We have to be prepared for such situations during layoffs and we have to pull us out from the situation. It's easy for us to pen down our thoughts without being in such situation.. but experience do count.. we have to stay updated with the industry and required skills to be updated for us. Most important is never lose confidence, stay relevant and use contacts such that we make ourselves the best try and upsell.

One of the main reasons for layoffs is when an individual's relevance within the organization diminishes. As an accountant, I've learned that being a traditional accountant alone isn't enough to ensure an organization's financial success. Therefore, it's crucial for someone facing a layoff to update their skills to remain competitive in the job market. Continuous education and learning are especially important today, as AI and automation are increasingly taking over many jobs.

Use industry certifications as a market to see where you can improve your skillset. Be sure to stay on top of core fundamentals (excel, financial modeling) while also following the latest industry trends to know where your talents are most needed.

Although I have never experienced a layoff, I always plan financially in case it happens. I maintain a well-crafted spreadsheet that tracks my expenses by category and shows the percentages of my income from paychecks and other sources. If someone is facing a layoff, I advise cutting down on expenses by refraining from buying non-essential items and focusing on what truly matters like rent, groceries, and health. Life is full of uncertainties, so it's crucial to always be prepared for the unexpected.

Networking, as previously explained, is a powerful tool for job searching. The good news is that social media platforms like LinkedIn and Facebook have brought people together, especially old school colleagues we haven't seen since graduation. It's best to share job search concerns with individuals who are thriving in the job market. This approach can make job searching more successful and underscores the importance of maintaining connections with old schoolmates.