Student Corner

Laid Off From Your Job? What to do Next?

Recover after you have been laid off from your job with these steps

If you have been laid off from your job, here is what you can do to bounce back! The current massive layoffs by tech companies have put the careers of many on hold. With big companies such as Yahoo, Dell, Microsoft and more joining the bandwagon of companies cutting their losses, people are suffering from the extra pressure of finding a source of income.

Losing a job is stressful

There is no denying that losing a job can be a stressful and challenging time for anyone. It always adds mental pressure to find something that will help take care of your expenses as well as keep yourself afloat during this transition. Most big companies that have cut down their teams have tried to help with good severance pay, helping in finding jobs and doing anything to ease the process a little bit. However, not every company has been able to provide that kind of support.

What should your next step be?

Figuring out a game plan is the next and most important step. If you find yourself in this situation, it’s important to take a step back and assess your options before making any decisions. Here are some tips on what to do after being laid off from your job:

  • The first step should always be to stay positive. It is very common to spin into a negative spiral and imagine the worst, but staying calm and positive will go a long way.
  • Take a step back and evaluate. Before you jump into the hunt for another job, it is important to take stock of what you have and what you need. Financial planning is of key essence. Make sure that you do not dip into your savings too much, but also keep enough to keep you afloat for the next few months.
  • Utilize your professional network and reach out to people who may be able to help you find new job opportunities. Attend job fairs, and professional events, and connect with recruiters. Don’t hesitate to reach out to former colleagues, mentors, and industry connections. LinkedIn is a great way to put yourself out there and start reaching out to more people.
  • . Upskill! The mantra today is to upskill! You need to stay ahead of the market, learn the newest skills and demands and make sure you can cater to those needs as well.
  • Be open to new opportunities: While it may be tempting to stick to your current industry, consider being open to new opportunities that may be outside of your comfort zone. The job market today is not like before, we don’t just have the typical roles, but have diversified into positions that never existed before. Explore the new scene and see if you like anything
  • Diversify your sources of income. Most people stick to having one source of income, but it is important to have more than one source of income- invest in stocks, real estate or other sources that will provide a steady flow of income.

In conclusion, being laid off from a job can be a difficult experience, but it’s important to take the time to assess your options and make informed decisions. Remember to take care of yourself, network, and be open to new opportunities. With the right mindset and approach, you can bounce back and find a new job that will better suit your needs and career goals.

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Harshita Bajaj

Harshita has a background in Psychology and Criminology and is currently pursuing her PhD in Criminology. She can be found reading crime thrillers (or any other book for that matter) or binge-watching shows on Netflix when she is not in hibernation.
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