A practical guide to navigating Tech Layoffs

So you’ve been noticing things feeling off at work lately, and it’s got you wondering if a layoff is headed your way. If that’s the case, you should start with this blog: Spotting an Upcoming Layoff. It’ll help you connect the dots.

Or maybe you’ve just been laid off. Maybe you saw it coming, or maybe it blindsided you. Either way, it sucks and now you’re wondering, what’s next?

But here's the thing: a layoff isn't the end of your career. It’s the end of a job and a chance to improve upon what you have already built, career-wise. And while you didn’t ask for this, you aren’t stuck here.

This guide is here to walk you through the next steps to figure out what to do and grab those new opportunities.

Step 1: Hit Pause, Seriously

Before you dive headfirst into job applications or try to figure out your finances, take a moment to breathe. It helps you make smart, thoughtful decisions instead of just reacting in the moment. This isn't a race.

• Reflect: Give yourself 24-48 hours just to process the news. It's okay to feel anger, sadness, and relief. This is an unfortunate situation, and you’re valid for feeling these emotions.

• Don't post about it immediately: You don’t owe the internet any explanation. Avoid talking about this situation online right away. Give yourself some time to process and plan your next move first.

• Seek Support: Talk to trusted friends or family members. Sharing your feelings and getting their support can help big time.

Step 2: Understand Your Severance Package and Rights

Before you sign anything, make sure you fully understand what's in your severance package. This is your chance to understand what you're entitled to. Be mindful of what you’ll be signing and get all your important documents in order.

• Severance Pay: Usually, employers offer about one to two weeks of pay for every year you worked there.

• Unused Paid Time Off (PTO): Check if you’ll get paid out for any vacation or sick days you didn't use.

• Health Benefits: Ask about things like continuation coverage or other health insurance options. Don't leave this to chance!

• Retirement Plans: Understand how your pension plans will be affected.

• Non-Compete Clauses: Don’t sign away future opportunities without understanding the fine print.

If anything seems unclear, it’s okay to ask HR for clarification or even get legal help if needed.

Step 3: Time for a Budget Reset

Okay, your income just changed, so it's super important to reassess your financial situation. Taking this step ensures you’re not going to be blindsided by financial issues.

• Track Expenses: Figure out where your money is actually going. Then, spot those non-essential things you can cut back on or ditch completely, like subscriptions, impulse buys, and unnecessary deliveries.

• Prioritize Necessities: Focus on important costs first: housing, utilities and groceries.

• Seek Assistance: Don't be afraid to explore community resources or financial counseling services if you need extra support.

Step 4: Your Job Search Plan

Time to get on that job hunt, but let's do it the smart and systematic way. A structured approach makes it easier for you to keep track of your application and keeps you moving forward, without the added mental exhaustion. This is where you start building momentum.

• Update Your Resume and Online Profiles: Make sure your resume and proof of work are totally up-to-date, showing off your latest experiences and skills.

• Set Daily Goals: Try to apply to a certain number of jobs each day. Even small wins keep the momentum going and help you feel productive.

• Leverage Networks: Reach out to former colleagues, mentors, and industry contacts for opportunities and advice.

• Utilize Job Search Platforms: Update your resume and portfolio on these online job portals and set your filters to “actively looking for a job”.

  Or better yet, the easiest place you can get started is right here on Peerlist. Showcase your work, connect with tech professionals, and discover new roles.

Step 5: Craft Your Story

How you talk about your layoff can seriously impact your next opportunities. This is about taking control of the narrative.

• Be Honest and Concise: Clearly state that your role was eliminated due to organizational changes. No need for lengthy explanations.

• Focus on the Positive: Highlight your achievements and what you bring to the table for potential employers.

• Prepare Your Pitch: Develop a short and confident explanation for interviews and networking. Practice it until it feels natural.

Step 6: Build a New Daily Routine

Having a solid daily routine can totally bring back a sense of normalcy and keep you on track.

• Set Regular Wake-Up Times: Start your day early to stay productive and feel focused.

• Allocate Time for Job Searching: Set some hours aside, each day, for applications, networking, and skill-building. Treat it like a job.

• Say Yes to Physical Activity: Exercise can seriously boost your mood and reduce stress. Get moving!

Step 7: Level Up Your Skills

Now's a great time to really level up your skills and strengthen your proof of work. This step can open up new doors you hadn't even considered.

• Online Courses & Certifications: Consider online courses or certifications relevant to your industry. Pick up a new skill or improve upon your existing ones.

• Workshops, Webinars, and Hackathons: Attend virtual & in-person events to learn new things and network with professionals.

• Build in Public: Work on that idea for a side project you’ve had for a long time. Share your progress, challenges faced, and stay consistent. This is how you build proof of work.

Embrace This Transition

Look, a layoff is tough, no doubt. But I also think it can be a huge opportunity for growth and a fresh start. By taking these steps, you're setting yourself up for a smooth transition.

If you’d like, you can also track current layoffs with a layoff tracker. It’ll help you stay informed and make better decisions for your next job.

Remember, staying confident and adaptable are your superpowers right now. Stay focused, lean on your support system, and embrace this next chapter.

Keep building your proof of work, you’ve got this 💪