Facing a Potential Layoff? 3 Critical Steps You Need to Take Now

It’s no secret that the job market is a bit unpredictable right now. Just this week, I’ve talked to several senior leaders who are facing a potential layoff due to a downsize, M&A, or restructuring, and they all say the same thing. “I want to be ready.”

If you feel you are at risk of losing your job, take the time to prepare now. Even if the risk is low, it will help you make a much smoother transition and take some of the burden off you during an incredibly stressful time.

Here are the top three things I share with people who think a layoff may be possible.

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1. Gather Your Data?

A layoff can come when you least expect it, and you may immediately lose access to all your systems and files. Take time now to gather all your important documents and performance metrics (including performance reviews, awards, and key achievements), as they will be helpful in writing your resume and preparing for interviews. ?

This is also the time to gather any contact information and email addresses for your network internally, as well as clients, vendors, partners, and anyone else you’ve interacted with during your tenure. Pulling this information together now will help you activate your network when the time comes without scrambling to think about who you should reach out to and how to find them.

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2. Refresh Your Career Assets

This one may seem obvious, but it is vitally important to refresh your resume and LinkedIn profile BEFORE a layoff. This is because it is much harder to create a stand-out career narrative and professional brand when you are in crisis mode and after your confidence has taken a severe blow. It’s much more effective to do these things while you’re on top of your professional game, not at rock bottom.

This includes tailoring your new resume to your ideal next role and including all relevant metrics and achievements you gathered in step one. Also, make sure your LinkedIn profile is complete and optimized, as it will be an essential tool in your search.

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3. Prepare to Negotiate Severance & Outplacement Support

If a layoff is inevitable, most senior leaders can negotiate their severance package, and a key component to include is comprehensive outplacement support. This means career transition services to help with your resume and LinkedIn profile development, job search strategy, recruiter introductions, interview preparation, and even compensation negotiation support.

This service can be invaluable in securing your next opportunity more quickly, but the key is to negotiate the ability to work with a firm that specializes in high-touch services specifically tailored to the unique needs of senior executives. Our firm, D&S Executive Career Management , delivers this bespoke level of support.

Next Steps:?

If you think a layoff may be coming, reach out to us at D&S Executive Career Management to talk through your options and how we can help you and/or your team get as prepared as possible.

We provide individual services as well as corporate outplacement support for executives in transition and can help you negotiate these services for you and your team.

Schedule a call with us here.