How to Be Ready for a Layoff, Even Though Your Position Feels Secure for Now | Christine vs. Work

0:28This episode is brought to you by Google Chrome. I know this from personal experience, and right now it's a fear and a reality for so many people. Today, I'm talking about layoffs and how you can prepare if it happens to you. So when I say layoff, I mean when your job is eliminated because of a business decision or restructuring, and it should have nothing to do with your job performance. I can tell you, I remember distinctly the moment that I got laid off from what was my dream job, and it hurt. It was such a shock to the system, you know, emotionally, physically. I was pretty, you know, wrecked.

1:07I always wondered what could I have done to prepare for being unemployed? What does a layoff toolkit look like and how can you put yourself in a best position just in case this thing happens to you? I want to talk to someone who can answer my questions. Maybe someone who's gone through a layoff personally or someone who's helped a lot of people go through this transition. I want someone who can give me the answers I need.

1:37When I got laid off, I didn't have a clue. I was just in shock and I was devastated. I knew that it was coming, but I did not take any steps to prepare for it. which actually is why I do what I do now. That's Susan Peppercorn. She's an executive career transition coach, and she works with people who are undergoing professional change. The reality is that being loyal to an organization and having an organization be loyal to you doesn't really exist anymore. I know it's kind of bleak when you think about it. Companies aren't responsible for shepherding us through every stage of our life. And so people have to think about how do I manage my own career?

2:21Because really you are in charge. So tell me more about managing your career, starting early, starting now. What are the biggest steps? Weekly, just keep track of your accomplishments. You're going to have a list that you can use to update your LinkedIn, to update your resume, to talk about on an interview. And you won't have to go through that painful process of reconstructing that over a period of years. Another one is to keep your network fresh. What does that really mean? Like network? Alright, it's not as bad as it sounds, trust me. It is simply building relationships with people outside the confines of your job.

3:09That's it. You want to build a really strong network, but especially before you actually need it. That takes time. You want to nurture and grow your network early and often. So they'll be there for you when you need them. Most people in excess of 70 % find their next job and a job that they really want through their network. Another one is if you do get laid off, and a lot of people don't realize this, the day you're notified may actually be your last day. If that happens, your computer, unfortunately, is taken away from you, along with your documents and your contacts. You want to back up anything you think you might need in the future.

3:55Primarily, this means email addresses and phone numbers you want to keep. Do a financial wellness check. It's good to take stock of your finances. Where are they? How much do you have? Also, if you get laid off, you have to know how your health insurance is going to get paid for. A good rule of thumb is six months saved up of living expenses. If you're worried about the job market, Susan said that recruiters are more gracious in understanding, looking at people's lapses in their careers, especially due to the pandemic. Don't panic if you don't find a job right away, because recruiters and hiring managers, or so they understand the impact of the economy.

4:37I love Susan's tips and I can't wait to put them into practice. So it's Friday. I'm gonna look through my week and write down some accomplishments. It's like I felt this week, you know, I stayed relatively on task. I felt pretty good mentally and physically and personally. So I'm gonna chalk that up as a win. This is what remote networking looks like. That's me on LinkedIn. I have a hard drive. It's kind of old, but it'll get the job done. And I figured out my financial wellness. Forgive the visual, but I'm not showing you my bank statements. Okay, now I feel prepared. Susan's tips, though, were just a start.

5:17I laid down the groundwork for something that I'm going to be doing for the long term. Building a network and maintaining it, that takes time. And keeping track of your accomplishments, well, that has to be ongoing and routine. Being prepared for anything that comes your way, that is just simply good career management. I hope these tips help and we're all in this together. If you're still watching, one, thank you. But two, I'm really curious, like what do you want me to explore? What problems do you have at work? I love to solve them. Please leave a comment. I'd love to hear your thoughts. And if you have any other ideas, throw them my way.

5:56All right. Peace out.