Insider Edge: The first questions to ask if you're laid off

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Hey, Charlie Herman here, host of Business Insider's podcast brought to you by. We know you listen to This Is Success for conversations with some of today's most inspiring leaders to hear stories about how they did it and what advice they have. Well, for the next few weeks, we're leaning into that advice part and presenting conversations I'm having with corporate coaches and workplace experts. We call this series Insider Edge On the Job. You can find more conversations like the one that's coming up at our website, bit.ly forward slash Insider Edge. Some of the topics include how to nail a job interview over Zoom or how mentorships can make the workplace less toxic. We think they're really relevant to helping you find success at work. Again, that's bit.ly forward slash Insider Edge. There's also a link in the episode description.

From Business Insider, this is Insider Edge On the Job. I'm Charlie Herman.

The coronavirus pandemic has hurt the economy, shuttered businesses and led to widespread layoffs. And if that's happened to you, you know what it feels like. It's not only losing a paycheck, but in some instances, losing a sense of self.

Susan Peppercorn is an executive and career coach who guides people through transitions. And she told me there's a reason for that.

Susan Peppercorn (2:02)

We're losing not only the job, we're losing a community of people, some of whom are friends.

We're losing our income. In some cases, we're losing health insurance. And we're losing our identity. And all of these things happen at once, and we have no control over it. None whatsoever.

Charlie Herman (2:27)

How do you counsel people in this, you know, age of anxiety about the fact that they could lose their job at any point?

Susan Peppercorn (2:34)

Well, the way that I would before the coronavirus, which means this, that we are responsible for our own careers no matter what. And that we have to be in control of our own careers because the days of companies and organizations taking care of us are long, long gone.

Charlie Herman (2:57)

It sounds like you're saying you should be prepared at any moment you could be let go. You always need to be thinking about what are next steps for you if you want to have a career.

Susan Peppercorn (3:07)

Yeah, that's what I am saying.

Charlie Herman (3:09)

That's a little, I don't know, there's an element of how does that foster loyalty or you want to invest in a company if you're also kind of thinking, wow, at any point they could let me go.

Susan Peppercorn (3:19)

Well, it doesn't really foster loyalty, but loyalty can be built in different ways. It can be built in communities that you choose to build and that you choose to foster.

And those communities can be built in an organization where you work, but it doesn't have to be slavish loyalty to the company itself. To the company itself, exactly.

Charlie Herman (3:44)

So if you know or you sense that there could be layoffs coming to your organization, how do you best prepare yourself? Can you?

Susan Peppercorn (3:51)

Yes, you can.

You know, what I find with people that I work with, the single biggest regret that I hear about is that they did not keep their network refreshed. Because, you know, when you're working, you know, you're busy doing your job and you don't think that it's important to network, especially, you know, if you're working and you have a family and there are other things that you're doing outside of work.

Charlie Herman (4:18)

And you got a good job and you think things are going fine.

Susan Peppercorn (4:20)

Right. But the single biggest regret that people tell me about is that they didn't continue to network while they were working.

Charlie Herman (4:30)

It's sort of like having a rainy day fun, like always kind of being ready that something could go wrong.

Susan Peppercorn (4:35)