Why Being Laid Off is Good for Your Career: Turning Setbacks into Opportunities

Turn job loss into a career boost! Uncover surprising benefits of being laid off, coping strategies, and resources to thrive. Transform setbacks into exciting new opportunities.

Being laid off can be one of the most difficult things that happens in your life.  It can come out of nowhere and blindside you.  It can make you feel like your world is crumbling.  But, can it also be good for your career?

If you’ve been laid off recently and are still looking for work, the title of this article may come to you as a surprise.  It can be hard to imagine anything good that can come from being laid off.

I promise you though, if you keep reading you may feel better about your situation by the end of this.

What you’ll get from reading this article:

·         Ways to cope after being laid off.

·         What resources you should have after being laid off?

·         Why being laid off can be good for your career.

Ways to cope after being laid off:

There’s no question that being laid off is difficult on you, your family and sometimes even friends.  It’s important to be able to deal with this new situation in a healthy way.  Here are a few ways you can do that:

1.       Stay positive and maintain perspective.

2.       Create a daily routine involving exercise, eating a healthy diet, and socializing.

3.       Seek out support.

4.       Focus on Self-Improvement.

Resources available if you’ve been laid off:

Depending on the state you live in, the size of your company and the type of industry you were in, there are a variety of different resources available if you’ve been laid off.  Here are some you should look in to:

·         Unemployment benefits

·         Career Counseling and Job Placement Services

o   If you don’t get that from your company, definitely reach out to your friends at Your Career Strategy and you can schedule a free call.

·         Training and education programs (usually found through your county or state)

·         Mental Health and Counseling Services

Now that you’ve gotten some strategies on how to cope with being laid off and ideas on the types of resources you should seek out, you’re ready to learn about why being laid off can actually be good for your career.

Why being laid off is good for your career:

#1: A Reset for Work-Life Balance

Does this scenario sound like you….

Every morning, you wake up at 5:30 in the morning before even your wife and two young kids wake up so you can catch a 6:30 train into New York City.

You get into the city at 8 o’clock and are in work by 8:30 after jumping on two subways.  You work at a job you hate until 6:30, catch a 7 o’clock train home and make it home by 8:30 just in time to say goodnight to your kids.

You miss the entire day with your kids, five days a week, all for a paycheck to pay the bills.

It’s a difficult way to live but you can’t quit your job because you need the money, and you have no energy to look for another job because you’re at work all day.

Suddenly, you’re laid off.

That work-life balance that had been 100% work now is 100% back to being your life and you get to decide how you want to spend it.

How to Address Work-Life Balance in Your Next Role:

1.       Look for roles with either a hybrid or fully remote option.  If you want to find out how to make a hybrid work schedule work from you, click on the link to this article that will guide you in succeeding at hybrid work.

2.       Research companies that value their employees and have perks and benefits that encourage work-life balance.

3.       Steer clear of industries that aren’t flexible.  This generally includes the financial services industry and medical industry among others.

#2: More Availability to Network

Have you heard the phrase “Looking for a job is a full-time job.”?

It may sound a little extreme, but it’s true.  Looking for a job and networking take up a lot of time that you don’t have when you’re working full-time.  Sure, you may be able to send a few LinkedIn messages and emails here and there during work and after work, but you aren’t able to put your full energy into it.

The trick to networking is the amount of networking you do.  The more you do, the better you get at it and the better chance you have to finding a job.  Being employed full-time can be a roadblock to good networking.

How to Network After Being Laid Off:

1.       Join Groups: Seek out both in-person and virtual groups in the industry you’re looking to be in.  For example, I’m in a number of Writing Groups on LinkedIn where I meet and connect with a variety of writers and people looking for writers.

2.       Set Up Informal Interviews: People love talking about themselves.  Find people on LinkedIn who you’re interested in talking to and ask them to tell you about their career.

3.       Host Parties: Host informal get togethers with friends or family.  Any type of setting where you can talk about what you’re looking for and what you want to do without making it feel like you’re being pushy or begging.

For helpful information on how to network, read this article.

#3 The Opportunity to Start Your Own Business

If you’ve ever seen the movie “The Greatest Showman” P.T. Barnum is a perfect example of starting your own business after getting laid off.

After getting married and having two kids, Barnum is laid off from his job and has to go home and tell his wife and daughters.

Instead of going to work for someone else again, he decides he wants to create his own path.  After a couple of failed ideas, he realizes his dream of creating ta circus, and puts all of his efforts in to it.  Lucky for him, it became incredibly successful.

While not everyone can be P.T. Barnum and start the circus (I wouldn’t recommend the circus business in today’s world anyway) the story should give you some inspiration.  If you’ve been laid off, it can be a great time to evaluate the skills you have to offer and create a Freelance business to see your earning potential.

If you have an idea for a product that you just haven’t had time to create, being laid off opens up your calendar to take action on your ideas.

What to Know Before Starting a Business:

1.       You may have to invest money at the start so make sure you have your finances in order before diving into your own business.

2.       It’s going to take time before your business grows.  Great businesses don’t happen overnight.

3.       Finding a coach or a mentor could improve your chances of success.

#4: The Chance to Seek Professional Advice

No one ever thinks they need career advice until, well, they need career advice.  Either they’ve been laid off, are having trouble at work, or want to get out of their terrible job.

Being laid off is one of those moments where you’ll get that chance to get professional advice and many times for free if your company offers that benefit as they kick you to the curb.

Why should you talk to a professional?  If this article doesn’t convince you (What is a Career Coach and Why Should You Get One), let me tell you why…

I used to think I knew everything about looking for a job.  I knew the best job boards, I knew how to send messages to people, I even was great at interviewing. 

When I had the opportunity to go through a professional career coaching program (I let you guess which program….I’ll give you a hint, it’s 3 letters YCS) I realized all the work I hadn’t done to figure out the jobs that were right for me.

Here’s why a Career Coach is helpful:

1.       They’ll help you do important self-reflection needed before you can start applying for jobs.

2.       They’ll teach you networking strategies.

3.       They’ll work with you to put together an action plan and hold you accountable.

4.       They’ll be there to support you through the interview process and the ups and downs of the job search.

#5: You’ll Get a Higher Salary Potential

Think back to the job you were in before you were laid off.  You knew what the salary was, the salary at the next level was and the level above that.  Maybe it was good, maybe it was even great, but it was predictable.

When you’re laid off, sure, your salary goes down to zero, but the sky is the limit on how much you can make.  Yes, it’s scary because you no longer have a steady paycheck and have to wonder how you’re going to pay your next bill, but when you get your next job, and I do mean when, there’s no cap on what the salary could be.

It’s wise to be realistic about what type of salary you’re looking for, but, if you play your cards right, you could be making more than you were in your last job.  This should be a goal to shoot for as it can be a great motivator during your job search.

Turning your setback into opportunity

Now that you’ve seen all the resources that are at your disposal after a layoff as well as all of the positives, it’s time to take action.

1.       Get your mental and physical health in order:  You won’t be able to go very far if your health isn’t at 100%, so this is the most important step.

2.       Make sure your financial house is in order:  Mak sure you have a solid emergency fund and a security net behind you before you get out on your search.  You’ll nee to make sure you can keep paying your bills and keep your lights on.

3.       Job Hunt with Intention:  Whether you’re getting help from a Career Coach or doing it on your own, make sure your time and effort is spent job searching the right way.

Being laid off can be extremely difficult, so be prepared for some tough times, but remember, you can do anything that you put your mind to.