Learn to handle layoffs in corporate finance with our guide on managing the emotional aftermath effectively.

You have to remember it’s not you, it’s your job which has been made redundant, so don’t take it personally. Accept whatever assistance the company provides - retraining, CV review, and outplacement services - if not offered immediately, then ask. Take some time for yourself, clear your head, pick yourself up and look for the positives - a new challenge, get to meet new people and possibly a new location.

Last updated on Jul 26, 2024

Here's how you can navigate the emotional impact of a layoff.

Navigating the emotional turmoil following a layoff can be incredibly challenging. It's a time filled with uncertainty, self-doubt, and worry about the future. However, understanding that these feelings are natural and learning how to manage them effectively is crucial. In corporate finance, layoffs may occur due to restructuring, mergers, or economic downturns, but regardless of the cause, the impact on your morale and mental health can be significant. This article aims to guide you through the emotional landscape of a layoff, providing practical steps to cope with the aftermath and move forward constructively.

1 Accept Reality

The first step in managing the emotional impact of a layoff is to accept the reality of the situation. It's normal to feel shocked, angry, or in denial, but acknowledging these emotions is critical to beginning the healing process. Allow yourself to grieve the loss of your job as you would any significant loss in your life. Understand that it's okay to feel upset and that these emotions don't reflect your worth or capabilities. Acceptance paves the way for a more rational approach to your next steps.

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Renata P.

Controller | Business Planning | FP&A Sr. Manager | Financial Modelling | Business Controller | Cost | Pricing | Cash Flow | Business Strategy
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O primeiro a fazer após uma demissão é acolher a decisão. Nem sempre conseguimos identificar o motivo real, as vezes porque estamos emocionalmente abalados. Mas é fundamental conseguir deixar a emoção de lado para enumerar o que não deu certo e poder trabalhar nesses gaps.

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Dave Liss

Strategic Communications Leader | Multimedia Content Creator | Event Management Expert
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From consulting with experts and research here is a path. You can navigate this difficult time! Acknowledge Emotions: Validate your feelings of anger, sadness, or anxiety. Seek Support: Lean on family, friends, or therapists. Maintain Routine: Establish a daily routine with activities that promote well-being. Reflect and Reframe: Use this time to reflect on your career, skills, and future opportunities. Network: Reconnect with professional contacts and expand your network. Skill Up: Take online courses to enhance your skills and make you more marketable. Stay Positive: Keep a positive mindset and be open to new opportunities.

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2 Seek Support

After a layoff, reaching out for support is essential. Confide in family, friends, or professional counselors who can provide emotional comfort and practical advice. Sharing your concerns with others can help alleviate the burden of stress and provide different perspectives on your situation. Additionally, consider joining support groups with others who have experienced layoffs. These groups offer a sense of community and shared understanding that can be incredibly comforting during this difficult time.

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Renata P.

Controller | Business Planning | FP&A Sr. Manager | Financial Modelling | Business Controller | Cost | Pricing | Cash Flow | Business Strategy
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Procurar por ajuda é um bom caminho. Mas atenção, não transforme o momento em encontro de lamentação. Este é o momento de fazer uma auto analise sincera e olhar para novas oportunidades. Esquecer o que passou e seguir em frente. Caso contrario você pode se tornar uma daquelas pessoas que depois que achou em quem colocar a culpa perde oportunidades de crescimento real.

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3 Evaluate Finances

In the wake of a layoff, taking a hard look at your financial situation is key. Begin by reviewing your savings, expenses, and any severance package you may have received. This will help you understand how long you can manage financially and what changes you might need to make. Creating a budget can help you control your finances and reduce anxiety about money matters. Remember, this is a temporary setback, and with careful planning, you can navigate through it.

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Renata P.

Controller | Business Planning | FP&A Sr. Manager | Financial Modelling | Business Controller | Cost | Pricing | Cash Flow | Business Strategy
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Faça um planejamento financeiro, considerando todos os gastos essenciais que não podem ser cortados e quanto de dinheiro tem disponível. Um dividido pelo outro mostrará o tempo que você terá para se recolocar. Não se desespere, viva um dia de cada vez e busque melhorar sempre!

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4 Update Skills

This period can also be an opportunity to update or acquire new skills relevant to corporate finance. Consider enrolling in courses or obtaining certifications that can enhance your resume and make you more attractive to future employers. Staying current with industry trends and software can also be beneficial. Use this time to invest in yourself; it will not only keep you occupied but also increase your confidence and marketability.

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5 Network Actively

Networking is a powerful tool in finding new job opportunities after a layoff. Reach out to former colleagues, industry peers, and professionals in your field. Attend networking events, participate in online forums, and update your professional profiles on job platforms. Networking can open doors to opportunities that may not be advertised publicly and can provide valuable insights into the job market and industry trends.

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6 Plan Forward

Finally, use this time to plan your next career move. Reflect on what you want from your next job and what you can offer to potential employers. Set realistic goals for your job search and develop a strategy to achieve them. This may include revising your resume, practicing for interviews, or even considering a career change. Planning gives you a sense of direction and control over your career path, which is empowering during a period of uncertainty.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Sally Jones
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You have to remember it’s not you, it’s your job which has been made redundant, so don’t take it personally. Accept whatever assistance the company provides - retraining, CV review, and outplacement services - if not offered immediately, then ask. Take some time for yourself, clear your head, pick yourself up and look for the positives - a new challenge, get to meet new people and possibly a new location.

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Here's how you can navigate the emotional impact of a layoff.

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1 Accept Reality

2 Seek Support

3 Evaluate Finances

4 Update Skills

5 Network Actively

6 Plan Forward

7 Here’s what else to consider

Corporate Finance

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