Do you remember when layoffs were unusual? They were a last resort that companies would only take if they had no other choice. Layoffs were shocking. They were a mark of shame on employers who couldn’t seem to find any other option.
Today, layoffs are commonplace. In fact, they can be a badge of honor for a company. A company’s stock price may go up following a layoff. Layoffs have evolved from a last resort to a first stop on the list of ways to save money.
Layoffs have become so normal that at times executive leadership may fail to mention to anyone that a layoff has occurred. And, the annual reviews that were once used to help improve someone’s career are now the first place an employer may look for the best candidates to lay off.
All in all, this is inhumane. What is going on for the employee who was walked out the door? Have layoffs been so normalized that these employees are not personally impacted?
The answer is: no. Employees who are laid off for any reason can face career-long ramifications that we often don’t think about. It’s such a painful topic that those who were laid off often don’t talk about it. Or, they may pretend that it’s normal.
According to Kyra Bobinet’s book, Unstoppable Brain, layoffs bring “long-term negative consequences, including health issues, significant mental and financial stress, and a 1.3 to 3 times risk of suicide.” A Harvard Business Review article also noted that, “displaced workers have twice the risk of developing depression, and four times the risk of substance abuse.” It also notes the cumulative effect of unemployment. Displaced workers often experience long-term income loss that stick around for their entire career. “For example, workers laid off during the 1980s recession saw a 30 percent earnings decline, and twenty years later, most of them still earned 20 percent less than peers who retained their jobs.”
These are startling statistics. Job loss might be compared to the deal of a spouse. It’s losing a big part of your identity that is shocking and hard to recover from. In our achievement-based culture, it can feel like a reflection on who you are as a person. It can feel like a reflection of failed performance.
If you have gone through a layoff, I empathize with your experience. But, do not take too much time off between opportunities. Start looking as fast as you can. The quicker you find something new, the more you will minimize the financial and emotional impact of the experience. And, the less likely the layoff will follow you through your career and your finances.
Reach out to your loved ones for support. Many people have had similar tough experiences. But, sadly, we often don’t talk about it enough. Understanding that you are not alone in this experience can also help to move you forward to your next chapter.
I hope these tips have helped you. Visit CopelandCoaching.com to find more tips to improve your job search. If I can be of assistance to you, don’t hesitate to reach out to me here.
Happy hunting!
Angela Copeland
@CopelandCoach
You must be logged in to post a comment.