Surviving startup layoffs: Navigate to your next big role
Embrace this phase as a launchpad for growth, not just a gap in your resume. With the right approach, your post-layoff journey can lead to new horizons you've yet to imagine.
2023 has been a rollercoaster for startup employees as many were handed the layoff letters while a few remained. According to a recent report, about 10,774 were laid off by startups this year until June. On the list, Byju's was at the top, accounting for laying off an estimated 2,500 employees.
However, startups globally have been cutting back on their staff and the good news is India accounts for less than 5% of worldwide startup layoffs.
Getting laid off can be an extremely stressful situation, but it can be turned into a golden opportunity to reshape your career and life by taking the right actions. Here is a short post-layoff guide to help you make a successful comeback.
6 steps to take after getting laid off
1. Put yourself first
Getting laid off can trigger a lot of feelings that can overwhelm you. So first, put your thoughts in the right direction. You can rely on your family and friends to get support and guidance. Taking care of your mental health and overall well-being is a must to make better decisions.
2. Plan things out
Prepare a budget
Making a budget is always handy in unprecedented times such as layoffs. So, prepare a list of your basic expenses. After that, analyse how much savings you currently have and how long it can cover for you.
However, avoid getting too dependent on your savings as you need to start building a new source of income. Apart from that, look for costs that can be reduced or eliminated during the layoff period.
Analyse your career goals
Layoffs are a hidden opportunity for people. It helps them pause and analyse their career path and goals. Now that you have good experience working for an industry or a company, you can seek better roles in the future. Make a list of your skills and see how they align with more stable jobs. This might also be a good time to reflect on whether you're happy with your current career path or does it needs any adjustment.
You will be surprised to find out about different job positions that match your passion and skills.
3. Use effective tools for job hunting
In the era of emerging technology, you can use multiple tools for your job search. These tools are great for optimising your resumes, filtering jobs, etc. A good example is Talentprise, this AI tool helps you narrow down the job opportunities for you. You can feed your preferences to get the appropriate results.
In short, optimise your job hunting by using relevant tools so that you can get hired soon.
4. Seek advice from connections
One of the most crucial things to remember after you get laid off is that you are not alone. A lot of people share a similar experience during volatile economic conditions across the globe. So, try contacting colleagues, friends or alumni to get their advice.
You can also connect with working professionals in a particular industry/company you are interested in working for. They will give you key insights on getting hired.
5. Sharpen your soft skills
With a clear plan in mind, it is best to brush up on your soft skills. You can refer to many coaches or mentors online on platforms like YouTube to enhance your communication skills.
Honing your soft skills will help you grab better opportunities and even help you stay relevant to the new Gen-Z and millennial work norms.
6. Try upskilling or re-skilling
In the era of advanced technology, you can acquire in-demand skills from anywhere. Whether you enrol in a course or program, learning a new ability can increase your chances of getting employed. Search for relevant skills that make you stand out from the crowd.
Getting laid off is a problem but what happens after that is completely in your hands. This is why you should look for ways you can tackle it. Apart from that, it is even important to pay attention to your mental health as this situation can be super stressful. So, try using these steps to manage your finances and seek better employment opportunities.