I have a good friend who was unfortunately laid off recently. She had been with the company for a few years and was blindsided by the news. This got me thinking about a few candidates who had shared their own experiences with similar situations, so I decided to do a little digging…
Lay-offs significantly increased in 2023 and the impacts have continued into 2024. An article from entrepreneur.com stated, “Last year alone saw a 10% increase in layoffs across all industries — 19.8 million in 2023 compared to 17.6 million in 2022, according to data from the Bureau of Labor Statistics.” This, along with the increase in layoffs just years prior due to the effects of the Covid pandemic has left strong members of the workforce feeling uneasy.
So, what does this mean for you?
For candidates newly on the job market due to a layoff, you likely feel a strong sense of urgency to find your next role. When I speak to candidates who have been through a layoff, they are often blindsided or simply unprepared (completely understandable). Hopefully, there is some ease in knowing that the unemployment rate is still historically low. There is resilience in people facing layoffs, and viable positions on the job market to be filled with talented individuals.
For employers, this may mean finding new great talent for your organization. Keep an eye out for candidates you may not find on the job market if it were not due to a layoff. These candidates are eager, direct in what they want, and will likely be loyal to a stable company. Consider these candidates' current situation; they are likely active on the job market, and this may force you to beef up your offer package or move more quickly than normal.
For the rest of us, keeping in touch with the job market and where your skillset aligns could be valuable in the face of any unpredictable career changes. It is unfortunate the difficulties that are faced due to unforeseen lay-offs, but this can also be considered as a fresh start. For both candidates and hiring managers alike, layoffs allow the space to re-evaluate your current situation and future goals.
Written by: Emily Onheiser, Senior Search Consultant at Hunter Crown, LLC
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