Layoffs Looming? 4 Steps to Protect Your Career

Layoffs Looming? 4 Steps To Take To Protect Your Career

"If your company isn’t doing well, should you accept a buyout? Should you volunteer if layoffs are announced? Numbers aside, what should workers be thinking about from a career perspective?" – Financial Advisor

With cuts affecting the federal government and layoffs announced at stalwarts such as Meta, it’s good career practice for all professionals to think proactively about what they might do if their career security is threatened. You want to make plans when you can think rationally and consider multiple angles. You’re less likely to make suboptimal, rash decisions when you’re calm. At the very least, considering your exit forces you to listen to yourself and may even reignite your dreams.

1. Decide What You Want

If a buyout or voluntary layoff were offered, would you ideally stay, go, or consult? Consulting may not be an option, but consider how you’d feel about it as part of your comprehensive what-if planning. Even if your employer is doing great, and you think there is zero chance of a layoff, thinking proactively about what you want may spark a desire to change careers, become a digital nomad, or go into business for yourself.

2. Create A Transition Plan

If you were to leave your job, how would you transition your work to your successor? A smooth hand-off may be a condition of your buyout or severance, so if your departure is imminent, prepare now. Start by documenting the processes around your main responsibilities. Create a comprehensive FAQ manual to guide your successor through the role, addressing common questions and critical tasks. If there’s a colleague or team member who might be a good fit for your position, consider recommending them as a candidate.

Consider your personal transition plan. Ensure you have the personal contact information of colleagues you’d like to stay in touch with, especially for future professional references. If any of your colleagues leave before you do, make sure you have their contact details as well, in case you need to reach out after they’ve moved on. If you use your work email or phone for personal accounts, such as credit cards or social media, be sure to update these details before you leave. Additionally, curate work samples for your portfolio — while respecting confidentiality agreements. Even if you end up staying right where you are, you’ll be glad you built some separation between your professional and personal life.

3. Confirm What You And Your Manager Will Say About Your Departure

If there are extensive layoffs, then your transition story is relatively straightforward. However, if only a few people are impacted or your company isn’t a brand name that will make the news for its layoffs, then you’ll need to explain why you’re leaving. Sync up with your manager around what the company will say about your departure. They may want to couch your exit as a change of strategy, rather than a financial downturn, or vice versa. You want your stories to match in case your manager is called by prospective employers for a professional reference.

If layoffs aren’t imminent but you’re thinking about leaving, plotting out your transition story will help you clarify why you’re leaving and prepare a compelling narrative for interviews and networking meetings. Are you excited for what’s next or just looking to make a change? Do you sound like a go-getter or a disgruntled employee?

4. Get Started Before Your Competition

If extensive layoffs occur, the job market is flooded with candidates. Employers will sense they are in the driver’s seat and will be extra choosy about hiring. A job search might take longer than you think. Therefore, you should start looking before your competition heats up.

If layoffs haven’t yet occurred and you don’t want to actively apply for jobs, you still can get started with updating your resume and LinkedIn profile, rekindling your network (confidentially!), and reading up on companies and roles to get more clarity on what you’re looking for.

First Offers May Be The Best Offers

If your company has started layoffs, the first round may not be the last round. You may want to stay, but the layoffs could be a sign of deeper financial trouble or more disruption to come. Furthermore, initial severance packages may be more generous, in terms of severance pay offered, outplacement support given, or flexibility in end dates and other transition logistics. If you decide to stay, do so with eyes wide open that more bad news could be coming.

Conclusion

In the face of layoffs, it’s essential to stay proactive and think about what you want, create a transition plan, confirm your departure story, and get started before your competition. By doing so, you can protect your career and set yourself up for success, whether you decide to stay or leave.

FAQs

• What should I do if I’m offered a buyout or voluntary layoff?
  • Consider your options carefully and think about what you want. Create a transition plan and start updating your resume and LinkedIn profile.
• How should I transition my work to my successor?
  • Document your main responsibilities, create a comprehensive FAQ manual, and recommend a colleague or team member as a suitable replacement.
• What should I do if I’m not sure about leaving my job?
  • Consider plotting out your transition story and preparing a compelling narrative for interviews and networking meetings.
• How can I stay ahead of the competition in the job market?
  • Start looking for a new job before your competition heats up, and update your resume and LinkedIn profile.