Laid Off? It can be a positive, growing experience

Most employees experience some company acquisition turmoil in their careers…. And occasionally, lose their jobs in the process.  They are told they are “excess,” the company is “downsizing,” or that they need to relocate.  Cindy Canup of Oakland, CA was in such a position when Steifel acquired Connectics in 2007 and she was asked to move back to the East Coast. Cindy and her husband Eric loved the Bay Area…they had already made 3 cross country career moves and didn’t want to do it again.  They enjoyed the community, friendships and the village atmosphere of the Montclair area of the Oakland Hills…they didn’t want to forsake their lifestyle just to stay with the company.  Her choice was to relocate or be laid off.  She chose not to move and accepted a severance package.

Job Search Took Longer than Expected

When she was first laid off, Cindy was excited…here was a chance to explore different opportunities.  But when the job search extended past 6 months, she became bored, doubting herself and her ability to really land a worthwhile job.   Then doubt turned into pragmatism…Cindy knew that her efforts would pay off.  Her job search was agonizing and frustrating, she went to more than 100 interviews with 23 companies.  Often she would be the finalist, and there was some skill that the person selected had that she didn’t. Fortunately, Cindy had a good financial cushion made up of 3 elements:  significant stock options, 8 months of severance pay and a healthy balance in her brokerage account.  Cindy says it was quite tempting to look at these large balances and live exactly the way as before, but being frugal, she and Eric didn’t “go crazy” and financially, lived their lives as before.   Cindy says that they were circumspect about their purchases during her 14 month period of unemployment, though they did go on an extended vacation to New Zealand that was planned prior to accepting the severance package. Finally, at the same time, two job offers came in.  Cindy’s background was in the Pharmaceutical Industry as a senior training executive.  One position was in the same industry doing what she had done before.  Another position offered was from major healthcare provider in the Bay Area, Kaiser Permanente.  This was a chance do to something “different,” not just the same thing she had been doing for Pharmaceutical companies.  Cindy chose the second position, allowing her to expand her skill set.

Good Career and Financial Plans were Key to Successful Transition

Cindy also appreciated being able to consult with her personal financial advisor during this time to give a balanced, 3^rd party assessment of their financial situation.  Cindy and Eric consulted him on what accounts to access when they needed cash and whether or not to make certain large purchases.  Cindy says that having a professional financial advisor during this period gave her peace of mind. Cindy says that she really learned a lot about herself during this period of unemployment… that she was resilient and positive even during trying circumstances.  She benefited from company provided outplacement services which stressed having a good career plan.  Using these services helped her to keep a positive outlook because it provided structure and a support group to keep her on task and accountable. While being “down-sized” or laid off is never pleasant, it can be a positive, growing experience.  It can lead you into a different direction with new industries, positions and experiences.  It is important to be prepared for the unexpected – having a financial cushion.  Future articles will focus on how to build a financial cushion and what accounts to access in an unemployment crisis.

Categories: Layoff, Unemployment, Job Search Help, Strategies for Unemployed, Things You Need to Know