Recently Unemployed? What would you do...

Take some time off or get active in your job search?
Although the economy continues to shows positive signs of recovery, there still are firms who continue to restructure for efficiency purposes. A number of our clients, primarily senior level HR professionals and managers, have recently found themselves downsized or restructured, often with a generous severance package and out-placement services. What is your advice to those who have recently been downsized or laid-off?

COMMENTS (12):
Tina Miles, CHRP Human Resources Professional I would say that it depends on several things: 1) what type of person are they - i.e. a person who lives for their work/career may need to get into a job search routine and find something quickly to keep them feeling secure 2) how financially secure are they - do they have the financial luxury to take some time off? 3) how did the downsizing affect them emotionally - was it a traumatic experience requiring some time to de-stress and recover, gain their confidence and trust back 4) what they want to do - some want to get right back on the horse and others want time to spend with family , friends, decompressing, travel, etc. 5) how good is their network - if they have a large network, putting out some feelers right away may allow job prospects to germinate with time 6) do they wish to try something else? - sometimes people will use this as an opportunity for soul-searching, a mid-life career switch, etc. which means they should probably take some time for self-discovery before job seeking 7) what is the potential for finding another job - is their expertise in high demand, are they well-known and sought after So it's really a personal decision, there's no one right answer. I've heard from people who jumped right in, found a job and now are unhappy they didn't take more time off. Others regret taking too much time off because they're now working hard to find something or missed an opportunity. One of the issues is people who are laid-off often don't know when they'll find a job so their time off can be quite stressful. They are unable to enjoy their time off and spend it worrying.
Lynn Marie Caissie, CHRP, RHB Human Resources Manager Coming from the perspective that there's lots to do when you want to gear up your job search, I would say the following can be done immediately:1- Define what job you are looking to move your career forward2- Review your resume objectively. Will it get you the job defined in (1)3- Review your network. Is there anyone who can help you hone your information on the industry you are targeting or the kind of job you are targeting. Have lunch meetings or coffee meetings with these people. It gives you visibility, demonstrates interest and keeps you connected to your field of endeavour. Ask those people if they know 2 other people who can speak to you.4- Is your LinkedIn profile up to date; if not, make it so5- Ensure that your resume is searchable on the job boards you favour. This can include Workopolis, both Monster.ca and .com, and any companies you wish to target6- To get a flavour for the jobs that are available out there, get job alerts from eluta.ca and indeed.ca, and any other job boards of companies that may in interest you.Waiting until you are ready to get these things underway means you'll really feel the last-minute crunch just when you want to be forward-looking instead of mired in administrative detail.
Lynette Whiley Managing Partner at MindShare Canada Surely finances play a very critical role in the decision? Whilst it may be very worthwhile to take time off to reflect and rebuild, if you are not very comfortable financially, I don't see how you could do anything but get stuck in and find a new source of income.
Dave Crisp Speaker, coach, consultant - Leadership & Talent Maximization Strategies My approach is to get active in learning about the market and how to market yourself (with coach if possible) right away. Then you can take time while you tune up a resume and think through your goals and approach and that allows people who are looking for a vacation longer than the week they've usually been able to scrape together to fit something in that works with their search plan.
Al van der Laan Experienced Senior IT Manager They should manage their time wisely. If senior level people get downsized they generally would consult with a coach to study how to approach the job market. Sure the market is turning slowly around but even in down times one needs to have a properly maintained resume and online profile. Taking time off would only work if people improve themselves by going to courses, I would never advise someone to take time off to do nothing.
Dave Soehner Operations / Logistics / Project Management / Supply Chain Professional As crazy as this may sound I'd suggest planning to do both. What I mean by that is I think it makes sense to dive right into the job search, get the resume up to date, ramp up the networking activity, etc., etc. for the first week or two. Once there's some good wheels in motion then scale it back and take some down time. That might mean working at the job search for only a couple of hours per day ... or taking an extra long weekend away ... or whatever works for the individual. I'd make sure to be reachable at all times though.
Peter Hanson, MBA, CFP, CSA, FCSI Senior Wealth Management Executive As someone has been actively searching for the past 9 months, I agree completely with Al's advice. My experience has been that, unless there is an urgent need or hole that can't be met internally, most employers are not seeking to add to their fixed overhead at this time. Despite signs of improvement, this is more of a "technical" recovery and I believe we are headed for a "new normal" where fewer jobs will be replaced or created. What this means for professionals and managers is a structural shift in the employment market to more contract/project based work. Therefore, you will need to both brand and market yourself as a potential problem solver rather than an employee. If you haven't done this before, getting some career coaching advice is an excellent place to start.
Charlene Norman, Solid 2-i-C
Seeking entrepreneurial company in need of operations & finance bolstering.My advice to anyone who is newly restructured or downsized is to take some time off. Especially, if they have been working continuously for more than 10 years with nothing more than the usual vacation. Treat it as a special gift to you. (Being pink slipped is a blessing -- however it does take a long time to realize that fact!) During that down time, your energy reserves are slowly rebuilt, you actually get to do all the things you have put off for such a long time, you re-connect with family and friends and you rediscover your hobbies. Call it "YOU time". That time out also allows one to develop some perspective on the all the events that took place leading up to the pink slip. The key thing with taking a time out for yourself is to put a definite end date to it. Decide what is an appropriate time frame and then lock in the end date. (Without it, you will drift endlessly). During that entire time out your sub-conscious starts to really percolate. It will help define what you want to do with the rest of your life. When the start date actually comes, you will be surprised at how ready you are. Give your head a shake, square the shoulders and soldier forward. I have yet to meet a displaced person who regretted taking some time for themselves. I have however met many who regretted either jumping back on the horse with the first thing that came along or allowing themselves to remain unfocused and drifting for too long. Rona Birenbaum Financial Planner - Caring For Clients
http://www.caringforclients.com
When my clients experience job loss one of the first things they do is meet with me to strategize. We look at a variety of things, financial considerations being the obvious ones. Other less tangible issues may include: the need for career re-evaluation (avoiding a "rebound" job), degree of and sources of family moral support, and the draw of unrealized dreams. It goes without saying that the more financially secure one is, the more freedom there is to take a break from the work force, for whatever the reason. My personal observation is that the longer the work hiatus, the less satisfied each client was with the position they ultimately landed.
DIno - Toronto, Canada It isn't a question one can answer without knowing the individual and their immediate needs. One such individual may have serious financial constraints which would leave them with no choice but to start looking for a job. The other may have savings to draw upon but be emotionally drained and upset enough that looking for a job could be the last thing they should attempt. You really need to analyze the immediate needs of the individual and balance those with the need to take time off or to start a search. The answer is - it depends.
Benoît Kiss-Borlase Advisor in Talent Potential I would suggest take some time off, and make the point about you! Crises is a period with a lot of opportunities, just a question to open your eyes and to look where you have to look!
Ryan McKee
experienced sales and marketing relationship manager
I received a generous severance package from a large financial institution in January 2008. I put it in the bank and utilized my savings to travel for 1.5 years around the world and to visit every continent. After 12 years in corporate business and finishing my career at a director level, it was the best break I could ever have taken to re-energize, re-focus and gather lifelong learning. I've now been at the full time job search since end of May and are having a number of interviews further to networking efforts. That's my story...