US companies, struggling to tighten their belts and trim their budgets, are in a state of job-cutting these days, with some of America’s largest groups parting ways with thousands of employees.
Meta (META) – Get a free report, formerly Facebook, laid off 11,000 employees in the second week of November. The new head of Twitter, Elon Musk, cut ties with 3,700 people a week earlier. Seagate (STX) – Get a free reportCaravan (CVNA) – Get a free reportSnap (SNAP) – Get a free reportCoinbase (COIN) – Get a free reportand Microsoft (MSFT) – Get a free reportalso reduce the number of jobs.
Economists expect more job cuts in the coming months as companies turn to the defensive with a potential recession looming.
“It’s a very confusing time for employees because there are a lot of redundancies and layoffs happening at the same time,” said career and workplace expert Samantha Ettus. “Keep in mind: While your career path has completely changed, the way you get a job has not.”
Get back on your feet after the break
While losing a job can be emotionally draining and it often takes some time to heal, resist the temptation to feel sorry for yourself and instead immediately get busy taking care of business.
Use these tips to get off the mat and back in the game.
Check your financial health
The first thing you should do after being fired is to look at your finances.
“This review should include your bank accounts, monthly expenses and any emergency fund,” said Don’t Work Another Day founder Forrest McCall. “If you don’t have an emergency fund, you’ll need to immediately start looking for a new position or start a side hustle to get some quick income.”
Additionally, you’ll want to cut any unnecessary expenses like streaming services, delivery services, and gym memberships.
“Also, look at your budget and reevaluate how you’re dividing your expenses based on your lower income,” McCall noted. “If you have a negative balance every month, you’re going to have to find a job or cut your expenses further.”
Check your severance package
Next, check what is included in your severance pay.
“Most companies give a 90-day claim period after a layoff,” said Secfi director of equity advisory Vieje Piauwasdy.
“It’s a quick turnaround and some companies are extending their vesting periods, which they should, to ensure that the employees who helped build the company can continue to do their jobs.”
Keep it positive
As tempted as you may be, don’t bad mouth your previous employer when you start your job search.
“Regardless of how you were fired, negative comments about them will reflect badly on you,” Ettus said.
Get out there
The massive amount of layoffs right now is removing any guilt on your part, so use this influence to your advantage.
“This is no time to lick your wounds,” Ettus remarked. “It’s time to reach out to everyone you’ve ever worked with and let them know you’re looking for a position.”
Using LinkedIn can be a great help in getting information.
“LinkedIn is like a free gift to the working world,” said Ettus. Also use it to contact people at companies where you want to work.”
Make referrals a priority
It is important that you reach out to your network and get referrals.
“Don’t just think about the people you are closest to; research shows that ‘weak-tie’ connections can bear the greatest fruit,” said HireVue’s Chief Growth Officer Patrick Morrisey.
“Often the only difference between candidates is a strong recommendation. Set a personal goal of reaching five people a day in your network and don’t forget to ask them for referrals.”
Find a good recruiter
If you are looking for a job and have not worked with a HR professional in the past, ask for advice.
“Find a recruiter who specializes in your industry or sector and introduce yourself and your situation—they may already have an idea of how to help you,” said Delta Hire Senior Recruiter Steven Waudby.
“It’s also essential to start reaching out to your network and using both professional and personal networks.”
“A lot of times, your success after release depends on who you know, not what you know,” Waudby added.
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