Learn About Layoffs
Layoffs in the tech industry are a common occurrence and can be a source of anxiety. They are a result of unforeseen adverse macroeconomic conditions or overambitious hiring. Layoffs are distinct from being fired, as they are generally not the employee’s fault and are part of a cost-cutting measure to restore the company’s economics. Layoff packages in the tech industry tend to be extremely generous and competitive, as tech companies are known for offering competitive perks, benefits, and pay.
There are many different reasons why layoffs can happen. Layoffs can be a cost cutting measure to ensure that the organization has enough cash to survive. Companies can undergo restructuring when they shift their strategic focus. This could be caused by mergers and acquisitions or shifts in business priorities. The rapid evolution of technology can render certain skills obsolete. Companies may have to reevaluate their technological needs and realign their workforce based on emerging trends.
It’s important to maintain a positive mindset in the face of layoffs. it’s best not to dwell on self-doubt or feelings of inadequacy. Layoffs are often done with incomplete information and can be random. Remember that being laid off is not a reflecting of one’s abilities or worth. It’s advisable to view the layoff as an opportunity for introspection and finding the next career move. The severance package that comes with layoffs can provide financial freedom and should be treated as a valuable resource.
Taking care of physical, mental, and emotional well-being is crucial after a layoff. It’s normal to feel stressed and anxious, so taking time off to examine your well-being and relationships is recommended.
When reflecting on the next move after being laid off, it’s important to think about career goals and where one sees themselves in the future. This self-introspection can take a few days or even a few weeks. Seeking support and talking to people during this time can be beneficial.
In the current climate, being out of work for more than 6 months after a layoff may or may not hurt chances of getting work. It’s important to emphasize the value one can bring to a company and be transparent about the job search and the time spent focusing on your career during the interview process.