Challenges Following Executive Layoffs & Job Losses

With the latest rounds of high-profile company layoffs, we’ve talked to a lot of executives who are facing unexpected job losses. While this is undoubtedly stressful for anyone regardless of career level, senior leaders often face a unique set of challenges.

Here are some of the most common challenges we see executives face in the wake of a layoff.

1. Mental impact

A sudden job loss can be a traumatic event that causes feelings of real grief that must be dealt with before someone can fully move forward. According to a Harvard Business Review article, executives can have feelings of betrayal, anger, isolation, and shame.

Many executives also tie their self-worth and identities to their careers, especially if they’ve worked hard over the years to climb the corporate ladder and build a reputation in their industry. In our work, we have seen senior leaders state that their layoff was a direct hit to their self-worth and has even had a lasting impact on their self-esteem and ability to interview effectively for new roles.

2. Length of time to land the right role

While many executives need to address these feelings of grief and loss before they can launch an effective job search, it can often be hard to take the time required to truly decompress and heal. Especially because executives are typically high performers, focused on productivity and action, they can often jump in before they’re ready.

And once they are ready to launch their job search, we often have to remind our clients that an executive job search takes time, typically four to twelve months. It’s important that executives avoid feeling discouraged if they don’t land a job right away. When candidates ask me how long they should expect the search to take, I tell them they could get a job by tomorrow. But finding the right job, with the right company, at the right compensation is what takes time.

3. Knowledge gap of the executive job search process

A significant challenge that many executives face is a lack of preparedness or knowledge to search for a job at the level they left. The executive job search is different, and the way they need to take themselves to market is different.

However, many senior leaders have built their careers through promotions or recruitment and have not had to conduct a true job search in a long time. And they often find themselves in a place where they feel ill-prepared and lack the knowledge of the executive job market and how to navigate it.

While there seems to be unending information and resources for job seekers, very little is actually tailored to the unique needs of senior leaders, and this group can actually steer in the wrong direction.

For example, it’s important to understand that the channels for finding opportunities will be different. You’re not likely going to find your next role from an online application, and relying on online applications leads to a string of rejections and wasted time, compounding the issues listed above.

A more effective approach is to focus on networking, targeting specific companies instead of open opportunities, and/or working with executive recruiters if you’re looking for a similar role to what you had previously.

How we can help:

We offer outplacement support to help transitioning executives navigate the end-to-end life cycle of the search process. Reach out to us if you are:

• With a company that wants to provide a higher level of support to their senior executives during a reduction in force, merger or acquisition, reorganization, or closure.
• A senior leader looking to negotiate your exit or severance and you want to work resume and job search services into your package.

Learn more about D&S Executive Career Management

We understand that the search for an executive role or board seat is different, so the way senior leaders need to go to market is different. This is why positioning executive candidates for high-level opportunities is the sole focus of our firm.?

We partner closely with our clients to position VP, C-suite, and board-level candidates to land the top roles and board opportunities.?

Learn more at www.dscareermanagement.com

Or schedule a call with us here