skip to Main Content

How to Prepare for Potential Layoffs

CYCP - How to Handle Potential Layoffs

Many big companies such as Amazon, Spotify, and Goldman Sachs have started 2023 by announcing layoffs. This understandably leaves many professionals feeling uneasy about their own career paths. What can you do to be prepared for potential layoffs?

We empathize with those who have been laid off or who are expected to be laid off in the near future. It’s a scary situation. The good news is that the job market is still strong and unemployment is still incredibly low, so you can find something sooner than you would have during previous years. Here are some steps that you can take now to be prepared for potential layoffs.

#1 Refresh your network. If you haven’t done so already, sign up for your local industry-specific association and attend one of their events. This will help you to be more aware of what is happening in your industry and what the trends look like for this year. This will also help you to expand your network if you do need to look for something else due to being laid off.

Another way to refresh your network is by joining the LinkedIn group for your Alumni Association. See if there is anyone locally that you can connect with to exchange information about industry trends and company news. Networking connections can also provide advice on how to put your best foot forward in the case of potential layoffs. Start networking now in our Online Career Coaching Group!

#2 Update your resume. In the case of a layoff, you need to be ready to move quickly. Don’t wait to update your resume until you have actually been laid off. Save yourself some time and update your resume now. This will put you one step ahead of the crowd. Make sure to include any updated industry keywords that are relevant to your position, recent marketable results, and any new skills you have learned.

#3 Know your rights. When it comes to being laid off, it’s important to know your rights. When was the last time you checked your company’s policy and employee handbook? Are you eligible for any kind of payout or government benefits? What are the unemployment laws in your state? Are you under a non-compete clause? If you are unsure, talk to your HR department. Being informed allows you to prepare a plan in the case of a potential layoff.

#4 Ask for references. Take advantage of the time now to ask for any references or recommendations from coworkers and management. If layoffs come, it will be more difficult to get others to respond to your requests. Make a list of 2-3 coworkers you would like to ask for a reference or recommendation on LinkedIn.

#5 Work with a career coach. A career coach can help you determine if you need to make an industry shift due to layoffs and what would be the right career for you. They can also help you with a job search strategy and help you refine your personal marketing documents. Since career coaches tend to get booked when layoffs happen, you can stay a step ahead of the crowd by working with a career coach now.

If you have been laid off, we are here for you. Schedule a free consult today.