Layoffs are everywhere lately. Here’s how to turn career setbacks into springboards

It’s near impossible to browse the business news these days without noticing one major, mightily depressing trend: layoffs, layoffs, and more layoffs. Businesses across too many sectors to count are bracing for a bumpy end to 2023 and an especially lean new year. Citigroup just laid off hundreds of senior managers, T-Mobile and CVS have eliminated thousands of jobs this year, and about a month ago Charles Schwab cut 5-6% of its entire workforce in an attempt to save on costs.

The economic and financial factors driving this unsettling trend are both obvious and subtle. While it feels like we’ve all been hearing the word “recession” for years now, a full-blown economic downturn has yet to take form. Regardless, it’s clear that CEOs and corporate decision makers have seen the writing on the wall (spreadsheet?) and have already begun to balance their budgets accordingly.

There’s only so much the average working professional, in any industry, can do to avoid being let go. Countless high-performing, dedicated employees have been handed pink slips through no fault of their own, and unfortunately, if the trends we’re seeing today carry over into 2024, it’s likely many more fantastic workers will find themselves on the market for a new job sooner rather than later.

An unexpected dismissal from a job can feel like a swift punch to the gut initially, but what happens next is most important. Don’t let an arbitrary decision made by someone else hinder you from accomplishing your goals. Here are a few ways to turn being laid off into a career springboard.

Take control

Being fired is often equated with feelings of helplessness, and understandably so. Nothing robs us of our sense of personal and financial security quite as quickly as being laid off on a random Thursday morning. While self-doubt and stress are unavoidable at times, there’s no reason to let a firing send your life into a spiral. 

Moreover, research published in the Journal of Employment Counseling, suggests the period immediately after being let go is a great time to work on one’s self-regulation, which is just a fancy way of saying control over one’s actions and emotions. People with strong self-regulation tend to be better at managing their emotions, cheering themselves up, and resisting temptation. Self-regulation has also been tied to viewing setbacks more as challenges to be overcome than impenetrable barriers.

It’s easy to write about such personal feats matter-of-factly. We all know keeping our emotions and feelings in check 24/7 is incredibly difficult. Still, making a genuine effort to work on self-regulation following the loss of a job can help one bounce back in a faster manner. Study authors surveyed over 180 recently laid off and still unemployed adults, and found higher levels of self-regulation predicted stronger overall well-being, job search clarity, and job search self-efficacy (the belief one will eventually find a new job). 

Talk it out 

Some people are naturally more chatty than others. Whether or not you particularly feel like talking about your job search, interesting research published in Career Development International indicates you may want to start broaching the subject more often. In a nutshell, study authors discovered that job seekers who had “repeated and excessive” discussions about their job search with friends and family were much more likely to regularly apply for jobs, revise their resumes, and search for new job leads or connections. People who generally avoided talking about their search, on the other hand, were much more likely to procrastinate.

Maybe constantly talking about a job search helps keep one accountable. Or, perhaps it’s just helpful to blow off some steam with family and friends and vent about cover letters and experience requirements. 

Take time for self-improvement 

Most peoples’ first instinct after being laid off is to start sending out applications in bunches, and while you certainly can’t land a job you don’t apply for, it may be more advantageous to spend some time learning new skills, earning an extra certification or two, and sharpening your existing qualifications. 

A study published in the Journal of Political Economy found that employees with more skills and training usually earn more than their working peers, so why not set yourself up for a pay raise in your next position? Pursuing relevant additional certifications and skills in your field is also a great way to show recruiters and HR managers you’ve kept quite busy despite not being employed. Think outside the box; if you’re a graphic designer, you could volunteer to put together a new logo for a nearby charity, or, if you’re a writer, check to see if there are any local writing classes starting up soon.

Take time for your family

Losing your job may feel like a major defeat, but it’s also a great opportunity to regroup. In the wake of being let go, you’ll no doubt have more free time on your plate. Use this period to really take stock of what you want out of your career, and much more importantly, your life. 

Ask yourself, where does your family fall into the equation? Are you willing to sacrifice time that should be spent with them to advance your professional interests? Alternatively, would you ask your family to move to a different city, or even country, all to help your career?

Fascinating research published in the Journal of Vocational Behavior tracked over 500 European workers, noting along the way that those who strongly considered the role of their families while planning out their careers reported ultimately feeling more satisfied with both their professional paths and their lives in general. Perhaps even more importantly, the study also found that those who focused more on their families and other nonwork-related matters still made just as much money as others who devoted themselves completely to their careers. 

You don’t have to pick just one. It’s possible to have both a rewarding, successful career and a balanced homelife. 

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