After an unexpected job layoff, the road ahead suddenly shifts from predictability to a cloud of uncertainty. While it may take time and patience for commercial real estate professionals to get back on their feet, there is an upside amid the unknown: the next great opportunity could be just on the horizon.
Being between jobs also means having the time to reflect on past experiences, polish up the resume and practice interviewing to increase the chances of landing a dream role.
“Frame this experience as a new start to finding the right fit,” said SelectLeaders Senior Corporate Recruiter Brittany Acosta.
In addition to reviewing the severance agreement and filing for unemployment, one step job seekers should take right away is to gather references from past employers to help showcase how they provided value in their previous positions, said SelectLeaders Associate Director of Recruiting Katie Hart. They can also start reaching out to personal and professional connections to try and seek advice and lean on their network to find open roles.
While thinking strategically about how to approach the next steps is important, this is also a time to treat oneself with kindness and compassion, said SelectLeaders Corporate Recruiter Molly Barbino.
“Taking time for yourself after a traumatic experience like a layoff is a natural response, but don’t get too far off from routine,” she said. “Keep some sort of structure in your life and keep moving forward with the mindset that you will find employment again.”
Look Ahead To The Future
A job loss can impact confidence, which is why people who have the option to take a breather and focus on their mental health should take the time to build themselves back up, Hart said.
Slowly easing back into the job hunting process gives people time to view past experiences and accomplishments with a clearer lens and focus on what they truly want from their next role.
One consideration is whether they still want to be in the same line of work or move into another career path within CRE, Hart said.
Prospective applicants who may need to get back into the workplace sooner rather than later for financial reasons may find part-time, freelance or consulting work in the meantime to keep their industry skills sharp and continue adding to their resume, Acosta said.
Candidates can search SelectLeaders for open roles in CRE by keyword and location, and use filters to narrow down their preferences.
Interview With Confidence And Transparency
Some candidates may not be familiar with how the job market has changed in the last few years. For these candidates, brushing up on what is happening and practicing their interview skills is key. A good way to do that is to set up interviews regularly. Even if an interview doesn’t result in a job, it can help with figuring out what company and role would be most ideal.
“Having these conversations is a muscle,” Hart said. “The more you’re getting into that rhythm, the more insight and confidence you will gain.”
If a question comes up about an employment gap during an interview, applicants should be transparent, yet brief, in explaining the layoff, speak positively about their former employer and role and put forth the skills they intend to bring into their next role.
Don’t Aim Low In Salary Negotiations
When meeting with a SelectLeaders recruiter, candidates will learn how to navigate salary negotiations after a layoff. While it may be tempting to take the first offer that comes, Hart advised candidates to be transparent with the employer about the salary they’re looking for and go into negotiations having researched the company's salary offering. By doing so, they can see how it compares to their current compensation, whether it's a step up or offers greater earning potential.
Acosta said that after a layoff, it can be tempting to focus solely on getting back to a certain salary level, but compensation is only one part of the decision. A layoff can be an opportunity to reassess what matters most in the next role, whether that’s financial security, career advancement, work-life balance, stability or the chance to develop new skills.
Both Hart and Acosta encouraged candidates to look at the total package of the offer rather than just at the salary amount.
“A vice president role at a larger shop is not going to be the same as a vice president at a smaller company, in terms of compensation,” Hart said. “However, you might be getting collaboration and visibility at a smaller company or unique benefits, whereas at a larger company you may only be recognized by your immediate team or have standard perks.”
Regardless of where candidates are in the process of navigating a layoff, Barbino emphasized the importance of remembering that they are not starting from square one. Adding new experiences and certifications to a resume, working on strengthening their skill set, and just taking the process one day at a time will go a long way.
“Make note of all of the things you’ve done and how you’ve brought value to your company,” she said. “Going into the next interview with positivity and authenticity at the forefront can help you stand out.”
Candidates can learn more about open roles by registering on SelectLeaders.
