Layoffs are unfortunately a common part of the business world. If you or someone you know has been part of a recent round of layoffs, then you know that it can be a blow to confidence and lead to uncertainty and financial instability.

At twenty, many of our mentors have been on the wrong side of a layoff, sometimes more than once. When we ask them about their experience though, we often hear a similar sentiment: “It was incredibly difficult, but it also opened up great new doors.” While it may not feel like it at first, layoffs often do lead to new (and sometimes even better!) opportunities. The key is knowing how to bounce back stronger after a round of layoffs. We sat down with Eric Iwashita, one of our mentors who bounced back stronger after a layoff, to get his advice.

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How to handle the first few days

Firstly, try not to take it personally. Easier said than done, of course. Recognize that layoffs are out of your control and, unless told otherwise, they’re not a reflection of you or your skills. Try not to compare yourself to the other people that may have also been laid off. Nothing good comes out of that. Grant yourself grace and space and process on your own time.

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Assess your financial situation

The next important step is to assess your financial situation. Layoffs impact each of us differently, and some will face more financial pressure than others. This assessment can take quite a bit of time and effort depending on how familiar you are with tracking your spending. If you’re starting from scratch, look into different budgeting apps or tools that can help you calculate how much money you spend in a month.

Although it may be difficult, try to separate your financial assessment from your mental and emotional state so that you can evaluate your timeline for when you might need to land another job. Factor in any severance pay or extended benefits that you may get from your previous employer. While it can be tempting to immediately jump into applying for new roles, try to avoid letting financial pressures push you into a job search that you’re not mentally prepared for.

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Reflect on what you want in your next role

Once you have a sense of your financial timeline, Eric recommends taking as much time and space as you can to reflect on your learnings and experiences before applying to new roles. This moment can be valuable for evaluating what you want out of your next job. We’re rarely afforded the time to do this type of reflection while we’re employed.

• What do you want to replicate from your previous role? 
• What do you hope might be different?
• Are you curious about other industries and roles?

A quick exercise: Start by writing as many ideas as you can for things that you might want in your next role. Then narrow down to prioritize 3-5 to help guide your job search. For example, what industries are you gravitating toward? Are you looking for leaders with specific qualities? A specific stage of the company? A different set of responsibilities? This is an opportunity to start from a blank canvas. Take it from Eric:

“I looked at opportunities to join an app as a co-founder, assessed B2C product opportunities, and looked extensively into ClimateTech. I picked my head up and looked around at what other cool things people were doing.”

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Make a plan for your job search

When you're ready to start the search, set yourself a realistic deadline for when you want to have a job. This will give you a goal to work towards. From there, you can put in place a system to help you achieve that goal. Create a plan that you can follow for applying to new jobs and set aside time to work on your applications. Be specific and include activities in your plan like job hunting on different job sites, reaching out to people in your network, and working on applications. From Eric:

“I set my initial deadline for 3 months, including the initial month where I was receiving severance. I discussed this with my wife, and we both felt like that was realistic and considerate of our financial situation.”

The job search is a full-time job, and all full-time jobs need balance. Unemployment periods can often be great times to focus on other aspects of your life like hobbies, relationships, or projects. Perhaps you want to focus on building a skill or spend more time writing. Prioritizing balance will prevent job-search burnout and also make your unemployment time much more fulfilling.

Network to learn

Networking is one of your greatest tools when it comes to finding new jobs and opportunities. Eric recommends “networking with a learning agenda.” Rather than going straight for a referral, seek out understanding and advice. Work on building relationships with people in roles you aspire to be in and try to learn from them. This is a great opportunity to learn about new industries and new roles that you might be interested in.

Keep a pulse on what skills companies seem to be prioritizing in their job postings and have conversations with people in your network to deepen your understanding of what skills you might want to emphasize in your job application. Eric shares:

“For me, I reached out to friends and past coworkers who were working on things that I was interested in and just tried to learn about what they were doing. At the same time, I was assessing if I was the right person for what they were looking for. Some roles were more junior than what I was looking for, and that was ok. I was focused on building the relationship and learning.”

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Use a Spear vs. Net approach

It can be tempting to cast a wide net with your job search and throw in a lot of job applications and then see what sticks. Eric strongly recommends taking a different approach: a spear (not net) approach. Instead of casting a wide net with lots of cold applications, try to be very targeted and judicious about the kinds of companies you want to work for and the problems you want to help solve. Spend extra time building a strong application for a company you’re excited about rather than spending a little time on a lot of applications. Look for opportunities to network and talk to people who are at that company. 

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What to do if nothing is landing

Getting a new job is hard. The first thing to know if you’re having trouble landing a job is that this is totally common. Try not to take it personally–you’re likely competing with hundreds if not thousands of other applicants! It can be frustrating, if not demoralizing, to not hear back from a company or to not make it into the next round of interviews. Keep your head up and keep at it. This is where having a plan can be helpful for keeping you on track. 

Look for freelance or contract opportunities that can buy you a bit more time and flexibility and also help you get your foot in the door at an organization you’re interested in potentially joining. Reach out to people in your network to see if there are immediate needs that you could help fill in exchange for some paid work.

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Talk to people who've experienced layoffs, too

Often times, the job search can feel isolating. Reach out to friends, family members, and peers in your network who have gone through the same experience. While they may have some great advice for finding a new job, they will also be able to connect with your experience and help you manage the highs and lows of bouncing back from a layoff. Want to talk to a twenty mentor? That’s what our mentors are here for! twenty helps young adults navigate their twenties, personally and professionally. We connect you with highly-vetted mentors and a thoughtful community to help you carve your own unique path.