Making Lemonade Out of Layoffs: How to Thrive in a Disrupted Job Market
Two Minute Read
After being laid off, many people are angry, fall into depression, and feel helpless.
Being laid off can be a difficult and stressful experience, but it's important to remember that it's not the end of the world. Many tech giants are laying off thousands of employees, but it's important to focus on the opportunities that may come from this disruption and make lemonade out of layoffs.
I lived through the virtually-overnight shutdown of a 10,000-person global company, Drexel Burnham Lambert, in 1990. At the time, it was the fifth-largest U.S. investment bank. Here are a few key takeaways from that experience that are still relevant today:
The value of social connections. Your family, friends, and community can provide a support system during this difficult time. Strong relationships will survive jobs and possessions, and it is important to remember that the support of loved ones, friends, and business associates is vital to coping with the stress of job loss.
The importance of communication. Building relationships with people in your field can lead to new job opportunities. Networking and reaching out to friends, headhunters and prospective employers is crucial in a job search, as it is through relationships that the majority of jobs are obtained.
Creative destruction. When one door closes, another one opens. Many former colleagues from that bank went on to start new companies or join other firms. Drexel refugees created or augmented Apollo Management, Ares Management, Moelis & Co., and countless other firms. It is important to be open to new opportunities and the possibilities that are created through inevitable change.
A fresh perspective. Disruption allows people to take stock of what they're doing and explore new directions. Being laid off can be a chance to reevaluate what you want from your career and life and pursue something that even more closely aligns with your values, interests, and life goals.
Remember that a layoff is not the end, but rather a new beginning. Embrace the change and open yourself to new opportunities, and with persistence and the right mindset, you can emerge from adversity stronger and more fulfilled. Be open to the possibilities.
I help young adults (college students and grads several years out) jumpstart their careers and get hired for full-time jobs and internships through individual and group career coaching and advising. I employ a holistic, design-oriented approach to help candidates find meaningful, self-sustaining work matched to their skills and interests. I welcome you to contact me .