The Emotional Impact of Layoffs
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
The Salary Divide
Do you ever wonder what your life would have been like if you had taken a different path? For example, what if you had studied something different in college? Or, if you had worked in a different industry? Or, if you had a different role at work?
When I was in graduate school, a professor casually mentioned that I should go into consulting at a big firm. I had no idea what that meant. I never asked, and he never explained. I have wondered what my path would have been like if we had just one conversation.
In the past, I would have said career differences don’t matter much. You simply needed to end up in a job that would pay the bills. But, a disturbing trend is becoming more apparent. There are larger and larger gaps in pay between workers.
This trend can also be seen in our economy as a whole. Many indicators say the economy is doing well. But, someone making less than $50,000 per year most likely doesn’t feel that way. They are probably struggling to make ends meet. On the flip side, those who are doing well seem largely untouched by our current economic challenges. But, they are also often making $200,000 or more.
What are these different groups doing differently? It can be more random than you might think. It’s not necessarily that the higher paid person is working harder or longer hours. And, it’s not necessarily that they are any smarter than anyone else. Often, it’s the particular educational and career path that they happened to end up on pays more.
If you are a parent of a teenager or young adult, this column is for you. If you want to help your child pick the best career, do research. Look at sites like Glassdoor.com to see how much various jobs pay. If your child is looking at certain colleges, look up what is called a “post-graduation report.” It will tell you which fields their graduates are working in, and how much money they are making.
Two different degrees may cost the same amount of money to earn. However, the careers they lead to may be very different. And, one career may pay $50,000 pear year, while the other pays $200,000.
Don’t get me wrong. Money isn’t everything. But, if there are two jobs that would be a good fit for a person, and one pays four times what the other pays, wouldn’t you want to select the higher paying option?
If you are already in your career path, and you’re feeling financially strained, do some research. First, learn if you are underpaid for the work you do today. If you aren’t underpaid, but are still not making enough money, look at other options. Consider what transferrable skills you have that you can take to another field that will pay more. This can help you to close the salary divide.
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
The Salary Divide
Do you ever wonder what your life would have been like if you had taken a different path? For example, what if you had studied something different in college? Or, if you had worked in a different industry? Or, if you had a different role at work?
When I was in graduate school, a professor casually mentioned that I should go into consulting at a big firm. I had no idea what that meant. I never asked, and he never explained. I have wondered what my path would have been like if we had just one conversation.
In the past, I would have said career differences don’t matter much. You simply needed to end up in a job that would pay the bills. But, a disturbing trend is becoming more apparent. There are larger and larger gaps in pay between workers.
This trend can also be seen in our economy as a whole. Many indicators say the economy is doing well. But, someone making less than $50,000 per year most likely doesn’t feel that way. They are probably struggling to make ends meet. On the flip side, those who are doing well seem largely untouched by our current economic challenges. But, they are also often making $200,000 or more.
What are these different groups doing differently? It can be more random than you might think. It’s not necessarily that the higher paid person is working harder or longer hours. And, it’s not necessarily that they are any smarter than anyone else. Often, it’s the particular educational and career path that they happened to end up on pays more.
If you are a parent of a teenager or young adult, this column is for you. If you want to help your child pick the best career, do research. Look at sites like Glassdoor.com to see how much various jobs pay. If your child is looking at certain colleges, look up what is called a “post-graduation report.” It will tell you which fields their graduates are working in, and how much money they are making.
Two different degrees may cost the same amount of money to earn. However, the careers they lead to may be very different. And, one career may pay $50,000 pear year, while the other pays $200,000.
Don’t get me wrong. Money isn’t everything. But, if there are two jobs that would be a good fit for a person, and one pays four times what the other pays, wouldn’t you want to select the higher paying option?
If you are already in your career path, and you’re feeling financially strained, do some research. First, learn if you are underpaid for the work you do today. If you aren’t underpaid, but are still not making enough money, look at other options. Consider what transferrable skills you have that you can take to another field that will pay more. This can help you to close the salary divide.
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
This Is Temporary
Do you remember the dot com crash in 2000? And, do you remember the mortgage crisis in 2008? When those devastating events occurred, it felt like things might never turn around. Finding a job felt impossible. And, if you had one, you may have felt stuck. There weren’t many options. I remember friends who both could not find a job, but who could not sell their home. The stress was high all the way around.
When you’re in the middle of a difficult time, it’s hard to picture a different reality. It can feel hopeless. Hard times can bring up feelings of fear and desperation. We may feel paralyzed. Job searching can feel like an impossible task.
But, after events such as the dot com crash passed, we don’t think about it too much anymore. It’s so far in the past that at times, we may forget that it ever happened. Additionally, if you were lucky enough to be in a good situation during tough times, you may not have felt their economic impact.
One hopeful statistic to remember is that economic downturns have historically lasted anywhere from six months to eighteen months. Although this length of time is certainly not nothing, it is not as long as it feels in the moment. And, there is an end to the pain. In addition, companies can sometimes be slow to change just before a presidential election – another event with an endpoint.
In other words, if you are going through a difficult time, just remember that it’s not permanent. It’s not a reflection of who you are, or what you are capable of. It’s not the sign of the end of your career, or of what’s to come in the future. Many very talented people are going through tough times at this moment. Often, these tough times are a reflection of things outside of your control, despite how they feel in the moment.
In fact, the reverse is also true. Many of the billionaires we admire are not only talented, but they also had good timing. For example, imagine if Bill Gates hadn’t started using computers until the 90s. Or, imagine if Mark Zuckerberg were just finishing college today. They likely would have missed their window of success, despite how smart they might be.
During this tough time, give yourself a break. It’s natural to feel discouraged, and it makes sense to feel upset.
Do your best to influence what you can control. Prepare for the future, when things will be more calm and fruitful. This may mean updating your resume. It may mean getting involved in community organizations. It might even mean taking the time to work with a therapist or a career coach.
Take care of yourself, so that when things naturally turn around, you’ll be ready. And, remember, things will turn around. The economy will get better. The job market will improve. You will be okay.
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
It’s Not You
One thing that is notable about the job search process is just how easy it is sometimes, and just how hard it is other times. If getting a job has always been easy for you, and you’re finding it to be hard now, you may feel like you’re doing something wrong. Or, that perhaps you’ve changed. Although that could be the case, sometimes, it’s really not you. There are many external factors beyond your ability that impact whether or not you get the job.
First, the economy plays a bit part of your job search experience. When the economy is strong, and when it’s a job seekers’ market, interviews move faster and smoother. Companies don’t have the luxury of stringing along candidates, or of finding the perfect unicorn. When the economy is down, companies receive many more applications for each job. Companies are able to pick and choose which candidates to move forward. And, at times, they may even intentionally slow their hiring process in order to save money.
Similarly, where you live can have a big impact on your job search. If you live in a big city with many corporations, it can often be much easier to find something new. There are simply more options than in smaller towns where you may have to wait for something to come open. Although some companies will relocate the right person, they always prefer a local candidate if they can find one.
It can also matter if you have connections within the company where you’re applying. If you are applying online, along with hundreds of other applicants, the chances that someone will see your resume are slim. But, if a friend offers to hand deliver your resume to the hiring manager, you are much more likely to get a job interview.
The story that your resume tells also makes a big difference. In other words, companies often look at small, potentially irrelevant details, when they are sorting candidates. Think of this similar to filtering profiles on a dating app. The company is starting with so many options that they are narrowing them down using random criteria. If you have switched jobs too frequently, they may judge you. If you currently work in a different industry, they may assume your skills don’t translate. This can happen even if you previously worked in the industry in which you are applying.
If your work history is varied, you need an open-minded hiring manager. You need someone who understands transferrable skills, and who can see you as the whole and talented person you are. But, this doesn’t happen every time. It takes many applications to find a boss who understands the value that you bring.
Let me leave you with this. All of the things described above can impact your job search. None of the things described above are about your potential or your performance. Keep looking, and you will find your fit.
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
Copeland Coaching Podcast
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