As layoffs have been sweeping the business and corporate landscape recently in areas such as tech for instance, many have been directly or indirectly impacted by it. Many working women and/or their partners are currently dealing with layoffs, and having to adjust to an uncertain economic outlook. For many, it’s also been an unplanned crisis they were not prepared for.
In November 2022 alone, upwards of 50,000 tech employees were let go, a significant increase from 12,600 in the month of October. Companies such as Meta, Doordash, Lyft and even Amazon, to cite a few, have been among the ones to implement mass layoffs. While these numbers are still lower than before the pandemic, they’re still sounding a dark alarm in many households, especially among women and minorities. As a matter of fact, research shows when layoffs hit, these two groups are hit the hardest.
In tech most particularly, which is already a less diverse industry, layoffs disproportionately impact underserved communities, thus undermining diversity, inclusion and equity efforts. Women in tech appear to actually be suffering the most from this, reflecting a potential gender bias at play.
Even when women are not directly impacted, their partners may be, this disrupting the balance of the household from various perspectives, including an economic one.
So how does one deal with layoffs, whether directly or indirectly? Here are a few tips that may help:
- Processing emotions is important
Being let go is emotionally painful. From feeling devalued to a sense of guilt and worthlessness, one can experience many negative emotions from the experience. However, too often, in attempts to show strength or simply because we’re too overwhelmed, many don’t take time to acknowledge theirs or others’ emotions when faced with layoffs. Yet, this is an important part of the process.
Processing emotions related to layoffs includes addressing the negative internal backlash fueled by anger, guilt, and other self-deprecating feelings. It’s a matter of acknowledging where we are mentally, emotionally, and spiritually, in order to move forward in the most effective manner.
Related: 3 rules to manage your emotions at work as a working woman
- Make a financial plan
Apart from addressing the emotional impact that comes with layoffs, dealing with the financial consequences is also key. Losing part or the entirety of one’s household income, especially in times of general economic hardship, can have monumental effects.
This is where making a financial plan, including reducing expenses, finding ways to create supplemental income, and re-evaluating one’s money mindset, comes into play.
Related: Money worries? How to deal with your financial fears.
- Revisit your career plan
Last but not least, layoffs, as painful and destabilizing as they may be, are also opportunities to revisit and re-evaluate one’s career plans. For many, it has meant going back to achieving old objectives and goals, such as going back to school, starting a business, or even taking some time off to regroup and start again. For others, it’s meant considering a drastic change in careers and long-term plans.
The reality is, disruption is more often than not a chance to begin again, however traumatic and unplanned they may be. Layoffs are certainly no exception…
Related: Why you need a career plan.
All in all, dealing with layoffs, whether directly or indirectly, is far from easy. However, with trust in the process, a solid financial plan and the courage to re-evaluate prior career plans, they can also be the gateway to new opportunities and fresh beginnings.
How have you dealt with layoffs before?
With gratitude,
The Corporate Sis.
