After a banner year for tech, layoffs are here. In fact, as of late-September, more than 42,000 workers in the U.S. tech sector have been laid off in mass job cuts so far in 2023.
Tech companies as big as Netflix have slashed jobs this year, with some citing the effects of the COVID-19 pandemic and others pointing to over hiring during periods of rapid growth. Robinhood, Glossier and Better are just a few of the tech companies that have notably trimmed their headcount in 2023.
Here’s how to negotiate your exit if it happens to you
There’s not a ton you can do to keep your job from being eliminated, but there are a few ways to make the transition a little better.
A lot of people don’t know severance packages and terms of a layoff are negotiable
Though a layoff feels personal to you, to the company it’s a matter of business.
Step one: have a positive mindset.
Negotiate the details of your severance package
If you begin to hear rumblings that your company is downsizing, it doesn’t hurt to start thinking about what you’ll want or need from them on your way out. Different parts of your severance package may be negotiable. You may be able to negotiate more pay if you’re a high performer or in a senior position, or if you were expecting a bonus in the near future. Severance is paid either as a lump sum or in installments, and you could negotiate for one method over another.
You could also ask about extended health insurance coverage, access to other employee benefits or that your PTO bank be paid out. Check company review sites like Glassdoor to see if former employees have discussed what happened to them during a layoff, and what they requested or were offered.
Ask for an extended exit or a consulting gig
Maybe you were sprinting toward the finish of a project at work, but your termination is effective before the delivery date. If you’re in good standing (and you’re being let go for reasons unrelated to your performance), see if the company will keep you on until you’ve met your deadline.Ask for an extended exit or a consulting gig
Maybe you were sprinting toward the finish of a project at work, but your termination is effective before the delivery date. If you’re in good standing (and you’re being let go for reasons unrelated to your performance), see if the company will keep you on until you’ve met your deadline.
Keep in touch
Be strategic about how you ask for a reference. There’s no perfect script or rule of thumb to make the request. Don’t be
afraid to reach back out a few weeks later after the dust has settled. And again, be specific on how they can help you, whether that’s connecting you with a former colleague at another company, or serving as a professional reference for a specific role.
You can also ask old coworkers to write a recommendation for you on your LinkedIn page, and offer to do the same in return.
Finding the right fit is difficult, but it does not have to be a headache. As always, we are here to help you during this time of uncertainty. Feel free to schedule a chat with us!
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