The COVID-19 pandemic opened our eyes to heaps of bitter realizations. In the corporate field, everyone should swallow the fact that no one’s job is safe. Even the business owner could lose millions overnight and halt the operations in a snap.
Executives are no exceptions. They, too, are vulnerable to job cuts and the unemployment stress that comes with it. This scenario is even more impactful due to the tight competition of high-level managers over a vacant senior role.
Despite all these uncertainties, individuals of this category should handle dismissals reasonably for their wellness. Below are some things to remember when dealing with an executive layoff.
Leave The Company With Dignity
Executives should be the first to understand why job cuts need to happen. After all, they are just a breath away from the big boss. Thus, it doesn’t make sense for a former senior manager to tackle it poorly. Accept the discharge with dignity, and don’t burn bridges with your old company. There is always that possibility that you’d want to return when things get better.
Avail For The Outplacement Package
Executive outplacement is an underestimated effort. Those who consider themselves top-tier don’t feel the need for it due to the job offers they receive regularly. Regardless, it is a great advantage for someone who knows the rigmarole of finding a top-level position in other companies.
Unlike rank-and-file posts, only a few executive roles are available for external applicants. Many companies prefer to nurture and promote someone who started from the bottom to instill the importance of loyalty, talent, and hard work. Still, some of these corporations broadcast the job vacancy elsewhere, hoping to attract a maverick. This is where the outplacement program tends to boost the outgoing executive to draw actively seeking companies into thinking they found what they’re looking for.
Take A Break
The 24-7 worries of a top executive are exhausting. Though a negative experience, the layoff is an opportunity to take a breather. Connect with loved ones and old friends. You could grow your network without trying too hard.
Take a week of relaxation without breaking the bank. Don’t worry about the next steps yet. You owe a splendid time to yourself.
Plan The Next To-Dos
After a week of hiatus, you should feel better and anew to face a fresh start. This is where you awaken your skills and develop an organized game plan. Would you start your own company? Are you investing in crypto, real estate, or other commodities? Do you still love the hustles and bustles of the corporate world?
The layoff should teach you a powerful lesson about an employee’s life. Thus, you might want to open up a firm you could call your own, hire people, and see if you could maneuver this new company away from possible job cuts. You could also settle to be an investor. All of these are easier said than done, so gather the knowledge and experience you acquired as now’s the best time to make good use of them.
