When you are blindsided by downsizing:
There are times when you are aware that downsizing might be on the horizon, but, more often than not, it is something that you just do not see coming. Companies will downsize for various reasons, but it is rare to know how you will fare in the process. Obviously, you hope you make the cut; however, even if you are asked to move forward with the company, you may find that the organization’s new direction does not fit your own values or goals.
Therefore, whether you are downsized by choice or not, you may find yourself in a position where you are in an unexpected situation.
Control Your Emotions
Feeling a myriad of emotions is completely normal; however, reacting based on those emotions can hurt the future of your career. Before doing anything else, give yourself time to process and cool down from the shock of your unexpected situation. Do not make any rash decisions or react negatively towards your colleagues as your reputation is on the line.
Negotiate Your Severance Package
Avoid signing your severance package right away. Take the time to look it over carefully and assess the impact that it will have. Be sure to check how your stock options may be affected if that was a benefit in your current position. Also, be sure to have a lawyer to look it over to see if you need to negotiate for a better outcome.
Take Advantage of Your Benefits
It is likely that your health benefits package will give you a grace period before cutting you off completely, so take advantage of your benefits while you are in the transition period. Make it a priority for you and your family to make doctor and dentists visits during this time.
Prep for Your Job Search
Take this opportunity to really consider the direction of your career. Are you on the path you want to be? Would you like to make some changes? Now is your opportunity to reassess your career path and make any changes you desire.
Increase Your Network
If you desire a change in your career path, be sure that is reflected in your networking. Seek out contacts who might have knowledge of new opportunities and avenues you want to take. Use this opportunity to really invest in your networking relationships because, as we are all aware, it is often who you know that makes the difference in a job search.