Making a career pivot after a late-stage layoff
Let's discuss how to make a career pivot after experiencing a late-stage layoff or other career endpoint with legendary class.
Back to TopLet's be honest. Making a career pivot early on in your journey can seem a lot easier and less stressful than once you've been established. We become comfortable, reliant on certain employment situations, even if they aren't ideal. It can be scary to move on after years of knowing exactly what your position entails. Still, it can also be exciting.
Don't fear the unknown! Navigate it with breezy confidence. We'll help.
What is a late-stage layoff?
What you consider "late-stage" is largely flexible. Whether you've been made redundant in your 30s, 40s, 50s or after the minimum retirement age, late-stage is usually tied to the fact that options feel narrower once bills, mortgage loans and other financial burdens have been accrued.
While we agree that "late stage" depends on many factors, today we are primarily speaking to job seekers over 50 because this kind of layoff can be much more damaging to them.
"It takes nearly 26 weeks, on average, for people ages 55 to 64 to find a job, compared with 19 weeks for people ages 25 to 34, according to the U.S. Bureau of Labor Statistics."1
Not to state the obvious, but 26 weeks is over half a year. In a time when many people do not have savings to absorb that kind of hit, that metric can be devastating.
Strategies to make career changes after layoffs (or anytime!)
It may not be your choice to make a career pivot. Perhaps your primary industry has declined, making you redundant, so the choice is being made for you. That is an undesirable position. But whatever your reasoning, when you want to switch careers, here are some things to keep in mind.
Practice awareness
This is a practical step, and a truly needed one. Create an inventory of everything you're responsible for and identify ways to reduce your spending. This will give you more runway to pursue your next challenge.
Understand your resources
401K, early retirement, savings or a smaller job—Regardless of the path you choose to fund your transition gap, it must be right for you. And, if you take a distribution from one of the funds that could hurt you in the future, make a plan to pay yourself back once you get back on your feet.
You have options—you just need to be aware of them.
Freelance, if you can
Keep working, even if in a smaller consultancy capacity. This will help you remain sharp and valuable. Plus, it will help you pad your budget for a more extended period.
You can find freelance opportunities through your network or via websites that cater to them. Networking can provide the additional benefit of possibly leading to a longer-term opportunity, though.
Upskill
If you have downtime, learn. You can always add new skills, especially ones that will make you more desirable to employers. These tools will help you confront stereotypes, such as technology-driven ageism, head-on if you encounter them.
Online courses, mentorships, your local library, classes you've always wanted to take, apprenticeships, internships and continuing your education through college are all ways to do it.
By the way, did you know that if you are of a certain age, you can do this for an affordable rate, or even for free4? It's true! There are plenty of opportunities if you know where to look!
Get involved in your community
Your immediate network may not have an opportunity for you, but the more you involve yourself in the world, the more likely you will be to find something. Networking works best when it is born of genuine connection without expectations. Do that and see if something good comes your way. Even if it's not a job you receive, you will feel great about the things you have done.
Wondering where to start? Look for organizations that always need help! Most areas have a food pantry that needs volunteers, libraries like assistance and both senior centers and schools like help, too! There are many more options, but those ideas are good places to start.
Do research and take up a strong position
If you're pivoting to a completely new industry or function, research exactly what skills and capabilities you need to land the role. You can conduct this research by identifying commonalities in job descriptions for your ideal jobs or by talking to people in your target industries.
Once you know what you need, you can make it happen through continued learning, networking and anything else you can think of.
Be realistic
As an older job seeker, you may have higher compensation expectations, but at a certain point, you need to decide whether extending your search is better than accepting a pay cut. Look for roles with:
- Room to move up.
- Bonus potential.
- Elements you will enjoy doing.
It's all about continuing your career journey and liking your life.
Keep going, even if it's slow going
Even if you feel down sometimes, take deliberate steps to better your situation. We recommend:
- Setting goals for each day and week.
- Celebrating your consistency.
- Continuing to research new ways to keep moving forward.
Want help setting goals or staying on track? We have that covered in this blog about annual reviews.
Don't get discouraged
Job searches take a while, and that has no bearing on your value as a person. It's important to remember that challenges do not diminish you.
Create a positive narrative
A late-stage layoff can be an opportunity for you to finally find what you really want to do. To do this, outline all your skills and positions and look for patterns that would make you a great hire in a new industry or role. You can then use the insights you uncover to write cover letters, to change up your resume and to perform better in interviews.
Whether you've entered the late-stage career pivot club with a layoff, a company buyout, by being parent-tracked or in some other way, we're here to help you get to your next destination. Start by applying for an open role, and if we have a match, we'll be in touch.
Sources and inspiration
