Strategies to Take Control During Tech Layoffs
Are you working in the tech industry and feeling anxious about the current market conditions? You're not alone. It's only January, and already big companies like Microsoft, TikTok, eBay, Google, and Amazon are doing layoffs. In fact, almost 24,000 tech employees have been laid off at 93 companies so far in 2024, according to data from layoffs.fyi. I’d like to offer some insights on how to navigate these uncertain times, and provide steps you can take today to feel more in control of your future.
Focus on What is in Your Control
Even now, I’ve found that I can cause myself excessive stress by putting mental energy into things I can’t control. Not only does this increase my stress levels, but it also reduces the time and energy I have to work on things actually in my control. So, as hard as it can be, start by removing energy from things outside your control. You can’t control the overall macroeconomic environment; you likely can’t directly control decisions made by the executives of your company, or rumors and speculation.
If you find yourself dealing with a lot of stress, define what you can and can’t control and do what you can to remove the stress of things outside your control. Then start going to work on things you can do. This will help you feel more in control of your future and reduce your overall stress.
Be Perceived as Critical
In any career, demonstrating substantial value to your organization is essential, but this becomes crucial during tough market conditions. I emphasize 'perceived' value because, ultimately, layoff decisions are made by people. These decisions are based on their understanding and the information available to them, which might not always be complete or accurate.
Therefore, it's vital to align your efforts with what is deemed critical by your company's leadership. Understanding how information is relayed to the executives is key. Are there regular meetings or updates where your leaders report on progress and challenges? Ensure that your contributions are recognized in these discussions, especially if they pertain to solving pivotal problems or advancing key projects. Your involvement in significant initiatives should be visible and acknowledged, enhancing your perceived value within the organization.
Remember, the human element is central to decision-making processes, including layoffs. Direct your efforts towards activities that highlight your indispensability and contribution to the company's success.
However, if you find that despite your exceptional work, your contributions are consistently overlooked, it might be a sign of a deeper issue within the company's recognition culture. In such cases, after a thorough self-assessment and genuine attempts to exceed expectations, consider exploring opportunities where your efforts are more likely to be acknowledged and rewarded. The key is to first exhaust all avenues to ensure that your work not only contributes significantly to the company's progress but is also visibly recognized as such.
Network
There's a Chinese proverb that says, "The best time to plant a tree was 20 years ago. The second best time is now." This wisdom applies perfectly to networking. In the realm of career advancement, where hiring and layoff decisions are made by people, being known and respected in your professional circle is invaluable. However, building this network doesn't happen overnight – it's a gradual process requiring strategy and sincerity.
For those who, like myself, lean towards introversion, networking might not come naturally. Here are some effective strategies I've found helpful:
Engage in Online Communities: Platforms like LinkedIn and Substack offer excellent opportunities to share your thoughts and expertise. Contributing to online discussions allows others to understand your perspective and areas of interest. As you encounter professionals you admire, don’t hesitate to reach out and connect.
Lead with Value, Not Requests: A common networking misstep is to initiate contact with a direct ask. This approach is unlikely to yield positive results. Instead, focus on giving first. Compliment someone on their work or share your insights on a topic they're interested in. Build a rapport before making any requests.
Nurture Relationships Consistently: Your network requires regular attention. For key contacts, set reminders to touch base periodically. When you do reach out, offer something of value and keep it concise. Remember, brevity is appreciated in our busy world, especially from someone still building a connection.
Seek Out Niche In-Person Events: There’s an undeniable power in face-to-face interactions. Attending industry events or local meetups can significantly enhance your professional relationships. Prioritize these in-person opportunities as they can rapidly deepen your connections.
By consistently investing in and nurturing your network, you create a support system that can be a tremendous asset in challenging times. Not only does a strong network provide potential job leads and career advice, but it also offers a sense of security and community during periods of uncertainty. Remember, the roots of a strong professional network can take time to grow, but the benefits are long-lasting and often pivotal in navigating your career path.
Prepare for the Worst
The worst time to start dealing with being laid off is once you are already laid off. Take some time now to think about how you can prepare for a potential worst-case scenario.
When it comes to your finances, start saving money that is easily accessible if things get bad. And maybe think about having more cash saved for a rainy day than normal.
In refining your skillset and talents, it's vital to have a keen eye on the evolving market trends and emerging opportunities. Dedicate a portion of your free time to not just learning new skills, but also strategically enhancing your existing ones. This endeavor isn't merely about expanding your knowledge base; it's about aligning your capabilities with the skills that are in high demand in the current job market.
Exploring opportunities within your current organization can also be a strategic move. If you’re committed to your current employer but feel your potential isn’t fully utilized, look for roles that align more closely with your skills and ambitions. A lateral move within your company can sometimes offer the challenge and satisfaction you’re seeking, without the need for a drastic change.
Preparing for interviews is an exercise in self-presentation and communication. It provides an opportunity to express your professional journey and ambitions convincingly. Regular practice, whether through mock interviews, online challenges, or behavioral question exercises, sharpens this skill, making you ready not only for potential job opportunities but also for various real-life scenarios.
Overall, spend some time now preparing for a worst-case scenario.
Don’t Forget Balance
While diligently preparing for the future is essential, it's equally important to maintain a sustainable pace to avoid burnout. Overexerting yourself can paradoxically undermine the very energy and focus you need for effective preparation. Embrace the somewhat counter-intuitive wisdom of balancing your hard work with activities that bring you joy and relaxation. These moments of leisure are not just breaks; they're a vital component of your overall productivity and well-being.
For instance, in my case, rock climbing is not just a hobby; it's a crucial part of maintaining my mental and emotional equilibrium. Even amidst the most stressful periods, I ensure that I carve out time each week for this activity. This commitment to rock climbing is more than just physical exercise; it's a mental reset that allows me to return to my professional challenges with renewed creativity, focus, and impact.
Remember, the key to a balanced approach is not just about allocating time for work and preparation but also about reserving space for the people and activities that rejuvenate you. These personal passions, whatever they may be for you, are essential in keeping life's challenges in perspective. By striking this balance, you ensure that you are not just prepared for the future but are also enjoying and making the most of the present.
While the current landscape can be anxiety-inducing, if you take strategic steps that are within your control, there is a lot you can do to be ready for the future.