Getting laid off can be a traumatic event, but a little bit of preparation can go a long way. In this piece, the author outlines four ways to get started: 1) Just as it’s important to maintain your health by getting periodic check-ups, you should also update your resume and LinkedIn profile regularly. It’s a prudent best practice to take care of these updates before you need to. 2) Develop a list of your own top values. This self-knowledge gives you the lens through which to evaluate fit as you look at a company. 3) Get your finances in order. To be financially ready, you don’t necessarily need to save a substantial amount of money from each paycheck — start small and increase your savings rate occasionally. 4) Divorce your personal and work data. The simplest way to separate personal from work data is to use only devices you own for personal matters. The more prepared you are, the less impactful the layoff will be on your mental health and finances — and the easier it will be to find a new job.
Mass layoffs hit dozens of U.S. companies in 2022 and show no sign of slowing, despite the robust economy and continued growth in new jobs. According to Layoffs.fyi, tech companies slashed more than 187,000 positions in 2023 alone, compared to 80,000 in March to December 2020 and 15,000 in 2021. And it’s not just tech that’s feeling the pain — significant cuts have come from a wide range of sectors and blue-chip companies including the Gap, Disney, LinkedIn, FedEx, Dow, 3M, and Wayfair, to name a few.