6 Ways to Bounce Back After a Layoff

With half of the world’s workforce at the risk of losing their livelihood, the layoffs in this pandemic have been devastating for individuals and families alike. There is no doubt about it; losing your job is hard. Whether it’s due to your performance or has nothing to do with it, it is still tough to respond to this challenge. It can dent your self-esteem, bank account and overall mental health. 

Take heart, even though it may be hard to handle, there are actions you can take to get back in the game. Here are six strategic ways you can bounce back after a layoff –

1. Take a small break

Take the first 72 hours after a layoff to understand and accept what has happened. Give yourself time to decompress and unwind. Visit family or go to the beach for a couple of days if that helps. Remember, you must follow a sequence. Resist the urge to call companies and recruiters from the very next day, because you are not ready to talk about new opportunities yet. Give yourself time to heal. This way, you will be in a better position to devote your energy to getting back up on your feet and finding a new job. 

However, be mindful of your hiatus. You may feel like extending this little break and may end up with a gap in your CV. Employers are suspicious of such candidates. So, take a week or two off if you must, but set a date to get started on your job search and stick to it. 

2. Take advantage of financial safety nets

Facing your finances does not have to be a reason for panic but must be addressed straight away. If you’re eligible for unemployment or pandemic benefits, apply for it immediately. If you have loans or owe money, check with your creditors if they can provide you with a moratorium for these extraordinary circumstances.

In addition to this, take measures to adjust your budget after your layoff. Check if you have unnecessary subscriptions or if you are paying for magazines that you don’t need and opt-out of them.

3. Send out your CV

Once you have successfully dealt with your emotions and applied for unemployment benefits, it’s time to get down to business (literally!). With a surplus of talent and not enough jobs, your CV needs to be spot on. In 2020, the best way to get your resume out there is via LinkedIn. With over 20 million companies listed on this platform, over 90% of recruiters use LinkedIn for hiring. Update your LinkedIn profile and let employers know that you are looking for a job. Remember – aligning your goals with your CV and LinkedIn profile is a must. 

4. Don’t forget your real-life contacts

There is an adage that goes – “Your network is your net worth”, and this couldn’t be more relevant when it comes to seeking a job. There are a few companies that do not advertise their jobs. Getting in touch with connections can help you tap these opportunities that you would otherwise miss.

Keep in mind to be considerate while asking for assistance from friends. Jumping straight in, describing your brutal layoff and asking for someone to refer you is not the right approach. Do not put them into that tricky “Yes or No” situation. Your objective should be to be courteous, build a rapport and gain their confidence so that they will refer you. Not because they have to. But because they want to.

5. Frame a public ‘Exit Statement’

“How did you lose your job?”

This is a question you will be subjected to, whether you like it or not. Hence, the best approach is to be prepared. Work on crafting a simple explanation for your layoff that you can share with potential employers and professional contacts. The main objective of this explanation is to sound assertive and not like the victim.

Consider saying something like this – “Due to the pandemic, my former company went through inevitable losses, and a business decision was made to let go of 10 positions, including mine. The bright side to this is, now I get to take that experience and find an opportunity that’s a better fit for me!

Keep in mind that redundancies and layoffs have frequently been occurring these past few months. It is acceptable, and there is nothing to be ashamed of.

6. Surround yourself with positivity

Energies are contagious. How you react to a situation and how you see yourself is majorly dependent on the people around you. Be ruthless about positivity. If people around you love a pity party, it is time to distance yourselves from them. Surround yourself with people that push you, encourage you and support you. Read books of positivity, practice mindfulness, and watch inspiring movies.

Show your loved ones that even though these circumstances were uncontrollable, you are still very confident that you will all pull through together!

Our Codex family consists of team members that have braved it all. These success stories of our colleagues are sure to inspire you and encourage you to push, despite the challenges. Read these inspiring real-life stories here.