What I Learned From Being Laid Off
Matt Cohen
Head of Enablement at SingleStore ?? Analyst-Cited Sales Enablement SME ?? Recognized Sales Enablement Leader “Making it Happen” ?? Change Management ?? Go-to-Market Architect ?? B2B SaaS & Sales Tech ?? MBA
On August 3rd, 2017, I was laid off. While having this occur in my first job out of business school was jarring, it was not a unique experience. However, now that I'm on the other side, I wanted to share what I learned because I understand how difficult it can be.
Let’s begin by discussing the topic of loyalty because that is often where emotions come into play in situations of termination. Companies often perceive a lack of loyalty, particularly among younger employees. However, if that is true, there is an equal lack of loyalty among employers that necessitates remaining open to new opportunities early on in a career. There is nothing inherently wrong with this, so we should not try to cover it up by claiming to be "family." A healthier employer/employee relationship should be modeled after the one outlined in The Alliance: Managing Talent in the Networked Age, by Reid Hoffman. This book suggests that employment should be a “mutually beneficial alliance with explicit terms between independent players.” Also, actually ask yourself, ‘Do you really want to work with family?’ Family businesses are still the beating heart of our economy (my family’s business made much of my life financially possible) but many would need to take some time to think about this question.
The day after I got laid off, I followed my daily habit of checking the LinkedIn Daily Rundown. The article mentioned the unemployment rate was the lowest in 16 years! I took this as good news. After all, like everyone else who has taken an economics course, I was taught that a tight labor market favors the job-seeker. However, the unemployment rate can be misleading. While it may appear to be the lowest it’s been in nearly two decades, the workforce participation rate is the lowest it’s been since 1978 (U.S. Bureau of Labor Statistics). Job-seekers who take too long to find their next opportunity can no longer collect benefits and therefore fall off of the unemployment roles. Also, just because the unemployment rate is low doesn’t mean that layoffs don’t occur. When markets are humming and profits are soaring, shareholders place even more pressure on the C-suite to keep pace with competitors and that often demands “trimming the fat,” a term casually used for eliminating functional redundancies from payroll. SG&A is typically a significant portion of operating expenses, so it makes sense that leadership teams start here. It doesn’t mean it will be easy to find a job either, particularly in the second half of the year when hiring dies down and if you are looking for higher salaries. A tight labor market theoretically means employers are less picky because they have a smaller labor pool to hire from. Therefore, applicants don’t need several years of directly relevant experience, but that’s not always the case. Rather, companies maintain these standards and merely turn inward if they are not met, training personnel to be repurposed. This is why you’ll see postings, if you see them at all, that end up being internally filled. Keep in mind, 80% of open roles are not actually posted (Wall Street Journal). It really is all about who you know, which brings us to the importance of your professional network.
In order to be ready when the unexpected happens, you need to build and maintain your network when you don’t need them. The moment you find yourself content at a new employer is when you need to continue checking in on birthdays, anniversaries, and new jobs for your professional connections. I’ve heard many complaints about these updates on LinkedIn, but you may be congratulating the very person you ask for an introduction in another year. With that being said, the value of your network isn’t just tied to referrals. Utilize all of your connections in every way you can. This could include resume polishing, interview practice, and even just venting with those you are closer with.
Finally, if you are laid off, remind yourself that you are not getting fired and it is therefore not personal. This realization, while not a panacea for all the complicated emotions you might feel, should be freeing. I wish I knew all of this when I cleaned out my desk nearly a year ago, but this is perhaps the most important point: it is not your fault. You may think back and wonder, ‘What if I had taken on that special project when I told myself I was too busy?’ or ‘What if I did a better job of hiding my bad mood from my boss that one time?’ The fact is that your termination was a business decision, and it may have even been one that was made reluctantly. It’s rarely as efficient as you’d like it to be, but your job search will eventually end. You will find another role and another company. The trick is to never settle because you’re more than a number. You deserve an engaging career but, while many will want to help, no one can do that for you. You are the master of your professional destiny. So, what’s your next step?
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Consultant, Executive Coach, Interim CEO, Author
6 年We need more people to post articles like this. Your willingness to share helps take the stigma and fear out of job loss. Read more in my new book.
Human Resource Leader | Super Mum | HR Operations | Operational Excellence | Talent Management
6 年Thank you for a great read!
Customer Care Professional At Delta Airlines/Social Impact & Climate Change Enthusiast/Community Planner/Globetrotter
6 年Interesting thread as besides layoffs I see sadly these days anybody being fired no reason suddenly besides a layoff with the 'at-will employment' dilemma.
Powering growth through driving operational excellence | Passionate about Student Success | Philanthropist | Teaching | Career Coach |
6 年Fantastic thoughts.
HR/Payroll Specialist
6 年Thank you for this article!