy name may be assigned to the reorganization’s initiative making the change more psychologically palatable to employees encouraging them that change is a good thing. This is a red flag that something is up. In 2015, Google named their restructuring concept, “Alphabet”. Years ago, I was involved with a restructuring effort named Project Horizon. Sounds more like a home for the aged, right?
Whether you heard something negative on the company’s earnings call perking your ears up or the gossip train has stopped at your office door, a potential lay-off is not something to take lightly. It doesn’t matter whether you are the most-liked or most successful, everyone is at risk of losing their job depending on the particular criteria utilized for the restructuring. Who gets the ax and who stays employed is the question keeping everyone up at night!
Most of us have been through this scenario or know someone who has. I spent my professional career in the pharmaceutical/biotech industry where it is not a question of if you will be laid off, rather it is a question of when. No industry is immune to a layoff. A recent article by The Motley Fool highlighted 25 top companies that had layoffs in 2019. Here is a link to this article. If you believe that you will be impacted by a layoff, prepare now to make the most of the upcoming transition.
Here are 7 things to consider ahead of a layoff announcement:
Take a deep breath. You may hear of an impending layoff well in advance of it actually occurring. Remaining calm while you await the announcement will not only be healthier for you and your family but it allows you to think clearly, making better decisions should you indeed be laid off. Remember, you don’t know until you know. Don’t create more worry by imagining the worst. A level head is imperative at this stressful time. Easier said than done, right?
Stay off the rumor mill. I daresay this is the hardest thing to do! Once the first hint of a lay-off is in the air, it's like chum to in shark-infested waters. The rumor mill kicks into high gear. It is almost unavoidable to stay completely away from the gossip, so I encourage you not to add to it. Avoid company online forums where conspiracy theories prevail. Stay grounded in facts, not opinions. We live in an age where anyone can put their opinion on any number of social media outlets and this only throws more blood in the waters. Increase your communication with your boss. If you question your manager, know they may not be able to share anything, particularly the most important question, “Will I be keeping my job?”. It is only human and tempting to continuously inquire, just as all of your colleagues are doing.
Gather your performance documentation. If your company has regular performance reviews, save them for use during your job transition. Keep any written performance reviews that have been given to you. You will need these to demonstrate past successes during future job interviews. These will help you prepare / remember your professional work stories and any relevant comments made by your manager. Collect any documents that demonstrate your performance such as letters of achievement, recommendations, commendations and award certificates. If you are in sales, save your historical sales reports but only if it is legal to obtain these. Do not take any documents that are considered proprietary information to your organization. I am not in any way suggesting to take proprietary information. Only documents that belong to you. A graphic artist will take examples of their work for their portfolio as will a writer. These are necessary to validate competency to an interviewer.
Start networking. When was the last time you interviewed for a new position? Do you really know what jobs are available to you? Relying on job boards as your only source of potential jobs slows the process down. Job boards are a component of the job search but networking now will provide you with valuable leads. Speak to everyone you know. You never know who knows who is hiring! Attending local networking functions is also very helpful. LinkedIn has valuable job information and is a great method of networking. Click this link to our recent blog about networking.
Start your interview preparation. The last thing you want to do is get an interview with a great company, then blow the interview because you were not prepared. Interview preparation is vital! Practicing your responses as well as remembering pertinent job stories demonstrate to a prospective manager exactly what skills and competencies you bring to the table. You must practice so that your information is quickly available and you aren’t reaching, trying to remember what you need to say. Hire a job interview coach well in advance of your first interview to avoid being rushed. This will ensure you are fully prepared when interview day arrives. There are enough nerves involved with a job interview. Why add being rushed? Being unprepared should not be an option considering you are being laid off and time is ticking to find a new position.
According to Bankrate’s latest Financial Security Index, nearly three in 10 (28%) of U. S. adults have no emergency savings and one in four have a rainy day fund but not enough money to cover three months worth of living expenses. It can take months to find a new job. The rule of thumb is that it will take one month of searching for every $10,000 of salary you were earning. If you do not currently live on a budget, I recommend you start when you hear the first whispers of a potential layoff. A manageable budget helps you be in control when you have no control over a huge portion of your life. Proper budgeting will help you weather the storm. It will prevent any “freak-outs” over money each month. Budgeting restores a sense of control as you logically see where your expenses are and how to allot them. A lot goes into a family budget depending on how many are in the family and your current standard of living. Dave Ramsey has been teaching “live on less than you make” for decades. Here is a link to his main page. Budgeting and cutting back before you have the stressful conditions of a layoff will be beneficial for the entire family.
Remain engaged in your current role. It is vital that you be viewed as someone who continues to perform at their highest level through the chaotic atmosphere of a potential layoff. Be positive and present while in the office. There is a natural tendency to begin working with a divided brain during the waiting period prior to the announcement. The need to find a “plan B” can distract you from your work if you let it. Being diligent and focused on doing your best will not only keep you current but may provide opportunities to gain new skills or knowledge that will be valuable during your upcoming job interviews.
If you are lucky you will receive a severance compensation package as part of the layoff. These severance dollars provide breathing room while the job search continues. It is always the wish of those that are laid off to land a new position before the severance payments run out. Extended health insurance coverage may be offered. The term of this extended coverage gives you time to evaluate and price short term health insurance policies.
A job layoff disrupts all aspects of your life. It is a highly emotional time for all involved. I’ve been “downsized” twice in my career and it stinks. If your organization is whispering layoffs, get your “ducks in a row” along with your interview skills. It’s hard to remain persistent amid the anger you may feel at what has befallen you but do it anyway. Be prepared and persistent. Soon you will have a new position that begins an even better chapter in your professional life story.
I offer a completely free 30 minute introductory job interview coaching session. Contact me today to prepare for your tomorrow!