Affected by a Layoff? 4 Ways to Take Control of Your Career

-

By Dr. Lindsey Plewa, Deputy Director of the Graduate Career Management Center at Zicklin School of Business

The start of 2024 brought layoffs from companies across all industries including Nike, Ford, Microsoft, and Deutsche Bank, among many others (Intellizence). Layoff announcements this past February hit the highest for the month since 2009 (CNBC).

If you haven’t been personally affected by a layoff, chances are you know someone who has. Getting laid off can be overwhelming and scary. If you’ve been laid off, here are 4 ways to take control of your career.

1. Get Your Ducks in a Row

Talk to your employer to understand severance pay. For example, is your severance pay a lump sum or a continuation of your salary over a period of time? In addition you’ll want to understand health insurance coverage and if it ends on your last day, now may be a good time to book any needed doctors appointments. Note: federal law requires employers with 100 or more workers to give 60 days’ notice of a layoff affecting 50 or more employees. (US DOL) Once you’ve reviewed the details with your employer, file for unemployment. Filing differs from state to state but in general, if you lost a job due to no fault of your own, you would likely qualify.

2. Pause

Now that you’ve talked to your employer to understand your financial situation, maybe you’re not ready for action. Maybe you’ve been feeling stuck for a while and desperately need a change. Maybe this is the push you needed.

If that’s the case, don’t silence that inner knowing. Whether it’s totally changing career paths, starting a business, completely focusing on that side hustle, or going back to school, share your idea with a trusted friend, mentor or a career coach. YOU are the driver of your career and only you know if it’s time to change direction.

3. Reflect

While it may be tempting to hurl yourself into a job search, it’s important to first recognize that a layoff happens because of a company’s need to restructure, not because of an employee’s performance.

If you are in a negative headspace, that will reflect in your job search efforts. Take stock in all you have to offer a future employer by:

    • reviewing your past performance reviews noting areas where you excelled
    • taking an assessment like the CliftonStrengths and working with a Career Coach to understand your unique skill set (especially important for career changers)
    • asking colleagues to write you a LinkedIn recommendation

4. Get the Word Out

Did you know that 9 out of 10 employers use LinkedIn during the hiring process? Check out this LinkedIn job seeker checklist to make sure you are taking advantage of all the sections of your LinkedIn profile.

Once you do that, get the word out about your situation. You can utilize the “open to work” feature, but a more proactive way to use LinkedIn is to post a message about your background and the type of people you’re looking to connect to. For example:

Hey LinkedIn community!

I was recently affected by the layoffs at (company) and I’m looking to connect to folks in the (x space/industry). I have experience in (x,y,z skills) so if you know of anyone in this field, please direct message me or tag them here so I can reach out for a conversation.

Thank you!


Finally, keep in mind that layoffs are unfortunately very common and there have been many just like you who went through something similar. The layoff is not a reflection of the work you’ve done or the work you still have to offer. Keep your head up and take small steps each day. As the poet, Rumi, says, “As you start to walk on the way, the way appears.”


For over a decade, Dr. Lindsey Plewa has coached thousands of clients on how to successfully navigate a job search. She is currently the Deputy Director of Career Advising at the Zicklin School of Business at Baruch College in New York City. She holds an MA from New York University and an EdD from Northeastern University.







Comments

Post a Comment

Popular posts from this blog

Zicklin Graduate Student Shares Her Thoughts on ESG After Winning CohnReznick’s 2023 Gamechanger in ESG Awards

-
Image
Komal Khandelwal recently graduated from the Zicklin School of Business with a master's in finance . She was also an intern for Asp en Power, a solar energy company.   In early 2023, Komal Khandelwal received an email from the school about a program called CohnReznick’s Gamechanger in ESG (Environmental, Social, and Governance) Awards which, as stated on the program’s website, “recognizes U.S.-based organizations that are embracing environmental, social, and governance principles to drive value for their stakeholders and improve business resiliency.” The winners of the 2023 awards incl ude for-profit companies like Anterix and EDP Renewables North America, as well as non-profit companies like Eden Housing and Rethink Food.    The program also grants the NextGen Award to only one student who demonstrates a zeal for ESG and who plans to pursue a career in the field. The 2023 winner of this award was none other than our very own Zicklin Graduate student, Komal . In addition to re
Read more

Student Perspectives: Crossing the Bridge That May Land You a Job

-
Image
  MS Finance ‘24 student, Taweepan Panyasantisuk, shared with the GCMC how being enthusiastic, networking, and making self-improvements led to and enhanced his internship experience. What has been one of the most important things you’ve learned at your internship? One of the most important things I have learned at my internship is to be enthusiastic. It is invaluable, especially when you are an intern. I discovered that I could learn fast and enjoy learning when I am enthusiastic and open to learning new skills, ask for more work, and ask questions. This attitude shows that you enjoy being part of the team and that you are keen to help. Having curiosity and enthusiasm also means that you get a lot out of what you are doing, which opens a lot of opportunities. How have you approached networking at your internship? Share any one specific example that has been impactful for you. Since my undergraduate years at Baruch, I learned the importance of networking. Attending many networking sess
Read more

Student Perspectives: Making the Most of a Summer Internship

-
MS Finance, Economics, and Financial Statement Analysis ‘24 student, Mrudula Satish Wagle, shared with the GCMC how she made the most of her summer internship, leading to a full time offer and a decision to pursue further education in finance. Agility is one of the most important things I have learned at my job. Adapting quickly and effectively to changing circumstances has been crucial in meeting the demands of a fast-paced work environment. This skill has allowed me to remain flexible and proactive in finding solutions, ultimately enhancing productivity and achieving optimal outcomes. Additionally, agility has enabled me to collaborate effectively with diverse teams and successfully navigate through various assignments. Networking at work is crucial for individual growth and career advancement. As a Summer Intern, I had the opportunity to build relationships with my colleagues, who were friendly and supportive. Constant interactions with them allowed me to understand various roles an
Read more

Student Perspectives: Being a Power Business Intelligence Engineer

-
MS Information Systems, Cybersecurity and Information Assurance '23 student Palak Wadel shared with the GCMC about her work as a Power BI Engineer at Wolfspeed, a semiconductor manufacturing company. What has been one of the most important things you've learned at your internship? One of the key lessons from my Wolfspeed internship is the vital importance of seamless data integration, particularly between SAP and Snowflake, and staying at the forefront of cybersecurity. My role in developing reports emphasized the practicality of integrating data sources for real-time decision- making. Additionally, engagement with the daily threat intelligence team exposed me to state-of-the-art cybersecurity tools like Sentinel and Defender, underscoring the significance of merging theoretical knowledge with practical cybersecurity applications. This experience has reinforced the need for a holistic approach to business intelligence and data security in today's digital landscape. How hav
Read more

Best Practices: Writing a Resume

-
Image
Your Resume: A Quick 2 min. Guide Our GCMC advisor Annie Himmelsbach walks you through how to write a well-crafted resume by discussing how to divide your sections, how to self-evaluate your goals and what to include (and exclude!) in each section. Note: Both active Zicklin Graduate students, and Zicklin Alumni are always welcome (lifetime courtesy!) to schedule an appointment at GCMC when they need assistance in writing, or to review and discuss further improvement on their resume (or career development). Call us at +1 646 312 1330 For more information on the GCMC visit: http://zicklin.baruch.cuny.edu/careers/
Read more