Layoffs, a word with such a negative connotation for employees in all industries, has dominated our news cycle for the tech sector. As we near the end of 2022, tallies estimate that nearly 90,000 workers have been let go in the U.S. from tech companies such as Twitter, Lyft, Meta and many more. Analysts attribute this global layoff trend to a number of factors, with the economy to blame.
According to Business Insider, tech companies have reported low earnings and are preparing for the threat of a recession. Columbia Business School associate professor Dan Wang states that “when they cut costs, the first thing to go is typically labor costs…” Consequently, the tech world is responding to customers’ lack of spending, outsized growth and the pandemic. What’s critically important to note is that despite the above response with layoffs, diving into the data shows that with a low tech unemployment rate and leadership sentiment moving forward with digital initiatives, the demand for tech remains sky high. It just might be a matter of looking in different places for opportunities.
Keeping this information in mind, if you have been part of a layoffs wave, realize that you aren’t alone. Here at Matlen Silver, we believe in being the difference which is why we have curated a post-layoff checklist to help you come out of this better than ever.
1. Process The News
Take advantage of this time without a set work schedule, to reflect on your feelings and give back to yourself. It’s normal to feel down after experiencing a layoff, but make sure to not let feelings of uncertainty, confusion and doubt overshadow your potential. Instead, reconfigure your mindset and get it back to a positive outlook by indulging in activities that lift your spirits. Whether that’s using your extra free time for the gym, baking, spending time with loved ones, or anything that makes you feel more like you.
Getting back in touch with yourself will help you assess what you want to take away from this experience. Although contemplating next steps is not always easy, you can use these tips to lead you to a resolution.
- Remain professional: During this time of layoffs, remind yourself this is happening due to external factors such as fiscal years and budget planning. Regardless of who had to break the bad news, remain focused and treat your team with respect. The tech circle may be large, but it can be smaller than we think when it comes to who we may meet again down the road.
- Register for unemployment: Depending on what state you live in, file for unemployment while you can. Even if you do not end up needing assistance, it is better to have access to the support sooner than later.
- Embrace the time after layoffs: Once you have taken the time to accept your circumstances, talk about them! Share the news that you are back in the job market on LinkedIn and highlight what you’re looking for next. This tip might appear more radical than the others, but this modernized approach has landed many individuals a job. According to CNBC, Ann Cascella, 34, brought her data analyst layoff to light on social media and got all the right reactions. Rather than making the post negative, Cascella took her news in a positive direction. Her post outlined the top four wins from her last job, conveyed her skills and spotlighted her future endeavors. She even went on to tag former coworkers and bosses which resulted in her boss reposting her message and providing a recommendation.
2. Get Out There
Getting back on the market, doesn’t mean you have to throw yourself back in. You should start by updating your resume and working with a staffing firm to find jobs you’re interested in.
- Revamp Your Resume
Before you start creating various copies of all your skills and experience, print job descriptions that align with what you are looking for and highlight any keywords. Copy words such as action verbs or skills when you begin crafting your resume to send off to those desired companies. This tactic will improve your chances of landing a job even better than the one you left! - Reflect On Your Expertise
Once you start to remember what you’re capable of, hone in on your accomplishments. A great way to execute this could be through creating a list using methods such as CARL(Context, Action, Result, Learning) or START (Situation, Task, Action, Result +Takeaways). According to Harvard Business Review, writing down your achievements on paper will help you better comprehend your skills and stimulate your success. - Lean On Your Network
Spend time connecting, or re-connecting, with friends, colleagues, and community members. The web is vast, and more people than not want to be helpful when they know someone can use a boost. Reach out via your online platforms, get involved in community groups, and don’t be shy to talk to people when out and about. You never know what common interests you may share that can lead to a next opportunity. - Research a staffing firm
Learn what it’s like to work with a staffing firm for shorter or longer engagements in your field. Reach out to a firm that showcases the roles you may be interested in, and work with them to develop a path to your next opportunity.
Being part of a layoff situation can certainly be a life-changing moment. It does allow for you to take a moment to reassess your goals, and figure out next steps, as you actively focus on your career. Talk with a trusted expert who is well-versed on market projections. With a large client base and new IT staffing opportunities arising every day, Matlen Silver offers a proven record of delivering great IT talent to support client initiatives, where you can feel confident that we can find the right opportunity for you.
