With layoffs happening on a more frequent basis in the startup and tech sector I’ve found that I’ve been increasing supporting those in my network impacted during this difficult time. I’m sharing the areas and considerations I’ve been discussing and hope others who are in this situation or supporting those in this situation will find it useful.
There will definitely be an initial state of shock from the news of being made redundant from your job. There may be waves of emotion over the immediate days. This may even continue for a longer period too!
It can feel like a significant hit to your self-esteem, but remember you’re not the only person to have experienced this. Here are some areas and considerations to keep in mind as part of a three-phase process.
1. Immediate next steps
The conversation and paperwork: Typically, you’ll have a conversation informing you of the (unfortunate) news. A letter may be provided to you during this conversation or shared shortly after.
This paperwork will usually indicate the terms of your redundancy:
- The reason — usually restructure, strategy shift etc.
- Quantum of the payout — sometimes this is stipulated by legislation as per your tenure and/or your employment contract
- Any annual leave entitlements
- Superannuation entitlements
- What happens to any options / equity positions you have
- Your technical end date and when you can expect final payments to be made
Double check the terms: It’s important to look over the terms and cross check this with your contract. You can do some rough sums to reconcile whether the figures in the paperwork are in line with your calculations — do NOT assume they will be correct!
Especially if it’s a layoff involving many people in the organisation, the HR/Finance teams potentially have been provided very little notice and so there may be some (accidental) oversight. If there’s a discrepancy to what you expect with your research / calculations request clarity from your direct line manager in writing.