Should I stay at my company following a layoff?
Updated: Jul 7
Your company just went through a layoff. The good news is that you were not let go. The bad news is that you are now concerned about your company's financial health. You also know that things will get more difficult in the near term. The work that was previously done by others will be reassigned. You will be asked to do more, and there is little chance of you getting incremental compensation despite the extra effort.
You are asking yourself, do I want to stay here? Part of you wants to be loyal to your company and peers, put your head down, and help to turn things around. Another part of you is scared if you will be next and wonders if this is the perfect time to seek employment elsewhere
.
Things to consider before leaving your company after a layoff
1. Do you enjoy your job?
This is the most critical factor to consider because if you don't like what you do, you will not perform at a high level. Think about what aspects of your job make you happy and what aspects make you frustrated or bored. If the positives outweigh the negatives, you might want to stay and see how things evolve. You might want to seek something more fulfilling if the negatives are too overwhelming.
2. Do you believe the company can turn things around?
Layoffs are usually a sign of financial trouble, but they can also be a strategic move to restructure and improve the company's performance. If you trust the leadership and vision of the company, and you see signs of recovery and growth, you might want to stick around and be part of the solution. If you doubt the company's future and direction and you see no evidence of improvement or innovation, you might want to jump ship before it sinks.
3. Will you have the potential to grow by staying?
Layoffs can create new opportunities for those who remain, such as taking on more responsibilities, learning new skills, or moving up the ladder. If you see a clear career development and advancement path within the company, you might want to stay and seize those opportunities. If you feel stuck or stagnant in your current role and have no prospects for growth or change, you might want to look for other options that can challenge and reward you.
Things to do after a layoff at your company
1. Journal about your feelings.
Writing down your thoughts and emotions can help you process what happened and cope with the change. It can also help you identify what you liked and disliked about your job, what you are learning, and what you want to avoid in the future. Journaling can also boost your self-esteem and confidence by reminding you of your strengths and achievements.
2. Define what you want from your career.
After your company lays off workers, you may feel tempted to accept job offers from other companies, but this may not be the best option for your long-term satisfaction and growth. Take some time to think about what you want from your career, such as the type of work, the industry, the culture, the values, the benefits, and the salary. Create a list of the top 10 things that are important to you, and evaluate how your current role is fulfilling your needs.
3. Define career options.
Once you have a clear idea of what you want from your career, you can start researching and evaluating different career options that match your criteria. You can use online resources such as job boards, company websites, industry blogs, or professional networks to learn more about the current trends, opportunities, and challenges in various fields. You can also contact people who work in careers that interest you and ask them for advice or feedback. This can help you determine if you would be better off staying or pursuing employment elsewhere.
Summary
Deciding whether to leave an organization after a layoff is a difficult decision. You have to evaluate your values, options, and long-term career plans. By taking time to explore your feelings about your
company
current job
and the knowledge you have of
the economy
your industry
your long-term career goals
you can find the right answer to whether you should stay or leave. Every decision allows you to learn more about who you are and the world around you. If you stay centered on your values, use your strengths, and pursue your long-term goals, you will end up exactly where you are meant to be.
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Thank you for reading this blog
Dorian Cunion is an Executive Coach and Business Consultant with Your Path Coaching and Consulting. He is a former retail executive with over 20 years of experience in the retail industry. He is a Co-Active coach who focuses on helping professionals, and small business owners overcome insecurities, knowledge gaps, and lack of direction. He does this by assisting clients to tap into their values, recognize their strengths, and develop actionable strategies for growth.
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