If You’ve Just Been Laid Off
If you’ve just been laid off, you are probably in a bit of shock right now.
Several things have probably happened, and you need to do several other things right away. Here is what has probably happened.
1). You’ve received some sort of severance, possibly a generous one, or possibly an inadequate one.
2). You’ve gotten COBRA information.
3). You may have been given a “severance contract” to sign that releases the company from any further obligation to you.
4). You’re stunned.
5). You probably received some sort of outplacement help from a fine company like Lee Hect Harrison, Drake Beam Moran, or Wright Associates.
6). You are either completely depressed or…
7). You are exuberantly confident that you will use your connections to rapidly find your next job.
If you’re in the Colorado Front Range, call us today for a free one hour consultation at 303.480.5484 or use the contact form below.
Here are the realities you need to consider and the things you need to do.
1). Your severance may come with strings attached. You should immediately have your attorney or a career professional (like us) take a look at it to point out any “land mines.” If you are in the Denver Metro area, we are happy to do this at no charge. Just call us at 303.480.5484 to schedule an appointment.
2). You need to take a good look at your finances and realistically determine your “runway.”
3). You need to speak immediately with your family and let them know that everyone has to be more careful about spending money now. Be reassuring that you will find work, but realistic that some things will need to change and some sports, extra-curricular activities, vacations, spa visits, etc. may well need to be eliminated or cut back during this difficult time. Don’t hide your feelings about the lay-off or termination. The more honest you are, the more support you will get.
4). Realize that while the above-mentioned outplacement firms are fine and ethical firms, they cannot give you the personalized attention you probably need. Each consultant has a client load that exceeds 50 people. If you want personalized attention, you will need a smaller, executive targeted Transition firm. Also realize that these outplacement firms, however, have valuable resources, such as databases, lists and some networking groups that you should use to the fullest. Realize, though, that these are not usually sufficient for a high-level search.
Need some help, but out of the Colorado Front Range Area? John and Nicole can help you anyway! Check out our Tough Talk for Business Professionals series.
5). Don’t panic. Be calm. Get some help right away.
6). Realize that finding work will take longer than you probably think it will. The national average for executives is over 2 years of unemployment. Don’t think that you’re going to be the exception to this!
7). Realize that “going it alone” is foolish. I can’t tell you how many of my clients have said “I wish I had hired you right after I got laid off. Then I wouldn’t have wasted so much time doing the wrong things.” You do not have the ability to be objective in your job search. This means that you are going to make deadly errors in your job search, costing months or even years of unnecessary unemployment. Don’t be an unemployed arrogant ass. Get the help you need right away and begin doing the right things.
8). Avoid the scam artists. There are many scam artists in the employment field right now. Once you register on LinkedIn or reply to a job from a job board, they will come out of the woodwork to get you to sign up. While you should work with a Transition Coach, you must be very, very careful. Make sure that the coach allows you to attend a couple of events before asking you to plunk down your money. We also only charge 50% of our fee up front, assuring that everyone has “skin in the game.” While I haven’t found another coach that does this, all should. Know what you’re signing and don’t sign any contracts that are vague or don’t spell out exactly what you’re getting. Don’t trust the salesperson (we don’t use `em, but most companies do). Salespeople will say anything to get the sale and take your money. Trust the written contract.
9). Don’t delay. No going on vacation or taking time off to remodel the homestead. This will dramatically impact the time you are out and make it very difficult to find a new position. Unless you’re independently wealthy, don’t mess around with this serious issue. Get to it.
10). Don’t go it alone. Today, immediately, hire some help! Get down off your high horse and stop believing the myth that you are perfectly capable of finding a job on your own. You aren’t. There are many things you are doing that are counterproductive in your job search. You don’t want to learn by the “school of hard knocks” in this endeavor…you really don’t. You think you interview well, but I can assure you that you don’t. Don’t find this out by blowing an interview with a company you really want to work with. And everybody “comes in second.”
11). Don’t count on your own network. You probably don’t have a deep or broad enough network. Work with someone who has an extensive network. Remember…over 90% of executive positions come via effective networking!
12). Understand that you don’t have as much time as you think. Unless you’re independently wealthy, you’re risking foreclosure, ruining your credit, and depending on unemployment if you don’t do what successful job seekers do right now. Before you know it, you’re going to be breaking into the IRAs and 401K’s, then trying to get the shrinking equity from your home, and, finally, running out of money and having to take the very first job that comes along. Avoid this today! Start to work with someone who knows the market, knows employment, has a network, and can help you in every area of your job search. Time is very short. Don’t “try it yourself for a while,” thinking that you can always change your mind later. This is simply foolish.
13). Don’t count on your résumé. Résumés at this level are useless. You need to network and network highly effectively. Learn how now!
We are happy to meet for an free consultation with executives at the Director Level, VP Level and CXO Level who are in the Colorado Front Range. This consultation is about an hour. Don’t wait to do this! The clock on the time bomb started ticking the instant you were laid off. Executive unemployment is over 20%. Don’t be a statistic for the government to report! Call us today at 303.480.5484.
Not in the Colorado Front Range? We can still help. Go here for our In Transition executive series and here for our management, business, professional and technical Getting Employed series.
We also offer a variety of free resources on our website, as well as a executive networking event on the second Monday of each month.
If you would like to request an appointment, please leave your telephone number and the best times to reach youFind out more, contact us.