Ep # 12: How to handle a layoff.

Hello! and welcome back to yet another episode of my podcast. In today's episode, let's talk straight from the house. "Layoff" has been the buzzword since the mid of this year. If you or someone you know has been laid off, do not miss this episode.
 
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 It's time to have a Word with me, Rajive Dhavan. 

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Transcript

 Hello, and welcome to yet another episode of my podcast. Our this week's topic is how to handle a layoff. If you or somebody you know has been a part of the unfortunate group that's been laid off, then this podcast is for you. Even if there's no remote possibility of you being laid off, you can still give it a listen because you never know.

So it's time to have a word with me, Rajive Dhavan. See you on the other side of the intro music.

According to recent data, over 250,000 employees have been laid off in 2022 across a thousand companies, and this data is only until November 2022. This data also doesn't include a lot of small and medium-sized tech and non-tech companies. In fact, very recently, even Morgan Stanley. A mass layoff of 1,600 employees, which is roughly 2% of their workforce.

So it's unfortunate, but the fact is that the layoff season is here. So while layoff is a big buzzword going on, let's understand the difference between layoff and firing. A layoff is typically done to cut costs. That's a tool that companies use to cut down costs when inflation is high and when interest rates are high.

But if you've been fired, then it completely depends on your competence. So coming back to the topic of this episode on how you can handle a layoff here, I'll be sharing a few tips and a few ideas on what you can do if you've been a part of this. First, accept, breathe in and grief. It's important that you give yourself time to grief.

Rushing the process of grief is not going to help you one bit, as it might remain unhealed and not allow you to focus on other things. Next, slowly try to look at things that you're grateful for in life. Gratitude is very powerful. And if you're grateful for things around you, small, tiny things that can give you some sense of gratitude, it'll be a great help in your healing journey.

As you slowly process what has happened to you and come to terms with the idea of being laid off, you can begin to connect with people that you know and look for relevant, suitable jobs that excite you. But do not go on a rampant spree applying for every single job out there. Because that can actually be counterproductive, and you can end up minimizing your possibility of getting a job.

Once you shortlist a few jobs that you think you'll be a great fit for, sit down and put together your CV and a good cover letter which matches each of these job descriptions. You can even look at editing your CV and cover letter to make sure that it's relevant to every job opportunity that you're applying for.

And while at it, remember, a lot of big companies use ATS software, which is a way for them to screen a lot of CVs that they receive. So make sure that your CV and your cover letter are extremely ATS compliant for every single job that you're applying for. A lot of recruiters look at your LinkedIn profile, so you have to make sure that your LinkedIn profile is also extremely compliant with whatever you are mentioning in your CV and cover.

Next, it's time for you to connect with people, explore your opportunities, look at your network and see who those people who can actually help you get a job are. Sometimes, people you least expect from could be of great help. You can also choose to connect with people you don't know and let them know about the fact that you're looking out for a job.

I do understand that layoffs can be a tough situation to deal with. But this is when your mindset matters the most. A layoff is not a certificate of your abilities. Some of the most tenured, experienced, and senior professionals have had to go through an experience like this. So you are no different. Anybody can be in your position.

It's important that you look at it as a temporary setback and not permanent damage, at least in your mind. You have to look at it as just an unfortunate situation, and I do understand that this is not a mindset you can have during a situation of distress like this, but it's imperative for you to slowly work towards a mindset of positivity.

Next, you'll have two options. Either you can crib about the situation that you're in. Or you can utilize this time to upscale yourself for the next job opportunity that you will get. The process of upskilling yourself during a time of distress can be a tough thing to do, but this is what will make your position rock solid in your next company.

You'll also have to make sure that you stay away from negative people, people who will constantly crib and tell you that the job market is extremely. And it's impossible for you to get a job in this market condition. I'm sure we all have these kinds of people around us, but this is when you'll have to pull the plug and stay away from them, period.

Instead, connect and spend more time with people who believe in your abilities. People who think and understand that this is just temporary. Back. Now I know that I am sitting here, and I'm just talking stuff on a podcast. It could be very easy for me to say things, but it is tough for you to do all of this, and that's fine as well because not everybody can deal with all situations to the best of their abilities.

If you feel that all this is extremely overwhelming, seek professional help to not be embarrassed to look out for professional help if you feel that this is taking a huge toll. Just because somebody you know dealt better with a layoff does not mean or imply that even you should be able to deal with it in the same way.

We are all different people, we are all individuals, and we all have different strengths and weaknesses. Maybe there are hundred other things that you're really good at, but other people aren't. When you're also looking for a job, don't just rush. Give it some time, apply for a couple of jobs, wait and then repeat the process.

It's important that you give yourself that break. Remember that all this preparation is a run-up to an interview because tomorrow, when you apply for a job, and you get a call, you have to be in great shape mentally and emotionally to be able to crack the interview. This is when self-belief is also equal.

Helpful. Understand this, if you were really incompetent, you would've never, ever gotten the job in the first place, and you would never be able to sustain it for a while. So don't stop believing in yourself to feel better. You can also reflect on some of the achievements you've had. Over the years.

Finally, I know that all this is easier said than done, but let me tell you, if there are things that are contrary to what I've mentioned, but you'd like to do them, and if they give you comfort or confidence, please go ahead and do it. What's more important than somebody talking on a podcast is that you are comfortable and positive during this entire process.

We have discussed various aspects of a layoff. We've spoken about acceptance. We've spoken about making small progress. Not taking too much load, and if you feel overwhelmed, you can always look for professional help. Beyond all this, we've also looked at how you can connect with people in your network and seek help.

There's also been a discussion on your mental and emotional well-being, but one thing that we did not talk about so far is your financial well. After a layoff, the first thing that comes to our mind is how will we manage our finances. And that is something that we all need to plan towards. The first thing is to start saving for a rainy day.

This should be ideally done during your good times as well. In case you've not been able to do that for some reason, the next thing that you can do is at least look at cutting down expenses that you feel are not adding enough value and things and services that you can do without. If you are in deep financial trouble, you will have to take some tough financial calls.

You'll have to change your approach and your spending. With this, we come to the end of this week's episode. I hope you liked this piece of content. If you did, please share. I'm sure you will positively impact someone. Thank you.