Authors: Pat Romain Guillaume Poirier St-Pierre
Nearly every day we read about the latest organizational restructuring. With fewer profits for organizations due to the economic downturn and the effects of inflation, we see more hours being cut and some positions being eliminated.
What should you do if you face this situation?
Having worked for 25+ years with hundreds of leaders experiencing job loss, as well guiding candidates through executive search mandates, we can say there's no exact formula to land your next position. We can say that those who have survived a job loss and even thrived after this tumultuous experience share several behaviors.
From setback to comeback, let's discover six keys to navigating a leadership job loss.
1. Allow time to grieve
Losing your employment is one of life's most stressful experiences. Impacts ripple across personal and professional relationships, as well as our mental, emotional and even physical health. We often define ourselves by what we do professionally and place significant value on the friendships and social outlets of the workplace.1
During layoff, however, our entire paradigm shifts. Many action-oriented leaders struggle to gear down. However, it's imperative to take time to process what has happened and understand it's normal to grieve this loss. You may feel hurt, angry, anxious and depressed. Don't punish yourself for these feelings. Instead, look for positive aspects where you can find them and lean on family and friends, or your career transition coach if you received such support. You're not in this alone.
2. Take advantage of outplacement resources
Many organizations offer departing leaders some version of outplacement services. These services could include assistance with writing your resume, career coaching and job search support. Take advantage of all services available. And while a great resume won't land your new job, a poorly written one will stop your progress at the gatekeeper. If you have access to career guidance, the industry expertise afforded could prove invaluable. Getting help — such as support with creating a clear career plan with defined goals and steps — is crucial to identifying the type of role you aspire to land and creating a roadmap to achieve it. Set short-term and long-term goals, and regularly evaluate your progress.
If your organization does not offer career transition services to departing employees, remember that it is also possible to access this type of service on an individual basis, without involving your employer.
3. Clarify your professional value proposition
Developing your professional value proposition (PVP) is the first step towards creating your professional brand. It helps you share who you are and what you do in a simple and concise way. Creating and working on your professional value proposition involves showing and articulating your skills, experiences and qualities that set you apart in your industry.
Simply said, your PVP is the answer to the question: "Tell me about yourself". We always recommend adapting your PVP depending on to whom you're talking and what you want to convey to them about yourself. The PVP you share in an interview and the one you share by encountering someone in an elevator should be subtly tailored and adapted to that audience.
Whether you're employed or in transition, this simple formula could help you define the value you create in your environment:
My [skills, experiences, characteristics] help [target organizations / people] who want [objectives, strategies] by [reducing / avoiding X] and by [increasing / allowing X]
4. Network, network, network
Isolation can impair your journey — social contact is nature's antidote to stress. Whether it be former coworkers or friends, reach out and connect with others frequently. In addition, work to expand your social and professional network when possible. Find and take advantage of numerous clubs and groups, as well as volunteer and community activities where you will meet new people.
We also know that approximately 70% of people secure their current job through networking. Surprisingly, 80% of job opportunities are not even listed on job boards or public platforms.2
Employee referrals account for 40% of all hires within an organization, which shows the power of personal connections in recruitment.3
5. Introduce yourself to executive search professionals
While executive search professionals may not be working on a position and/or location matching your background or specific geographic needs, initiating a potentially long-term relationship with one could be pivotal to your career.
6. Take care of yourself
A job search is stressful, so don't neglect your physical and mental health. Develop a daily routine, incorporating work-related activities balanced with time for exercise and meditation. Renew hobbies and try new activities, travel and explore, volunteer and spend time in nature.
You may not have enjoyed this much free time in years, so use it to your advantage. Exercise is extremely important, as is sleep. Attention to diet and self-care will do wonders for your confidence and self-esteem as you begin the interview process.
Some days will be better than others as you proceed through this journey. Control what you can and be prepared for detours along the way. Do your best to stay positive and always remember you have value.
It's crucial to maintain a positive mindset throughout this process. Surround yourself with supportive people, practice self-care and focus on the opportunities that lie ahead. A positive attitude will not only help you navigate this challenging period but also attract new opportunities.
The experience of a job loss is painful, and yet it may deepen you in ways you may not initially realize. From setback to comeback, in reflecting on this experience several years from now, you may recognize it as an important turning point in your life.
