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What do you do if you're facing a layoff in the market research industry?

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Facing a layoff in the market research industry can be a stressful and uncertain situation. You may feel anxious about your future, your finances, and your career prospects. However, you can take some steps to cope with this challenge and prepare for your next move. In this article, we will share some tips on how to handle a layoff in the market research industry, from managing your emotions to updating your skills.

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Himanshu Sharma

Market Research Leader | 18+ Years Expert in Research & Strategy | Founder, Tavasyam Research | Research Consultant…

1 Acknowledge your feelings

The first step to deal with a layoff is to acknowledge your feelings and emotions. You may experience a range of reactions, such as shock, anger, sadness, fear, or guilt. These are normal and valid responses, and you should not suppress or ignore them. Instead, try to express them in healthy ways, such as talking to someone you trust, writing in a journal, or engaging in physical activity. You can also seek professional help if you feel overwhelmed or depressed.

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Himanshu Sharma

Market Research Leader | 18+ Years Expert in Research & Strategy | Founder, Tavasyam Research | Research Consultant Transforming Insights into Strategy
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Layoffs are harsh reality of corporate world, some triggered by poor economic conditions, some by poor management; but the important thing is to proactively identifying that it can happen anytime and be mentally prepared for it. You can look out for indicators such as low workload, imbalanced workload- one business unit doing overtime, while yours has free hours; sudden decrease in task delegations to you by seniors etc. No one can be fully prepared for layoffs, but to have minimum after effect, one can: 1. Keep up skilling on latest technologies that complements your industry knowledge 2. Improve your LinkedIn network 3. Connect and follow industry leaders 4. Don't shy away from requesting references and recommendations from your network.

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2 Review your finances

The next step is to review your finances and budget. A layoff can have a significant impact on your income and expenses, so you need to plan accordingly. Start by calculating how much money you have in your savings, checking, and retirement accounts. Then, estimate how long you can cover your essential bills, such as rent, mortgage, utilities, food, and insurance. You may also want to look for ways to reduce your spending, such as canceling unnecessary subscriptions, eating out less, or shopping around for cheaper services.

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3 Apply for benefits

Another step is to apply for any benefits or assistance that you may be eligible for. Depending on your situation, you may qualify for unemployment insurance, severance pay, health coverage continuation, or other programs. You should contact your former employer and your state or local agency as soon as possible to find out what you need to do to apply. You should also keep track of your job search activities and report any income you earn while receiving benefits.

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4 Update your resume

One of the most important steps to handle a layoff is to update your resume and portfolio. You want to showcase your market research skills and achievements, and highlight how you can add value to potential employers. You should also tailor your resume and cover letter to each job you apply for, using relevant keywords and examples. Additionally, you should update your online profile, such as LinkedIn, and make sure it reflects your current goals and interests.

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5 Network and reach out

Another key step is to network and reach out to your contacts in the market research industry. Networking can help you find new opportunities, get referrals, and learn from others' experiences. You can network online, by joining professional groups, forums, or webinars, or offline, by attending events, workshops, or meetups. You should also reach out to your former colleagues, managers, mentors, or clients, and ask them for advice, feedback, or recommendations.

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Bheemsha LT

Regional Head - Sales @ Mahindra Group /IIMA /IIMC / ISB / Harvard /Top Sales Voice/ Certified/SCMHRD/Coach/Leader/Agriculture/Engineer/Sales/Marketing/Learner/Father/Husband/Traveller/, Key Account Management
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My strong way to enhance the Job opportunity during taught time is explore the opportunities with network .. reach out to social gatherings and business networking meetings .. reach out to best possible old mentors and coaches and very important Parallaly explore cource which build skills and knowledge… spend time on study on live research within same industry and try to explore with 1 or 2 new sectors so that you can get feel about those industries .. also update CV and keep posting in multiple options .. and multiple opportunities..

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6 Learn new skills

The final step is to learn new skills or improve your existing ones. The market research industry is constantly evolving and changing, so you need to stay updated and competitive. You can take online courses, read books or blogs, watch videos or podcasts, or work on personal projects. You should focus on skills that are in demand, such as data analysis, visualization, storytelling, or digital tools. Learning new skills can also boost your confidence and motivation.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if you're facing a layoff in the market research industry?

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3

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1 Acknowledge your feelings

2 Review your finances

3 Apply for benefits

4 Update your resume

5 Network and reach out

6 Learn new skills

7 Here’s what else to consider

Market Research

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What do you do if you're facing a layoff in the market research industry?

1

2

3

4

5

6

7

1 Acknowledge your feelings

2 Review your finances

3 Apply for benefits

4 Update your resume

5 Network and reach out

6 Learn new skills

7 Here’s what else to consider

Market Research

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