Layoff Lessons Learned – For Those Who Remain

If you have survived a layoff and watched your colleagues leave, there are a few things you can do. One thing not to do – assume you are safe, that there no more layoffs are coming, and that, since you were not laid off, you are a ninja-rockstar-guru who is so critical to the company you are irreplaceable…you are not!

Lesson 1 – there is no such thing as “safe.” Do not assume that you are safe. Do not assume the company will not make additional layoffs…even if they say they will not. As LinkedIn reported in Q4 2022 – Q1 2023 many companies did multiple rounds of layoffs; some did so after claiming they would not do any layoffs or only one round. It does not matter if you work for a small or large company, nor what market or sector your company is in. Layoffs can impact anyone at any time, be prepared!

Lesson 2 – live within your means. Instead of waiting to be laid off, force yourself to live within your means today. Assume you will be laid off in the future and set aside a 3–6-month cash reserve. I learned this the first time I was laid off and it made things easier the second time I was laid off.

Lesson 3 – prepare for the worst, hope for the best. While it is easy to hope your current employer will value your work and compensate you fairly until you retire, there is no guarantee this will happen. You need to keep your skills current, you need to invest in your network, and you need to keep your CV / LinkedIn profile up to date. You do not always need to be on the lookout for the next great opportunity or job hop if you see something that looks good…sometimes the grass is not actually greener on the other side, and there are benefits to staying at one company for a long time. However, there is a risk in getting so comfortable that you assume you will never need to look for work again. Ask yourself: if you were laid off tomorrow, would you be prepared to look for new work? If so, you might be fine where you are. If the thought of looking for new work scares you, take steps to address that fear.

Lesson 4 – be proactive. If you have watched layoffs unfold at your company, it might be time to leave on your terms. Looking for work when you have a job takes time and effort, but it allows you to control the transition. If you no longer trust your leaders because they 1 – did a poor job during layoffs, 2 – did multiple rounds of layoffs (especially if they said they would only do one), 3 – did layoffs after saying they would not do them, or 4 – did layoffs and then scrambled to cover the gaps by asking you to work more hours / pick up the slack, it may be time to move on. You might end up finding a better opportunity, or you might find yourself partway into a job search when your employer lays you off, which makes the transition easier since you have a head start.

Lesson 5 – help your colleagues. If your colleagues were laid off, help them. Write them a recommendation on LinkedIn, this helps when they look for new jobs. If you know of people who are hiring, connect them to your colleagues…you might end up helping a laid off colleague get a job at another company, and this person may end up helping you land a new role later.

While I hope no one reading this is ever laid off; remember that fortune favors the prepared.