#32 Bouncing Back from Layoffs: A Guide to Resetting Your Career in 2024

Silicon Valley continues to experience significant upheaval, as the tech industry's push for efficiency shows no signs of slowing down. Mark Zuckerberg's proclamation of 2023 as the “year of efficiency” has set a precedent that persists. This year, Meta announced another round of 10,000 layoffs, following the 21,000 job cuts over the past two years. Amazon, too, cut an additional 12,000 jobs, adding to the 27,000 roles already eliminated. Altogether, American tech firms have laid off over 150,000 employees in 2024 alone, adding to the staggering losses of the previous two years. While investors have applauded these cost-cutting measures, with the NASDAQ index climbing 14% since the start of the year, the reality for many employees has been a challenging landscape of uncertainty and change.

The reality is that layoffs have predominantly targeted non-technical roles such as sales and recruitment, which ballooned during the pandemic. However, even specialized tech roles are not immune, as Meta’s restructuring in April demonstrated. Even giants in the consulting world like McKinsey, BCG, and Bain have had to make tough decisions, affecting countless careers.

Despite the turbulence, some laid-off tech workers are turning adversity into opportunity, fueling a new generation of startups, particularly in the emerging field of generative AI. Applications to Y Combinator, a prominent startup incubator, surged fivefold in January, reflecting this entrepreneurial shift.

In my coaching practice, I’ve seen firsthand the emotional and professional toll these layoffs can take. Whether you’ve been directly impacted or you’re a leader forced to make these decisions, the aftermath can feel overwhelming. But here’s the good news—there are actionable steps you can take to not just recover, but thrive after a layoff.

Here’s a straightforward guide to help you turn this setback into an opportunity to reset and revamp your career.

1. Process the Emotional Impact

Layoffs aren’t just a professional setback; they can take an emotional toll. Whether you saw it coming or not, it’s crucial to give yourself the space to process your feelings. Acknowledge your emotions—anger, sadness, relief, or even confusion. My advice is not to get stuck in the emotions it triggers, but rather to take enough time and space to recognize what you’ve experienced so you can move forward with clarity.

2. Take the Opportunity to Work on Yourself

A layoff can be an unexpected gift—time to focus on self-reflection and personal growth. (I know this is easier said than done, hence the importance of taking the time to 'grieve' first. Then, you could potentially take this opportunity to dive deep into understanding your strengths, values, and what truly motivates you. Explore your IKIGAI—the intersection of what you love, what you’re good at, what the world needs, and what you can get paid for. This is a chance to realign your career with your true passions and goals, setting the foundation for your next move.

(CLICK ON THE IMAGE BELOW TO DOWNLOAD THE COMPLIMENTARY IKIGAI WORKSHEET)

3. Consider Taking a Break

For some, a layoff might be the first time they’ve had a break in years. I’ve worked with coachees who haven’t taken time off in over 15 years. If this resonates with you, consider viewing this period as a reset rather than a setback. Not everyone has the luxury to take a break, but if you do, use it wisely. Recharge, reflect, and come back stronger. Sometimes stepping away from the daily grind is exactly what’s needed to gain a fresh perspective.

4. Rebuild Your Network

A layoff can feel isolating, but this is the time to lean into your network. Reconnect with former colleagues, attend industry events, and engage with your mentors. Networking can help you find your next job, stay connected to your industry, share ideas, and discover new opportunities for growth. The relationships you nurture now could open doors you hadn’t even considered.

5. Explore Entrepreneurship and Portfolio Careers

This might be the perfect moment to think outside the traditional career box. Have you ever considered entrepreneurship or a portfolio career? What skills can you monetize while also creating the life you want? Maybe you have a passion project that could turn into a full-fledged business, or perhaps you can combine multiple interests—like consulting, teaching, and content creation—into a fulfilling portfolio career. Now’s the time to explore these possibilities.

6. Upskill or Reskill

Consider this a chance to sharpen your existing skills or learn something entirely new. Whether it’s taking a course, earning a certification, or diving into a new field, upskilling can make you more competitive in the job market. The job market is evolving rapidly, and staying ahead of the curve will give you a significant advantage in securing your next role.

7. Take Action

Once you’ve processed your emotions, reflected on your goals, rebuilt your network, and upskilled, it’s time to take action. Update your CV, start applying for jobs, or even consider freelance work as a bridge to your next full-time role. The key is to keep moving forward, even if it’s one small step at a time.

Final Thoughts

Layoffs are tough, but they can also be a catalyst for growth and change. By taking deliberate steps, you can turn a layoff into an opportunity to realign your career with your true goals and values. Remember, it’s not about bouncing back to where you were—it’s about bouncing forward to where you want to be.

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Hi! I'm Merve. ?? I help corporate leaders and business owners build high trust, high performance teams, grow their business impact, and advance their careers.

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