Last year was an especially brutal one for layoffs. More than 100,000 workers were laid off in the tech sector alone, and we continued to see announcements of significant layoffs at household-name companies all the way into December. People may say “misery loves company,” but that’s probably small comfort if you’re one of the workers who lost your job. After all, your paycheck is still gone, no matter how many other people are in the same boat. I’ve got some news that can actually help you, though: while a layoff is a challenge, you don’t have to see it as a tragedy. You can make it an opportunity instead. Here’s how to do it.
Take a moment to acknowledge the shock…
There are many reasons you may feel shocked that you’ve lost your job. If you’re an executive with a track record of success, you may have felt like your job was secure. In fact, you may have already weathered more than one recession or round of layoffs. Perhaps you’ve even had the difficult task of laying other people off in the past. In short, you proved your worth and had a reasonable expectation that it would be appreciated and rewarded.
If you’re in a middle-management or low-seniority position, you may have had no idea your employer was planning layoffs. Don’t feel bad about that–it’s not your fault you were in the dark. Company leaders often keep financial issues close to the vest and don’t share them with rank-and-file employees until the last possible minute. In fact, it’s not unusual for employees find out about financial problems and layoffs in the same meeting. You may feel especially blindsided if your employer took the insensitive, but increasingly common, path of conducting a mass layoff by email or video call.
Those feelings of surprise and hurt are valid, and you should take the time to acknowledge them. Recognize that it’s frightening and frustrating to lose a job unexpectedly. You’ll have a hard time moving past those emotions if you don’t admit that you’re experiencing them. As you’re facing the situation, lean on your support network, and seek help if you reach a point where you’re struggling to get out of bed in the morning or manage other aspects of daily life (a common sign of depression).
…but don’t dwell on it.
Although it’s healthy and helpful to acknowledge feelings of surprise, dismay, or even anger, don’t dwell on them. Nursing a grudge against your former employer won’t accomplish anything, and focusing on the negative aspects of the situation can pull you into a downward spiral. Instead, it’s time to think about how you can turn this challenge into an opportunity.
While you were working for your employer, the company was in control. You may have been in a leadership or managerial role, but ultimately, you answered to the company for your KPIs, schedule, and compensation. Now you’re completely free of that control. In this moment, no one is telling you what to do. You have a chance to start fresh and create your own future.
Don’t rush to get reemployed.
If at all possible, don’t jump right back into the workforce. Use your severance (and, if necessary, state unemployment insurance) productively by taking time to assess your situation and think about where you really want to go as you move forward.
Start by taking stock of where you were in your job when you were let go. Ask yourself:
Then think about what you would like to do if you could redesign your professional life from scratch. Would you:
You’ll be able to use your answers to all these questions to create a new adventure that’s just right for you and your family.
Make a plan.
Now it’s time to start acting. Seize this opportunity to go after what you want, but do it wisely. Start with constraints, considered creatively. For instance, if you have a big mortgage but want to follow a path with a lower income, can you sell your current home and move into a smaller, less expensive one? Don’t shackle yourself to anything that’s not an absolute requirement.
Once you’ve got your minimum boundaries in place, make your plan to move forward. I’m a big fan of 1-, 5-, and 10-year strategic plans that incorporate SMART goals. I love the SMART framework because it encourages goals that are measurable–a key element for marking your progress, staying motivated, and knowing when you’ve accomplished what you wanted to achieve.
One note: if you have a spouse or life partner, don’t go through this process without them. Any changes you make will be far more successful with their input and support.
If your self-assessment led you to the conclusion that you want to build more wealth and financial security for your family, gain some freedom and flexibility in your schedule, control your own career, or find work that better aligns with your values, I’ve got good news. Franchising can provide all those opportunities and more – and the Empowered Franchisee team offers free coaching to help you navigate the process of becoming your own boss. Book a call with us today to start your next adventure.
Comments are closed