As global tech firms downsize, experts share tips on how to navigate layoffs

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Last week, 11,000 employees of META - the multinational technology conglomerate which runs Facebook, Instagram and WhatsApp - woke up to emails announcing that they had been laid-off. A few days prior, Twitter cut down 90 per cent of its Indian workforce from the marketing, communications and engineering teams. Indian ed-tech platform BYJU'S, too, let go of around 2,500 employees. Microsoft, Unacademy and Meesho employees are also among a growing list of professionals who have been handed pink slips in the past few months. From change in leadership to drop in revenues, the reasons stated by these companies to downsize are plenty, but large-scale layoffs end up affecting employees professionally, financially and personally.

Be honest while speaking to prospective employers; acknowledge that you were laid off and that it was a good experience while the stint lasted

Don't take it personally

We spend much of our time at our workplaces or perched in front of our laptops to race against work deadlines. So, we end up equating our identity with our jobs, shares Sushma IR, a success coach and founder, ReFind You, a people development company. "When that job doesn't exist anymore, we start questioning who we are," she elaborates. At this juncture, it's important to remind yourself that the layoff is a setback, and not a personal failure, she advises. "Secondly, losing a job that you love is like losing a loved one. Give yourself time to grieve," the coach says.

Sushma IR

She stresses on the importance of expressing the hurt, betrayal, disappointment or grief that one might be experiencing, instead of bottling it all up to rush towards the way ahead. "Allow yourself to feel those emotions. Talk to a friend or a close one, or a professional. Express it in a healthy way through journalling or any other medium," she reminds us, elaborating on some other pointers to keep in mind in this season of global layoffs:

. When there are rumours about layoffs in your company, it is advisable to address the same with your manager. Instead of confronting from a space of fear, it helps to know if there's any truth to the rumours by having an objective conversation with the higher-ups, preferably someone you share a rapport with. Then, you can rely on them for honest information. It is better to have a casual face-to-face chat or a call, rather than an email exchange. If it's an organisation-wide affair, the manager may not want to be put on official record.

. If the rumours are confirmed, begin the process of updating your résumé and activating your network base.

. In case you are laid-off without a notice period, figure out the basic amount you need in order to manage your financial commitments. A lot of people, at the onset, are okay with taking big pay cuts or grabbing the first opportunity that comes their way. While negotiating future job offers, try not to accept any compensation below the amount you absolutely need.

. Don't try to be sneaky about having lost your job. If it's a mass termination, chances are that your prospective employer will already know about it, so no point hiding. Acknowledge that it was a bad thing that happened but don't bad-mouth your previous employer. At the same time, explain what you bring to the table, highlighting the successes.

THEY SURVIVED AND REGROUPED

Light at the end of the tunnel
In 2015, while working with a US-based company, Sandeep Kochhar, a 45-year-old techie, found his worst fears coming true. On New Year's Eve, over a Skype call, his boss fired him. "The first thing that struck me was ‘why me'?" recalls Kochhar, founder and storyteller, Blew Minds Consulting. At the time, he had a seven-year-old kid and a slew of financial commitments. "I fell into a bout of depression. To compound matters, in Indian society, there's a lot of stigma attached to layoffs, no matter the reason behind the termination. People find a way to raise a finger on your worth. That leads to crippling self-doubt."

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Eventually, he landed a job in a few weeks but it led him to question whether he really wanted to go back to a full-time setup. "I had worked for 15 to 16 years by then. My son was young and used to go to a daycare after school. I felt that I should use this time to do something so I can spend more time with him," he tells us. Kochhar also realised that he didn't want to go back to working in an environment of fear. He then negotiated the offer and turned it into a consulting assignment. Gradually, other assignments started pouring in and simultaneously, he started upskilling. After trying his hand at starting different businesses for three rough years, he took to LinkedIn to express his failure stories in 2017. His straight-from-the-heart posts struck a chord; he started hitting two million views a month. "That rose to five million and in no time, the firm I co-founded with my wife, became a storytelling firm. LinkedIn recognised me as one of the Top Voices [India]. I run two startups and have impacted around one million lives through them. There was light at the end of the tunnel," he notes, sharing a few tips for laid-off employees:

. There are two ways of looking at a layoff - it's a horrible thing or it's a great opportunity. Your back is to the wall and it's a great time to reassess your life, what you want and judge if you can take a risk.

. Find something to put your effort into, while you're figuring things out. For instance, take up certification courses or go back to studying. It keeps you busy and fills the employment gap on your CV. A gap on the résumé is a red flag in the hiring process. Freelancing, too, is a good way to slowly get back into the job market and you can show it on your CV.

. Keeping yourself busy with studying or learning new skills or freelancing also helps to broach the subject of a layoff with your prospective employer.

Don't rush into a new job
In the peak of the first wave of the pandemic, less than a year into his job, media professional Kartik Bhardwaj was handed the pink slip. "One day, before work, I was put on a conference call with my boss and his senior. Apparently, my name was on a ‘list' that came from the head office and they had to ‘let me go'," the 27-year-old recalls. With COVID-19 wreaking havoc in the job market, it was a trying period, which he was able to ride out with prudent financial planning. Armed with the belief that he wouldn't rush into just any new opportunity, the writer-sub-editor landed a gig within a couple of months. He suggests:

. It is important to have a separate fund for yourself, apart from your fixed deposits and mutual funds. I keep about 10 per cent of my salary in a separate account for unforeseen incidents like this. I try to have two months of my salary in the account to sail me through dry days.

. Apps such as Freelancer can help you get some part-time gigs.

Set aside a portion of your earnings for a dry spell

. Getting laid-off in less than a year looks bad on your CV. Although most of the employers understood that I was fired due to the pandemic, I was transparent with every place I applied to.

. I don't recommend being desperate and going for any job that comes your way. It's an opportunity to find the perfect role for yourself and fill up the gaps you experienced in your previous workplace. Mental well-being, job stability and work-life-balance became non-negotiable factors for me.