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Layoff: From Stumbling Block to Stepping Stone

Layoff: From Stumbling Block to Stepping Stone

For the past year, we’ve endured an economic rollercoaster. Not only is there mounting inflation, fluctuating gas prices, and cost-of-living increases, but we are still enduring the financial impact of the global pandemic.

While the overall U.S. unemployment rate decreased from 14.7 percent in April 2020 to 3.4 percent in January 2023, we saw mass layoffs and hiring freezes in late 2022/early 2023, primarily in the tech sector. This has led companies in other industries to scramble for the now-available talent.

With this strong yet unpredictable job market, analysts predict that the focus for 2023 will be on hiring as well as retaining talent. This is great news for anyone in the job market!

If you think a layoff is on the horizon, take heart and use these tips to turn that potential stumbling block into a stepping stone.

CAREER Tips for a Layoff

Whether you think layoffs are around the corner or they have already happened, these five tips can help you navigate this challenging time.

  1. Lean into your network. First and foremost, connect with your friends and family. Their social and emotional support is critical during this time. Second, reach out to your professional network. Let them know that you are looking for a new opportunity and don’t be shy about sharing your resume, experience, and skill sets.
  2. Secure a recruiter. If you are looking for a new job, or possibly even a new field, then you need to work with a recruiter. Recruiters connect you with jobs in your specific field. Plus, recruiters like McKinley Marketing Partners have a direct line to the hiring managers, so they can help you, as a candidate, put your best foot forward for a job because they know the client and the inside details about jobs that others likely do not.
  3. Update your LinkedIn profile. In today’s marketplace, companies use this social media platform as a quick screening tool for potential candidates — and you want to be sure you are looking your best. Key areas to focus on are:
    • Summary. This is your “elevator pitch” about who you are and what you bring to the table.
    • Experience. This is your “active” resume. In addition to outlining your past roles, list accomplishments in each of the positions. And be sure the dates on your resume match the dates in your experience.
    • Skills. List five to 10 skills that make you competitive in your field; think SEO – you are marketing yourself. What keywords would you want to “rank” for? Make those your skills. And be specific. What type of practical marketing skills do you have (i.e., Marketo, Eloqua etc.)? What social media planning platforms are you familiar with?
  4. Evaluate your career. This is a great time to reflect on your career. Do you want to stay in the same field or maybe transfer your skills to a new industry? Do you enjoy your field, but perhaps would love to explore a different role in that field? Use this time to really sink into what excites you career-wise, and if needed, research the steps you need to take to make the leap.
  1. Establish a routine. It’s important to keep a sense of routine to help you maintain focus and motivation towards finding your next career opportunity. A daily routine should include time for your job search and connection. It’s also a good time to set aside some time to polish up on skills or learn a new one via online learning.

Layoffs can panic even the most seasoned professional. Like most things in life, the magic is found in how you respond to it. With the right tools and mindset in place, not only will you persevere during this time, but you will come out even better on the other side having turned this potential stumbling block to stepping stone.

by McKinley Marketing Partners