I've been downsized! Now what?

Unfortunatey, just before the Thankgiving long weekend, I was downsized from my first full-time job in tech as a developer 😔

I was feeling a lot of emotions when I was told I was being downsized: shock, failure, and sadness just to name a few. However, my now former boss reminded me that this was strictly a business decision, and not a personal one.

The reality is that losing your job SUCKS! It's important to give yourself time to pause, process, find perspective, and think about next steps.

What does it mean to be "downsized"?

Downsizing happens when an employer needs to let go of team members, usually because of slowing business and tough ecomonic times.

Most businesses don't do this because they want to, but because they have to.

"Fancy meeting you here, recession 👋"

Below are some things I've been doing to get through this challenging time. These may also help you if you find youself in this position (without a position 😉) in the future.

Ask For a Reference 📞

Since being downsized was strictly a business decision and not a personal one (I wasn't fired), I was leaving the company on good terms. I thanked them for the opportunity to learn and grow into my first full time role, despite my disappointment. I then asked if they would give me a reference for my upcoming job search. They said yes which helps with the confidence to continue the journey forward into the next role.

Update Your Resume 👩‍💻

Not only is this the perfect time to update your resume, it's an opportunity to reflect on all the new skills you've learned and how much you've grown professionally.

Personally, I came into this role only just starting to learn WordPress on my own. Now I can confidently give tutorials to clients about how to use, edit and update their new WP website. That's on growth! Now I'm proud to add that to my evergrowing list of skills.

Apply For Unemployment Benefits 💸

Being downsized means you're most likely eligible for unemployment benefits, such as EI. Make sure your employer has submitted the Record of Employment (ROE) before applying. Although these benefits won't equal your former income, it can act as a good buffer while you continue your job search.

Transfer Health Benefits and Retirement Fund 👩‍⚕️

If you received a health care benefit package from your employer, those benefits will most likely be cancelled as soon as you've been let go. The benefits company will most likely have a single benefits package for those who were downsized. However, this deal to switch over to the new package will be time sensitive so it's best to register right away. The cost may be slightly higher than before, but again this can act as a good buffer and give peace of mind until your next job.

If you're employer offered RRSP or 401K matching, that was most likely with a company outside of your bank. My advice is to transfer these funds out of that account to your financial institution. Note that I said transfer and not withdrawl. Withdrawing form your RRSP (at least in Canada) will have tax implications, while transfering guarentees you keep all those hard earned funds where they should be.

Connect With Your Network ♥

When you're ready, be open with your friends, family, and close network about your job situation. Most likely, someone close to you has experinece with being downsized and losing their job. Ask them to be there for you duirng this time, to listen, offer support, or simply be by your side. Within the past week, It's been so easy to slip into the thought process of being a failure or being alone. My circle has reminded me that none of that is true.

Your professional network, whether through Twitter, LinkedIn, or events in the community can also offer support by way of keeping an eye out for jop openings, offering referals, or being a good friend.

In Conclusion...

There's no question that losing your job is tough. I plan to use this time to stay calm, evaluate what's next, and come up with a game plan to get back out there ✨