Scared of layoffs? Experts suggest working on your resume, not losing hope

The Covid-19 pandemic set off the layoff trend but it's been three years and there still seems to be no respite. Even as every industry started to pick up little by little over time, the last year hasn't been kind to many people across industries. Amid the IT boom, employees from the tech industry seem to be dealing with the uncertainty of mass layoffs around the world.

According to layoff.fyi, a layoff tracking website, as many as 104 tech companies laid off 26,000 employees in the first few weeks in January. The number has only been on the rise since then and doesn't seem like it will slow down any time soon.

It is evident that the younger generation has an advantage not only with their degrees but also with their skills leveraging technology to their advantage by asking for work not only on LinkedIn but on many social media platforms including Twitter. However, older people may not be as tech-savvy and may be at the receiving end. This may cause anxiety about the future, especially with loans and other payments due even though they're close to retirement.

Mid-day Online spoke to Dr Sonal Anand, psychiatrist, Wockhardt Hospital in Mira Road and Farzana Suri, Mumbai-based life coach to understand more about how older people can handle layoffs. They not only suggest focusing on savings but also learning and being updated with industry developments, using their experience to their advantage and most importantly being hopeful about the future.

Amid the ongoing layoffs, how do older people, who may not have the luxury of degrees, prepare themselves in case they are laid off?
Anand: Older people should have enough savings to make sure to take care of their basic necessities. They should not get disheartened at all and keep trying. They should try and explore freelancing opportunities. Ask for references and keep looking for new opportunities. Consider business opportunities and senior consultant posts.

Suri: Expand and diversify skill set to make you more valuable and invest in training programmes to improve knowledge in areas that are in high demand within your industry. Networking can help you stay informed and can also help tap potential job opportunities in case a layoff occurs. Maintain a savings of one year salary for such challenges. Being positive and enthusiastic about your work can make you a more valuable member of the team and can help you stand out from others who may be less engaged.

While younger people have a chance of getting a job with their degrees, it may not be the same for older people. How do they navigate losing a job?
Anand: Update your resume and keep your funds ready. You can also consider a job change and try to explore any other alternative career options. You should stay calm and look out for opportunities as when one door closes, the other opens.

Suri: Attend conferences, read industry publications, and participate in online forums to stay informed about new developments. Keep up with the latest trends and changes in your industry. Be active on LinkedIn.

What are the challenges older people can face and how should they deal with them?
Anand: Financial insecurity is a major challenge sometimes even with savings. One will have a shortage of money and will have to compromise when it comes to the child's education or health or even the person's own health. Planning finances beforehand can help.

Suri: One of the biggest challenges is ageism and discrimination in the job market. So, it's important for them to stay current and relevant in their field by seeking out continuous learning and training opportunities. Build on your network and seek out mentors in your industry who can connect you to job opportunities.

Loss of retirement savings and benefits may not be easy. Don't be stuck and rigid. Consider taking on contract or freelance work, consulting, or starting your own business. Feelings of worthlessness and loss of identity. Stay around positive and uplifting people. Find new opportunities for fulfillment and success through a hobby or interest.

Many in their late 40s and 50s may assume it is the end of their career but is it really the end of their career?
Anand: People should not get disheartened in their 40s and 50s as they can consider freelancing if they tend to lose their jobs. Your resume should be powerful. Assess your resume and make sure it reflects new skills that you have acquired and projects you've tackled. Acquire new skills because change is the new constant.

Suri: No. Many people start a second chapter in their career. What you think is the end of a road is just a bend in the road.

How can family members, friends and co-workers help them deal with job loss?
Anand: Family members, co-workers, and friends can offer monetary help if one is in dire need of money. They should support, cooperate and understand the stress of the person who loses a job, spend some quality time with the person, and help him/her to find a new job.

Suri: They can offer emotional support by listening, elevating their spirit, and helping them stay positive and focused on the future. They should help with the job search activities and provide financial assistance or resources. Nudging them to participate in social activities, hobbies or volunteer work.

While some may have the luxury of retirement, many others don't. Being in better positions at work due to experience, they may now have to opt for lower paying salaries but may think of it as below them.

How do they approach taking on a new lower-paying job?
Anand: A job that brings food to the table has to be given due respect. No job should be considered superior or inferior. Attitude matters here and the way you approach circumstances makes all the difference.

Suri: Stay in gratitude. Remember every setback is an opportunity for growth and stay with a victory mindset. Focus on delivering value and it will get rewarded.

Why should older people consider taking on a new job apart from the monetary benefits? How does it help them mentally?
Anand: Taking a new job can help with personal growth and development. One will learn from the new challenges of the job. One will be able to overcome the stress from the previous job. Keeping the brain active helps in better mental health.

Should people simultaneously pursue their passion project so that it aids them later in case of job loss?
Anand: If one is good at doing something, for example painting, cooking, or baking then these things can also be a source of income apart from a fixed income. So, even when one loses his/her job they will be able to earn their livelihood.

Suri: Absolutely. It is a great way to find meaning and enjoyment outside of work. Many have morphed into new career paths in times like this. It can help reduce stress and improve overall well-being.

Read More: Why are tech giants laying off a mass of humanity?