What You Should Do After Getting Laid Off: Here Are 10 Things To Consider
What things should you do if you get laid off? First of all, take a deep breath.
Understand that it is an occurrence that can happen to just about anyone. As you stare at the letter or go over the announcement you received over email or through a phone call, you may ask why it is happening to you. But here at JobStreet, there is no professional left behind.
In this case, we take you through the things you should do after you get laid off. But before we do that, we should explore what this term means.
Also read: What Is Quiet Firing? Tips on What To Do If You’re Being Quiet-Fired
What does getting laid off mean?
The term “layoff” is casual corporate slang for termination. It is a discharge of workers at a certain company, the reasons for which vary from case to case basis. Prominent layoffs have made the news in both the local and international scenes. From a macro-perspective, you have huge tech companies like Amazon and Meta who have let go of their employees.
In the Philippines, the local garment industry and e-commerce giant Shopee Philippines were just some companies that experienced this difficult period. But what are the reasons behind this? Let us explore some of the common ones.
1. Company downsizing
In order to address certain budget constraints, a company must respond by considering certain roles redundant. If you notice, the trend has shifted towards roles with multiple responsibilities. Professionals are now expected to learn transferable skills to embrace adaptation in any role. This is so companies can save on hiring two professionals when one can already do both jobs.
2. Buy-outs
Also known as company acquisition, this refers to a company that buys out another company. This is not to be confused with a company merger, which is when two companies join forces to make an entirely new company. The former is merely a takeover. When this happens, some roles can be opted out and in the process, the professionals behind it too.
3. Outsourcing
Depending on the work that needs to be done, some companies opt to outsource certain responsibilities. The reasons for this can vary, from capacity to speed. When this happens, the company may choose to depend on outsourced talent instead of the current ones.
4. Automation
This has been a topic as of late. Robots, AI, and digital companies are on the rise, and continue to be. Banks have found competition in the hands of fintechs, for example, which replace the need for face-to-face interaction with virtual management.
But at the same time, you can also bank on the fact that automation is not necessarily more of a threat as it is a benefit. While it could still be a reason depending on the needs of the company, you can actually enhance your skills with it.
5. Bankruptcy
This falls on the company entirely. Whether it be a choice to dissolve for whatever reason, filing for this can result in the loss of jobs.
What to do after you get laid off?
So it has indeed come to this. Whatever reason your company has given, know that it was not an easy decision. Having this in mind, how do you move forward after receiving the news? Luckily, we put together a list of the actions you can take to ease the pain and in the same vein, move on.
1. Acknowledge your feelings.
Know that it is normal to feel all kinds of things. Whether that be grief or anger, understand that you have the right to embrace the spectrum of feelings during this period. Thrash or cry – the world is your oyster.
2. Keep your feelings in check.
But at the same time, make sure to keep things professional. If you are working from home, you can lash out in peace and in privacy. But if you receive the news in the office, it is not advisable to throw a tantrum. If you want (and if you have the opportunity to), take a step outside and get in touch with your support group. Talk to someone, and share your feelings then.
But make sure that you do not thrust your feelings towards people in your office, especially if you are not close to them.
3. Open up to your supervisor or to HR.
Even though you cannot fully express your feelings, you can still have the opportunity to share your thoughts with key people in the office. Make sure that you are of sound mind before you march into their office. Or if not, try to compose yourself before stepping in to speak your mind.
Do not be afraid – your company has already expected this and will be the listening ear that you need.
4. Ask for your termination in writing.
This tip is especially helpful if your role was made redundant instead of being dismissed over performance. A letter can help explain your situation to the next company you will be applying to and can help them understand too. Once you see it, make sure to review the details and watch out for any errors or emissions.
If you do, seek a revision from your HR department. It is imperative that your next company understands why you were let go.
5. Review your severance package.
Whatever the reason for your termination, professionals that go through this have severance packages. This refers to a package that an employer provides to an employee after their term is over. Take note that professionals who resign do not get this benefit.
The questions you need to ask are about the benefits you are still entitled to. This could range from health insurance (especially if you paid premiums in advance) and any other payouts you are still owed.
6. Check on your final pay.
If you are short on cash during this period (due to the lack of consistent income flow), make sure to ask your HR professional about when your final payment will come in. This can help you adjust or tighten whatever belt you need to. At the same time, it can help you move on faster if you do not have to wait out and come back to the company that let you go.
Once you receive your check, you can ask for the breakdown of your salary, including any deductions or additions you can expect.
7. Rest.
If you have been a corporate workhorse for quite some time, take this as your break. Rest for however long you like. You deserve to, especially during this period. Recalibrate, recharge, and work on being open to the world again.
Most importantly, work on your skills and sharpen your mind.
8. Update your resume.
It may not be something uplifting to do at the moment, but once you get the chance, do it. Reframe your state of mind and even your work purpose. Ask yourself if you still want to work in the same industry or if you want to completely change careers. Whatever it is, breathe new life into your resume. If you are not the type to update every so often, take this opportunity to do so.
You cannot seek a new job if your details are still from a few years ago. There is also something about this exercise that can also help you stay excited about what the future can bring.
Need help with your resume? Check our Career Tools for resume and cover letter templates, and more.
9. Seek opportunities.
This is the most important thing you can do to bounce back from a termination. Know that it was not your fault. Know that you are a good enough person for a company to scoop you up. Open yourself up to what the professional world has to offer. Do not wait for opportunities to come to you. Actively seek them out. Utilize the network you have built over the years to help you out.
Also read: Looking For Your Next Opportunity? Here Are The Best Jobs For Introverts
10. Cross your fingers and start again.
The most difficult part is to begin once more. But once you have the chance to, make sure you start with a bang. It is never too late to find your dream career, and it is never too late to get a second chance at re-working your professional life. It can be daunting, but taking risks is a part of growing. Wait it out and be patient – the right job will come forward. Also read: Did You Ask These Questions Before Accepting A Job Offer? You Should
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