How to Deal with Layoffs
With inflation rising and costs following closely behind, business leaders are being forced to consider laying off their employees. At Vega Inspired Solutions, we understand that this time can be stressful for the employer and the employee alike. With that in mind, we have written this article to contain practical advice that is applicable to both the employer and the employee. Here are some ways to handle the realities of layoffs in this complicated economic climate:
Stress Management
Whether you are firing an employee or being fired as an employee, this change is stressful. We don’t claim that they’re the same level of stress - they’re just different. Regardless of your position, the first step should be to take care of your mental health. Give yourself some time to adjust and process this change in your life.
If you’re an employer, you may feel guilt for inflicting this change on your previous employee and uncertainty about your company's future. If you’re an employee, you may suffer feelings of inadequacy, shame, or regret. Either way, try not to take it personally - many companies are going through budget cuts, and this reality is sadly often unavoidable.
Communicate
After beginning to processing your stress, it is now time to communicate with the people around you! If you’re an employer, you should communicate with the rest of your management team to make sure that the staffing change will not disrupt your business operations. This may be stressful, as the staffing shortage will likely lead to increased stress with the remaining employees.
If you were recently fired, you may consider letting your loved ones know about your life change. Having a strong support system is important at this vulnerable time. Seeking therapy or counseling is highly recommended, as this disruption to your everyday routine can isolate you. Finally, try to embrace these new circumstances and take the time to do things that make you happy - especially the things you didn’t have time to do before.
You should also consider communicating with your previous employer - you never know what it can lead to! Your previous employer may keep you in contact for future opportunities or refer you to other companies that need to fill positions. If your firing is truly a result of external economic pressure, there is a good chance that your employer wants to help you get back on your feet if they can.
Plan for the Future
If you are an employer, it is important for you to reevaluate why you were forced to let an employee go in the first place. Did you accidentally create a redundancy in this role? Did you improperly budget the salary for this position? Asking questions like this will ensure that your next hire will have a better chance of longevity in your company.
When you are ready, jump back into the flow of things! Although your previous company may have laid you off, there are always other companies out there that are hiring. You may even be able to find a better fit - if not in a different company, maybe even a new industry! Evaluate the disadvantages of your previous jobs and how future opportunities could address those issues. Look at this as an opportunity; this mindset will help you move on to better opportunities! Consider working with a talent agency (sometimes called a “headhunting” agency) to help you place into a new position.
Need help navigating your career?
This economic period is complicated, but we are here for you at Vega Inspired Solutions. Contact us today - we specialize in helping our clients hire the best talent by diagnosing their needs and values. We understand what it’s like to be both the employee and the employer, and we use that unique perspective to build your business!