Gyro25

Account Executive

Notorious Answer

Acclaimed Answer

Getting laid off next week(Need advice on job search/next steps)

Well, it's in the title. As it says, cuts have come and I found my name in the list prior to the announcement(don't ask how).

I've already started my job search and applying to companies and emailing hiring managers, but internally, what are some things I should be doing right now? I have a deal that might close next month, but I'm not sure if i'll be around for when that happens.

Overall, It's a garbage quarter despite my best efforts(heavy calling, prospecting, demoing, going to trade shows, adding value while on calls), but our competitors and industry have made sweeping cuts post covid due to the recession and return to in-person events. Overall, I think did all I could in this role to be successful, but shit happens(recession, industry downturn etc)

What are some next steps I should take (severance, RSUs, health insurance, etc)

What are your thoughts? Has the recession affected you and your company or your role?

🎈 Mentorship

14

21 comment

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Pachacuti

Politicker

8

They call me Daddy, Sales Daddy

Apply for Unemployment literally the day after you get cut. Its not welfare - its insurance and you (via your employer) have been paying into it. So get it started asap.

Otherwise, you're doing the right stuff - getting your resume in order, applying for jobs.

I would back up all my contacts on a USB drive now (before you are officially told you're laid off). Take home anything you may want to take home so you can just grab your bag and leave on your final day.

Odds are you won't have many options when the day comes. They'll offer you a severance and that's about it. COBRA, etc will be up to you.

I would also take advantage of any other company resources you can right now. Networking with colleagues you may have not known well, etc. They may be your ticket to your next job in a week or so.

Good luck!

braintank

Politicker

4

Enterprise Account Executive

Definitely make sure you have your benefits stuff in order. Figure out Cobra if needed. Maybe turn off contributions to 401k for final check.

Feel free to upload anonymous resume here for feedback. We're here to help!

Gyro25

Notorious Answer

2

Account Executive

Appreciate it, will definitely be doing that.

TennisandSales

Politicker

1

Head Of Sales

yes turn off any 401k contributions! good call. make sure you know what your final paycheck should be with base so you dont get screwed.

look at your comp plan to see if you will get paid on any commissions due.

I would make sure you get clarity on severance when its announced.

start now and look at your RSU's and see what you will lose and what will still be available.

finboi

Notorious Answer

3

Fi-nance

Talk to a CPA who knows employee equity comp. Many will do a free 15 min call which is all you likely need

braintank

Politicker

1

Enterprise Account Executive

Good call. But be wary of big outlay to exercise options. Most startup's fail, after all, so better to have emergency funds than 5k shares of a hope and a dream.

Notmyrealname

Politicker

2

AE

Sorry to hear. I found a cool chrome extension recently that will help with the job hunt. It's called Jobalytics. It will compare your resume to the job description and highlight key words or phrases you're missing.

UserNotFound

Politicker

2

Account Executive

Love everyone's advice here, I'll add one though: Screenshot and email yourself any/all information you want to take with you. I do this with any emails or data about my personal performance, awards, accolades, etc. It helps when you're tweaking your resume to have this info to look back on. It also helps if the search takes longer than planned and you end up needing the serotonin boost.

Sunbunny31

Politicker

1

Sr Sales Executive 🐰

Sorry to hear this. Sounds like you have some excellent advice on this post already.

If your company is at all professional, they'll have worked out the situation in advance, and will be communicating things like RSUs and severance, as well as other assistance, at the time they notify you of the change. COBRA is stupidly expensive, but it did used to be that you could hold off on electing to have it, but could jump on it if needed (due to a critical event) at a later date, and just back pay the lapsed time, then you'd be covered. Don't take my word for it, though, check first, and AMA is now available, which wasn't the case when I last got laid off, so that might be a less expensive option.

I've been laid off twice, once in the dotcom collapse and once when my division got eliminated about 10 years ago. Both times, I ultimately did much better, so I wish the same true for you.

CuriousFox

WR Officer

1

🦊

Dude I'm so sorry to hear this.

You know my curiosity is killing me on how you found out. Ya FBI agent 😎

Gyro25

Notorious Answer

1

Account Executive

Lol I have my ways.. Unfortunately they've made sweeping cuts today and laid off my manager and mentor.

I'm supposed to be doing outbound right now, but shits all up in the air at the moment.

Gyro25

Notorious Answer

1

Account Executive

Update : they let my manager go, a really knowledgeable and solid industry vet and someone who I'd consider a close mentor. It sucks.

More layoffs to come.

SADNES5

Politicker

0

down voters are marketing spies

In tech? Severance, check if you are owed and what is common. RSUs - have they vested? Health insurance - start poking around if you have x days of coverage after you're let go.

Sounds a bit like Jungle Book Store 🍌 and the PIP culture they foster. Someone always has to be Least Improved. Happened to a buddy of mine. Little did they know the LI candadite just signed a higher offer with Big Data G.

Good luck, you will land on your feet, start applying now before your teammates.

butwhy

Politicker

0

Solutions Engineer

Update your LinkedIn with a little SEO strategy. Look at the postings that most interest you and make sure those words and terms are in your profile so it is easier for recruiters to find you. Things are a little choppy out there, so it needs to shine just as much as your resume. Good luck, this sucks hard core.

SaSsafras

Executive

0

Sales Manager

Are you in hybrid event SAS sales?

Gyro25

Notorious Answer

0

Account Executive

Yup

SaSsafras

Executive

0

Sales Manager

I am a sales manager for an all in one. Event/member management. I would be happy to take a look at your resume.

JohnnyDamone

Opinionated

0

AE Inside Sales

Bizzabo or Hopin I hear with the huge cuts. Crap man. That industry has taken a hit. I know a ton of former people since I used to work in that space. Literally hit up the biggest player, they have open positions last time I checked (2 weeks ago).

Gyro25

Notorious Answer

0

Account Executive

A lot of it has to do with the industry down turn atm. The return to "irl" has been hard for those who were too late to pivot or had enough VC money to handle the downturn.

That money has mostly gone balls up and inflation and recession has hit a lot of event companies. As much as I like the industry, I don't know how confident I feel staying in it.

Doge

Executive

0

Senior Partnerships Manager

Sorry to hear about this mate - get on a recruiter and talk to them about what your next step goals are.

Looking for a new job allows you to really focus on what you want next, so do a little bit of thinking what’s most valuable to you (money, quality of product, industry, flexible working)

MR.StretchISR

Politicker

0

ISR

Did they offer the AE role to another candidate or scrap it all together?

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