Laid Off? Now What?

Apr 30

At some point in most careers, one will face layoffs; it is an ever-present probability pervading the U.S. labor market. In fact, according to the U.S. Bureau of Labor Statistics, from 2001 to 2019, there were more than 20 million layoffs and discharges, noting that in 2025 (January through February), layoffs and discharges totaled 3.5 million, which is 2.7% higher than the same period in 2024. So, what do you do when you find yourself facing or having been laid off? First, let’s start with the proactive approach - always network. Gathering with other professionals, both within and outside your current industry, is the best way to stay relevant and top of mind as new roles emerge. The best time to be considered for a role is when the hiring manager is drafting the job requirements. In doing so, the well-prepared recruiter will reach out to you as they gear up for the search. At Mavens 101, we specialize in helping you proactively craft your career plans. However, for those who have been laid off or are facing job loss, this article is for you; read on.

What to do when you are laid off?

Pause and Breathe:

Give yourself some time to process the news. It's natural to feel a range of emotions. I think it's a good time to try before considering your next steps so that you can navigate your career evolution effectively.

Review Your Options:

Take the time allotted before signing the separation agreement presented to you by your now-former employer. Companies typically offer a set amount of severance to employees based on their tenure with the company. Having an attorney review your layoff circumstances and the agreement as outlined beforehand would be best before responding. Also, be sure to review the details of your severance package, unemployment benefits, and any other entitlements, such as 401 (k) and healthcare coverage (COBRA). Ensure you understand how to file for unemployment and what necessary paperwork is required.

Assess Your Finances:

Evaluate your financial situation, create a budget, and consider which expenses you can reduce or eliminate to optimize your financial situation. Determine whether you have sufficient savings and severance to cover the next few months. Don't? Explore alternative income streams such as consulting. Being open to freelancing and contract work can open many career doors for you. Is there anything you always wanted to do but does not neatly fit into your career plans? Now is the time to explore making money from passion projects.

After being laid off from a financial institution where she worked as a credit analyst, Elena, with the knowledge that her savings and severance would support her for several months, took volunteer assignments that put her in the path of filmmakers on volunteer assignments that put her in the path of filmmakers - allowing her to network, learn, and plan. She is now on her way to producing her first documentary while earning money assisting on film sets.

Update Your Resume and LinkedIn:

Revise your resume to highlight your skills and accomplishments. Update your LinkedIn profile to ensure it accurately reflects your most recent experience and indicates that you are open to new opportunities. Be sure to try out AI enhancements as a way to jumpstart the process of updating your resume.

Consider Upskilling:

During the process of revising your resume, you may identify some gaps in your skills. Utilize your time out of the workforce to develop your skills; consider upskilling lessons, online courses, or certifications, which can make you more marketable and demonstrate to potential employers that you’re proactive about your career.

Network:

Connect with former colleagues and industry peers, making specific requests of your most trusted contacts. They can share your LinkedIn profile, letting others know you are seeking your next opportunity. Endorsements are welcome, but sharing is caring. Continue attending industry meetups, webinars, and networking events to make new connections.

When Michelle decided to take a sabbatical from her role in media, she used the time to better herself; she created a list of her goals, which included self-nurturing and career development. “When I went on leave, I was tired of dreading going to work. I no longer wanted to live to work.” In addition to being more active and taking better care of herself, Michelle made a plan to have 2-3 meetups per week, no expectations, just conversations. “The conversations opened a world of possibilities that I never considered. I am still unsure of what is next for me in terms of a job, but I know the companies and industries that I will focus on; I also know what red and green flags to look for during interviews.”

Explore New Opportunities:

Consider similar roles and those in different fields that could benefit from your skills when casting your net for roles. Remember, freelance and temporary work are not only for financial benefits but also for staying active in the job market.

Stay Routine-Oriented:

Establish a daily routine to stay productive and focused. Set specific times for job searching, networking, and skill development to remain focused and productive. Also, remember to give yourself breaks for self-care. Sometimes, something as simple as a walk can reinvigorate the mind and spark ideas.

Practice Self-Care:

Don’t just leave self-care for breaks, either. Being laid off can be a stressful and demotivating experience, so prioritize your mental and physical well-being. Engage in activities that bring you joy, and consider talking to a friend or a professional if you need support.

Before her layoff, Carrie's tech role took her from one Zoom meeting to another, and working out became a luxury. Honestly, I was relieved when I got laid off. I was so stressed over the last several years that, combined with not working out, my weight ballooned by 25 pounds. o, I am prioritizing myself. I’ve got a workout routine; I've started swimming again to stay active. S on, I will begin to take on freelance projects, but in all things, I am prioritizing my well-being.”

Remember, being laid off doesn’t define your worth or capabilities. Use this time to reflect on your goals and confidently pursue the next step in your career journey.