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How to overcome a layoff
Plus: Elon Musk Cut 80% Of X’s Employees + Confidence Builds Success
🎙️ Did You Know? On this day in 1991, the Soviet Union officially recognized the independence of Estonia, Latvia, and Lithuania. After years of struggle and resistance, these nations stood strong and regained their freedom. These countries fought not only for their independence but also to rebuild themselves. It's a powerful reminder of the resilience and courage it takes to stand up and rebuild.
Bouncing Back from a Layoff
How to Turn a Setback into a Fresh Start
After working so hard to get hired and doing your best at your job, being fired can feel like hitting rock bottom. It's a moment of uncertainty, frustration, and even self-doubt. But the truth is, the vast majority of layoffs aren't personal failures, they're management decisions driven by budget cuts, restructuring, or market shifts. In fact, as of October 2024, 1.6 million workers in the U.S. have been laid off, representing 1.0% of the workforce in just one month. You're not alone, and this is not the end of your career.
🤾 Take a Breath Before Jumping Back In
The instinct to immediately start job-hunting is strong, but if you have a financial cushion or support network, taking a short break to reflect can be incredibly beneficial. A layoff is an opportunity to reassess: Did you truly enjoy your previous role? What aspects of your career do you want to change or improve? Giving yourself even a couple of weeks to process the experience can help you approach your next move with clarity and confidence.
💲 Get Your Finances in Check
Losing a job comes with financial stress, but proactive steps can ease the transition:
Apply for unemployment benefits if you're eligible. It’s designed to help you stay afloat while you search for a job.
Review your budget and prioritize essential expenses. Cutting back on non-essentials now can reduce financial pressure later.
Consider freelancing or part-time work to keep income flowing while you explore long-term options.
Leverage Your Network
Being laid off isn’t a personal failure, and there’s no shame in letting people know you’re looking. Reach out to former colleagues, attend industry events, and engage in professional groups. The next opportunity might come from a simple conversation.
Prioritize Mental Wellbeing
Layoffs don't just affect your bank account, they take a toll on your confidence and emotional health. No matter how bad you feel, it's important to stay connected with friends and family, set small daily goals to keep the momentum going, and engage in activities that bring you joy because isolation tends to make things worse.
Some people say that "there's a reason for everything." You may or may not agree with this statement, but ultimately, the most we can gain from setbacks is the learning experience that helps us get back on our feet.
Derek Saul
Elon Musk’s push to slash 10% of the U.S. federal workforce, including all 10,000 employees at USAID, echoes his drastic job cuts at Twitter (now X) after his 2022 takeover. Within six months of acquiring Twitter for $44 billion, Musk reduced its workforce by 80%, implementing a leaner model with fewer content moderators and a shift toward subscription-based revenue.
The aftermath was turbulent, advertising revenue plummeted by over 45%, and X’s valuation dropped to a fraction of its purchase price. Legal battles followed, with thousands of former employees filing arbitration cases over unpaid severance. However, X has since shown signs of financial recovery, with valuation increases and returning advertisers, though Musk’s controversies continue to impact the platform’s reputation.
Musk’s federal job cuts are already proving contentious, with 20,000 employees accepting voluntary buyouts and USAID staff put on administrative leave. Critics argue Musk is applying his "Twitter playbook" to the government, raising concerns about the consequences of such sweeping reductions.
To build confidence, you need to lay the foundation for success in every aspect of your life. If you're looking for a guide to help you grow personally, professionally, and beyond, Confidence Builds Success by Barbarann Wheeler may be just what you need.
This book provides practical steps to help you take action on your goals. Wheeler breaks down how to identify your passions, build resilience, and create a fulfilling life, all while reinforcing the idea that confidence is a skill you can develop, not just something you're born with.
What sets this book apart is its holistic approach; it doesn't just focus on one area of success but helps you improve your mindset, health, and financial stability. A brief read for those moments when you feel you need a little boost of motivation.