- Hey, today we'll be talking about
how to reinvent yourself after later in life layoff
on The Journey.
So with so much competition going on,
there's been other companies
that have definitely laid off people.
You had IBM laying off 20,000
between the ages of 40 and 60.
- Wow.
- You even had AT&T that laid off 4,000,
and in Ohio alone, GM laid off 15 hundred.
- Layoffs are hard at any age,
no one likes losing their job, trust me.
But it is especially hard for those 45 and older
because the period to get back into the workforce
is longer.
So we're gonna talk about tips
that that group can do to successfully
get back in the workforce.
- Make a game plan.
You wanna make sure that you're very strategic
in what you're gonna be doing
and spending your time well.
And we know the age old saying,
it's not what you know or even who you know,
it's who knows you.
Get back out there and network
and connect with people so they know who you are,
so when you get that recommendation,
they can adequately speak to your skills,
who you are as a person,
so that the potential company
can see the value in bringing you on.
- Yeah, things aren't gonna fall in your lap.
You have to make a plan,
whether it's any of your goals.
If you want to wake up earlier,
if you want to lose weight, whatever,
when you write it down
and you have a plan and a strategy,
you're gonna achieve it.
So that is first step number one.
The great things is this also is an opportunity
to brush up on your skills.
I mean you probably,
if you had a nice cushy job
and you've been there a long time,
you probably haven't dusted off your resume,
so this gives you a chance to,
you know, work your magic on your resume,
work on your public speaking,
maybe your interview skills,
things that maybe you didn't necessarily need in your job
but you will need in finding a new job.
It gives you that chance.
- And with so many free online courses
like EDX you can always brush up on additional skills
that will make you more competitive
in today's job market.
And the next thing you could do
is seek some part-time work.
Having some income is better than having none at all.
You realize that some of these gigs,
they're easy to get and they're flexible,
so it allows you more time
to brush up on those skills that we mentioned
but also continue to search for that next
full-time career.
- And it's also good for your self-esteem.
You're gonna have a purpose every day,
or every other day, whatever your schedule is,
but it gives you something to do
and then the other time,
you can spend finding that job.
- And make sure that you connect with recruiters.
Social media has so many groups
specifically geared towards this.
You can connect with them
because they can be your major conduits
to getting that next role,
but even those sometimes part-time roles.
- Yeah LinkedIn is one of the best places to go
because recruiters are on there,
they're searching for people,
they want prospective candidates to reach out to them
so they can fill their different roles,
so go there, start there,
type in the industry that you're interested in,
or perhaps the company, find a recruiter,
trust me, their profiles are public for a reason.
Use it, contact them.
During this period, your income is gonna be gone.
You might have a period of severance
or you might not have anything,
and you might have your side hustle or your side job,
but your income is not gonna be what it was,
so you need to cut expenses.
The best way to do this, if you're not already,
is to get a budget, there's apps like Every Dollar
that will do that for you,
but take a look at your budget,
put everything out that you have,
like in previous months,
and then see what are the frivolous things
that you cannot afford right now.
Maybe those biweekly massages,
maybe that gym membership that you never use.
- Maybe that $8 cup of coffee.
- Take a look at everything, cut out the fat.
Don't worry, when you get your job back,
you could add those things back in,
but the time is not right now.
- It's temporary, just remember that.
It's the end goal that keeps you focused,
and will make sure that you just stick to this.
It's not gonna be forever.
You can see this as an opportunity
to start your own business.
This could've been the push you needed
to just jump out there and do what you love doing.
- Yeah, if you had an idea this whole time
when you were working,
like oh, I'd love to do this
or I want to start this company,
but you never could,
just use it as an opportunity to do that.
So start that business, take on consulting clients,
whatever it is.
Become an entrepreneur.
There are so many people that are taking the step
into entrepreneurship every day,
so maybe take this as a time to see if that's for you.
- And with such a low overhead,
you can start it at home,
you don't have to think about it being a brick and mortar.
So many people have just started
out of the comfort of their own garage.
Amazon.com, for one.
- So here's something interesting for you,
20 years from now, the majority of the jobs
that exist today won't exist anymore.
The job market is changing,
so the gig economy and this entrepreneurial lifestyle,
this is the new way in the future,
so why don't you just hop on board.
- So today we just talked about
how to reinvent yourself
after a later in life layoff.
We would love to hear from you in the comments below,
what did you do in order to get back on your feet?
- And of course, be sure to give this video a like,
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And until next time, this is The Journey.