What to do when you get downsized?
You’ve lost your job. This could be a traumatic event the level of which depends on your age. If you’re in your 20’s – no big deal. If you’re in your late 40’s or 50’s, it may be a life changing event. In either case you have a decision to make. You can stay calm and focused and search for your next role, or you can freak out.
This situation happened to me in my late 40’s. I was working a six figure role leading a sales organization in the computer industry. We ended up losing a major contract and as a result I became the most expensive resource in the organization. In order to cut costs, they let me go. So there I was in my late 40’s and my income went from over $100K to zero. As you can expect, my expenses didn’t go to zero. So I had to do something.
Here are a few steps that can help you if you have lost your job and are in this situation:
Get your “Package” reviewed.
If they have given you a financial package, please have it reviewed by a lawyer that specializes in employment law. I didn’t do this when I was laid off. As a result, I settled for a package that was a few tens of thousands short. In Canada the laws on employee separation are much more beneficial to the employee. In the USA, not so much. Never the less, you should get some kind of legal consultation before you sign anything.
Take some time for yourself
If you have received a settlement, then take some a week to relax and recover. If you are in panic mode, this will be hard. If you are in panic mode, you really need to do this. Go do your favorite thing to alleviate stress and take some time to collect your thoughts and evaluate what you want to do next.
Decide if you need a change
The job loss may be an opportunity to make a career change. Evaluate what you are good at and what makes you passionate. Hopefully this will reveal additional options for your next role. Keep in mind that many skills are needed in different industries. For example: Leading team is pretty much the same whether you are in the computer industry, or the manufacturing industry because people have the same basic needs in each.
Put together a plan of action
You need a plan. In today’s job climate you will need to plan massive action if you really want to get another job. These are a few key steps you need to take.
- Update your resume keeping in mind that you are targeting it at the “market” you are trying to enter. Identify your experience and
relate it to that new job market. Don’t simply reprint your old resume showing your old job under the “Experience” section. - Reach out to your network. The best place to find a new role is through your current network of associates. Keep in mind that your ultimate role may be 3 levels removed from your current contact person. Remember it is more likely you get a new role based on “who” you know, rather than “what” you know.
- Apply to 10 times more jobs than you believe you have to. By this I mean, if you think you only need to apply to 10 jobs your like, you will need to apply to 100 roles. The competition today is much higher than we ever believe it will be.
- Stay positive and believe you are going to get the role you want. Your mindset is the most important tool you have to get the next role. You have to keep it positive. To do this you need to avoid listening to negative inputs like the news or talk radio.
One final thought. Keep in mind that if you have lost your job once, you can lose it again. I think we all suffer from the definition of insanity:
“Repeating the same things over and over expecting a different result”.
I would recommend that once you get your next job, you seriously consider starting a business of your own, instead of just “leasing your time to someone else’s dream”. This is what I did. Granted, we all need to earn an income to pay the bills. But, employment is temporary. There is no such thing as a safe secure job, regardless of what your parent told you. They don’t exist anymore. There are many options that will allow you to start a business without quitting your job and will allow you to create enough income to replace your job. The result – you’ll never have to worry about losing your job again.
Get Wealthy,
