Last year, around 50% of all positions that were cut were manager-level or higher, and this year isn’t looking any better. This is a significant percentage that highlights the reality that an “executive layoff” is far too common, and that no one is immune to layoffs.
While losing a job can be devastating for anyone, it can be even more challenging for executives who’ve spent years climbing the corporate ladder and building their reputation. The sudden change in employment status can leave you feeling lost and unsure of what steps to take next. The blow can be tough to both your career and financial stability.
However, getting laid off doesn’t have to spell the end of your career. With the right mindset accompanied by strategic actions, you can use this experience as an opportunity for growth and propel yourself back on track toward success. Here’s how to do it.
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Step 1: Assess and Reflect
The most important step after being laid off is to pause and reflect on your situation. Process your emotions and acknowledge the impact of losing your job. This will allow you to clear your mind and make rational decisions moving forward.
Following that, there are 3 essential questions you need to ask yourself:
- Why did this happen? Look back at the events leading up to your layoff. Was it a result of the company’s financial struggles or restructuring? Did your role become redundant? Or was it due to performance-related issues?
- What are my career goals? Take this opportunity to reassess your long-term career goals. Are you happy with your previous job and looking for a similar role? Or do you want to pivot and pursue a new role or sector?
- What are my strengths, skills, and areas of improvement? Take stock of your strengths and accomplishments in your previous role, as well as areas you can improve on. This will help you understand your value proposition and target roles that align with your skills.
Give yourself time to answer these questions honestly and thoroughly. This self-assessment will serve as a foundation for the next steps.
Photo by Vitaly Gariev on Unsplash
Step 2: Update Your Executive Resume and LinkedIn Profile
Following that, it’s time to spread the word about your recent leadership roles and all your recent achievements. This will be done through two main platforms: your resume and LinkedIn profile.
With your resume, your goal should be to tailor it to reflect your executive experience and industry expertise. Remember that an executive resume is different from a regular resume – you can’t waste any space and need it to be tight yet targeted.
Remove any irrelevant experiences and focus on highlighting your leadership qualities and impact-driven results. Your #1 goal should be to show potential employers that you are a results-oriented executive who can bring value to their organization. Also, there’s no need to address your layoff in your resume.
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Meanwhile, LinkedIn is a powerful tool for networking and job searching. Make sure your profile is updated, but also focus on optimizing it for searchability and visibility. This includes:
- Using relevant keywords
- Showcasing your executive experience
- Leveraging LinkedIn’s features such as recommendations and endorsements
Photo by Vitaly Gariev on Unsplash
Step 3: Network Strategically
As an executive, your job responsibilities probably left you little time to actively network. Now’s the time to get back in touch with your network and expand it. This helps you tap into the “hidden” job market where many executive-level positions are filled through networking.
Here are some ideas to get started:
- Reconnect with your professional network, including former colleagues, mentors, and industry contacts
- Attend industry events, conferences, webinars, and networking events related to your target industry or role to boost your visibility while keeping updated on industry trends
- Join professional associations, groups, and organizations related to executive-level positions to expand your network
Step 4: Leverage Outplacement Services & Other Support Systems
One piece of information to remember is that you don’t have to go through the job search process alone. Take all the help you can get, including from:
- Outplacement services provided by your previous employer
- Career coaches
- Executive search firms and headhunters specializing in your industry
Outplacement services offer a wide range of resources to help executives transition smoothly into new roles. This includes resume writing, professional branding, job search strategy development, and networking support.
Additionally, seek guidance from career coaches who specialize in working with executives. They can provide valuable insights and advice on how to position yourself for executive-level positions. On top of that, they help you refine your job search strategy, eliminating the guesswork and potentially speeding up your search.
Finally, consider working with executive search firms and headhunters. These professionals have established relationships with companies looking to hire top-level executives. They can help connect you with exclusive job opportunities that may not be available to the general public.
Photo by Mimi Thian on Unsplash
Step 5: Enhance Your Skills and Knowledge
Even if you’ve reached a high level in your career, there’s always room for improvement. Now is the best time to identify any gaps in your skills or knowledge that could potentially hold you back from securing the executive position of your dreams.
Once you pinpoint these areas, make a plan to enhance your skills and knowledge. This could involve enrolling in relevant courses, certifications, or executive education programs. It could also mean getting up-to-date on industry trends, new technologies, and emerging best practices.
By continuously investing in your professional development, you not only become a more competitive candidate but also demonstrate to potential employers that you’re committed to lifelong learning and growth. This is a highly desirable trait for any executive role.
Step 6: Consider Alternative Career Paths
Sometimes, we’re so fixated on reaching a specific career goal that we overlook other potential paths that could lead us to even greater success. As you work toward securing a new executive position, it’s important to keep an open mind and explore alternative career paths that may align with your skills.
For one, your transferable skills (i.e., skills that can be applied to various industries and roles) could open up opportunities in unexpected areas. Additionally, exploring different industries could provide a fresh perspective and broaden your professional network.
Apart from that, you could even explore entirely new roles or functions, such as consulting, interim executive roles, or board memberships. These alternative paths may not have been on your radar before, but they could offer equally (or even more) fulfilling and challenging opportunities.
And if you haven’t thought about entrepreneurship, now may be the time to consider it. Assess entrepreneurial ventures or ideas you could pursue with your skills and expertise, and explore the possibility of starting your own business. Who knows, you may find that this is the perfect path for you.
Photo by Christina @ wocintechchat.com on Unsplash
Step 7: Prepare for Interviews and Negotiations
Finally, if it’s been a while since you last went through the job application process, it’s important to brush up on your interview and negotiation skills. Executives are expected to have strong communication and negotiation abilities, so be sure to practice answering common interview questions and hone in on your negotiation tactics.
It’s also essential to develop a compelling narrative about your layoff and career aspirations. Your potential employers will ask why you left your previous job, so be prepared to answer this question with confidence and honesty. Use this as an opportunity to showcase your resilience and determination in the face of challenges.
Conclusion
As you navigate through this unexpected career transition, remember that it’s only a temporary setback. As long as you’re proactive about the situation and take a strategic approach to career recovery, you’ll be back on your feet in no time.
And while it may be challenging to see the silver lining right now, do try to view the layoff as an opportunity for growth and new beginnings. Being optimistic and resilient in the face of the unexpected is a valuable skill that will serve you well both personally and professionally, so embrace this chance to strengthen it.
Finally, as you search your way through the job market, don’t forget to lean on your support network of family, friends, and professional network. Plus, focus on maintaining a healthy work-life balance and taking care of yourself mentally and physically. You don’t have to be applying for jobs 24/7 – remember to take breaks and recharge, so you’re at your best when it comes to interviews.
You’ll get through this transition and come out stronger on the other side. Good luck!
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