Last year, 226,000 employees were let go by tech companies. That’s a staggering 40% increase from 2022. According to Roger Lee, who has been tracking all tech layoffs since 2020, the firms with the biggest layoffs so far in 2024 are Dell (6,000), Cisco (4,250) and Xerox (3,000). Often, layoffs within larger companies come in waves. That means for many employees, there is a lingering sense of doom for weeks and often months. This waiting isn’t fun: It can feel like you’ve been stripped of any decision-making power in your own career. Warning signs of an impending layoff may include:
- You notice that employees who leave aren’t being replaced. The job sits open.
- There are freezes on hiring and spending.
- You hear vague language from leadership about putting off projects until a later date.
- There is a merger or acquisition coming.
So, let’s say you think a layoff is coming and you suspect you’re one of the unlucky ones. What do you do? Here are a few activities that are worth your time, and certainly better than twiddling your thumbs in an anxious sweat.
Reach out to your network for virtual or in-person coffee chats. And do it now, before it’s a scramble.
It may seem obvious, but the most important tool you have when it comes to your career is your network. Create a list of everyone you know who it might be worth talking to about your career. Do not rule out: neighbors, friends, your kids’ friends’ parents, past colleagues and bosses, people who have left your current company and landed elsewhere. Be creative and expansive! The goal is to keep connections warm so that you’re not doing these reach outs from a place of desperation a few months from now. Also, make sure to ask how you can help the other person. You might be surprised at how opportunities for reciprocity abound.
If you don’t already have one, form your career board of directors.
Having a career board of directors means that you have a dedicated, intentional and diverse group of people who you meet with regularly to talk about your career. It can be the difference between feeling supported and feeling alone, particularly during tumultuous times.
Make sure your resume is up to date.
Make sure that your current resume reflects all of your experiences to date. Capture any metrics and data about measurable contributions you’ve made: these specifics can sometimes be hard to get after you’ve left your company and have lost access to this information. You’ll also want to make sure that your resume is applicant tracking system (ATS)-friendly. You can find a free, basic, ATS-friendly template here.
Engage on LinkedIn.
You don’t have to start a blog or become a LinkedIn influencer overnight. But, if you haven’t been on LinkedIn in a while, log on. Make sure your connections are an accurate reflection of your network. Send some “how are you?” messages to folks you haven’t spoken to in a while. Comment on some posts. There’s a lot of career posting that happens on LinkedIn, and it can be good to start your research early.
Research companies you’d be interested in working for if the worst happens at your current company.
Create a list of some companies that interest you. Ideally, you’ll know at least one person at each company you list so that you have an “in” when it comes to networking. You can add to this list each time you read about an interesting company, and you’ll have this list in your back pocket if you get bad news.
Take time for self-care.
More important than any job-related task, you must take care of your own well-being. Layoffs are stressful: you might be saying goodbye to dear friends and longtime colleagues and experiencing a tremendous amount of fear and uncertainty. It’s crucial that you understand your own needs when it comes to stress management, and prioritize accordingly. This too shall pass.