5 Reasons Why Getting Laid Off Can Be A Good Thing
Have you ever felt like you've been stuck at the same job forever?
Ten long years, to be exact.
You've sacrificed family vacations, missed your kid's baseball games, and can't remember the last time you had dinner at home. All for that paycheck and the dream of climbing the corporate ladder.
Then one fine Friday afternoon, your boss drops a bombshell:
"I'm sorry to tell you, John, but we have to let you go."
In the blink of an eye, you join the club of the newly unemployed. Can you relate to this scenario, or do you know someone who's been through it? In today's ever-changing job market, this experience is all too common.
Now, you might be thinking, "Why on earth did they title this post 'Why Being Laid Off Is Good'?"
I mean, let's face it—getting laid off isn't exactly a cause for celebration. Bills to pay, a family to support, and life to live—losing your job is never easy. But let's dig a little deeper because, believe it or not, there can be silver linings in the cloud of a layoff.
Before we dive into the brighter side, let's break it down: What's the difference between getting laid off and being fired?
Laid Off vs. Fired/Terminated
Laid Off: This is when they let you go for reasons beyond your control, like financial woes or company reshuffling.
Fired/Terminated: On the flip side, this usually happens because of policy violations, misconduct, or performance issues.
Since we're all about focusing on being laid off and why it might not be all doom and gloom, let's explore why someone might find themselves in that situation.
Reasons Why You Might Get Laid Off
1. Financial Challenges:
Imagine your company's been bleeding money quarter after quarter, and it feels like the bleeding won't stop. If you're not the reason behind this financial crisis, your job could still be on the chopping block. You see, companies often take a good hard look at their expenses, and guess what? Employee salaries are usually right up there.
Now, what can you do in a situation like this? Well, it's essential to be on the lookout for signs and start job hunting before your ship sinks. I know, easier said than done, but a bit of proactive effort can save your career.
2. Restructuring or Downsizing:
Another classic excuse companies use when they're letting go of employees is "restructuring" or "downsizing." It's like getting hit out of nowhere, just like a Diamond Cutter from Diamond Dallas Page the WCW in 1998 (I know, a reference that might only make sense to wrestling fans).
Regardless of the reason, getting laid off doesn't make it any easier to sleep at night or boost your self-esteem. But let's shift our focus to the silver linings.
Reasons Why Being Laid Off Can Be Good
1. Forced Career Reflection:
I once had a job as a Consultant at Barclays, and let me tell you, it was one of the most mind-numbing jobs in existence. Wake up at 7 am, commute to New York, stare at boring Excel files for hours, and barely make it home by 7 pm.
After a mere week, I was secretly praying they'd let me go. The salary was good, so quitting wasn't an option. But then, the day arrived when they told me my job had been automated. Sure, I was bummed about losing my paycheck, but I finally had the time and energy to explore what I genuinely wanted to do with my life.
Now, if you're laid off and have bills to pay, you can't exactly embark on a months-long soul-searching adventure. But spending a month or two finding your path while collecting unemployment might not be such a bad thing.
2. Increased Time for Skill Development:
Ever tried learning a new skill after a grueling 10-hour workday? It's no walk in the park. But getting laid off? That's your golden ticket to dive headfirst into skill development. Whether you enroll in a short training program or become an apprentice, you'll finally have the time to pick up the skills you need to land your dream job.
Not sure where to start? Well, platforms like Coursera and LinkedIn Learning have a treasure trove of courses to help you gain marketable skills.
3. Immediate Networking Opportunities:
Let me emphasize this: Networking is a lifeline in the job hunt. When a company shows you the door, they often hand you a lifeline, too. They might provide you with contacts or leads for other positions.
And here's the kicker: If you're laid off with your colleagues, you've got a ready-made network of folks to support and motivate you in your job search. Being laid off might shine a spotlight on you, making it easier to focus on networking.
4. Time to Pursue Entrepreneurial Dreams:
Do you sell cupcakes at local markets on weekends? Run a t-shirt shop on Etsy that keeps you up at night? Well, if you get laid off, that side gig might just become your main hustle—whether you planned it or not. Without the chains of a 9-to-5 job holding you back, you can finally pour more time and energy into growing your business.
5. A Chance for Improved Work-Life Balance:
Remember my Barclays job with the soul-crushing commute? Well, the work-life balance in that role was 99% work and 1% life. Getting laid off tipped the scales in my favor, making it 100% life and 0% work (which sounds great in theory unless you need money).
The point is, being laid off from a job that skewed your work-life balance too far towards work can help you reassess. You get to decide how much of the percentage you want to dedicate to work.
What to Do Next
Getting laid off isn't a reason to throw a party, but you do have two choices:
Mope around in sadness for months, find a similar job at a similar company, and risk history repeating itself.
Embrace the silver linings and make a change.
Feeling down is okay for a day or two, but then it's time to put on your positive pants and take action. If you're lucky enough to get severance and apply for unemployment, you'll have a financial cushion to support your transition.
Reach out to friends and expert coaches at Your Career Strategy for a free coaching session. They'll help you find your path and guide you toward your next role.
Wishing you the best of luck on this new journey. Let me know how you do!