I’ve been laid off twice.
The first one resulted in an entire summer on the couch, shotgunning resumes while my savings evaporated.
The second one was painfully awkward, because my lack of leverage in the situation forced me to treat my colleagues and subordinates (who were also being laid off) in ways I wasn’t comfortable with.
I’ve learned a lot since then. If I could go back, what would I do to prepare for those moments?
Have options.
Having options is wonderful way to upgrade your peace of mind by reducing fear of losing your job. It also ensures that you are performing at the absolute highest level for your employer.
Really? My employer wants me to have options? Yeah. Your employer wants you to be focused on your job, not your fear of losing it. And they'd like to believe that you’re in your job because you want to be, not because you have to be. As the infamous saying from Super Troopers goes: “desperation is a stinky cologne.”
Finding the right job is exhausting. Once we do, it’s easy to let relief settle in, put our heads down, and say “phew, glad that job search is over”.
Resist that urge.
Understand that your whole career is a job search, but instead of you searching for a job, all kinds of wonderful jobs can be searching for you.
“But Michael” you might be thinking, “I’m a loyal person. I want a beautiful resume comprised of long-term tenures.” Great! Behaving in the ways outlined below will actually serve that goal. Instead of job-hopping due to FOMO and uncertainty, you will become a magnet for opportunities, choosing only the best ones while others dance outside your door, ready to run to your side in case the unexpected happens.
That’s you having options.
Not having options is what causes a layoff to ruin a year instead of a month. It’s the reason you sometimes feel forced to tolerate subpar employers, or earn less than you deserve. It’s a buying a house in a place you don’t want to live, or driving 90 minutes to work because your employer reneged on their WFH policy.
Having options is existing in a state of anticipation instead of dread. It’s asserting a little more control over your professional life, and feeling less helpless. It’s the freedom to be able to uphold your values, because the moment those values are threatened, you can calmly and respectfully exit that scenario. Options equal power and leverage. They make you ready for anything.
Here's how to have options:
1. Put cash in the bank.
This isn’t a personal finance blog, so I’ll leave it at this Naval Ravikant quote: “People who live far below their means enjoy a freedom that people busy upgrading their lifestyles can't fathom.” Not there yet? No problem. Keep reading.
2. Build a social circle around your occupation.
You’re a director of eComm, because you love eComm, which means you love other people who love eComm, so your friend group is partially comprised of eComm lovers, many of them now in positions of authority. Right?
Unfortunately, no. Some people put up walls between work and play. Some people think of other professionals in their field as competition instead of allies. My advice: don’t do that.
3. Know the decision makers.
Recruiters (good ones). Executives at brands you like. People who do what you do, but at a more senior level.
If you reach out to them with phrases like “just checking in, did you see my last email?” it will be hard for them to respect you. But if you meet them online or in social circles, and subtly demonstrate that you’re on their level, you might make a friend.
Everyone has hobbies, and you can find some in common. “Is that your BMW M5 outside? I love the E28. I used to have two of them, and sometimes I would use one to jumpstart the other. Anyway I’ve got a secret mechanic who’s an expert on those, if you ever need him just let me know.” (Ask me how I know this works.)
Genuine enthusiasm for hobbies that are closer to the decision-maker's pay grade than your own (cars, watches, wine, books, restaurants, architecture, interior design) are phenomenal conversation starters. They level out the status hierarchy so you can talk like humans.
4. Leverage relationships.
Relationships with career peers and leaders aren’t just valuable -- they’re quite natural, and dare I say fun and effortless, to develop. And now you have them! So the next time the dreaded layoff occurs, instead of announcing it to strangers online, you might send a few text messages to people who want to help.
5. Interview often.
It’s not nice to interview for jobs you have no interest in, but “I’m happy in my current role” is not a reason to ignore opportunities.
Of course, be discriminating. Ignore spammy boiler plate recruiter emails. Seek out the good stuff, be curious, speak to hiring managers, and if you know you’re not the person for the job, move quickly to #6 below.
Being out of practice only adds pain to the experience of being laid off. If you stay ready, you don’t have to get ready. Build your rolodex, understand how your field is evolving, and know the salary ranges. Bonus: now you can use facts instead of tactics the next time you negotiate your salary (see separate post on this).
We have a friend, we’ll call her Lisa, who holds an exciting global leadership role at a prestigious brand. I can’t say which brand, but I can guesstimate that 8 out of 10 fashion employees aspire to work there. My firm has brought Lisa other opportunities, and she always entertains the conversation. We got to know her, and learned that her current employer informally courted her for 2.5 years before she accepted the position. 2.5 years! No wonder she’s so happy there — it's a strong relationship built over time, and Lisa planted the seed before she needed the fruit.
Lisa now exists in a rare and fortunate reality: she holds her dream job, and if that dream ever turns to a nightmare, she’s got options.
6. Be generous and add value.
When interviewing, your first job is to make a friend. Stuffy interviewers will look at your resume and start down a list of boring questions. Derail that.
Turn the first 10 minutes of the interview into a fascinating personal exchange. (see separate post on how to win interviews)
Then answer their questions and ask your own. If you get the sense that this job isn't for you, let them know: you're probably not the right fit, but no problem, you're happy to make a referral. You’re a well-connected expert in the field, after all… and you don’t need this job anyway. You have options.
