A Guide to Bouncing Back From Layoffs

With the headlines all filled with news of the recent PwC layoffs, I wanted to share some key takeaways I’ve been seeing folks sharing over the last little bit. If you were personally impacted by the layoffs, I want to also share a few opportunities down at the bottom of this newsletter.

This week has been all about trying to make some meaningful connections happen - connections between firms who are hiring and folks who are newly (or not newly) on the job hunt.

But another connection that could be very meaningful to you if you’re a firm owner is a connection with a great tool that could help transform your practice from one that brings you stress and headaches into a nice streamlined operation letting you do what you do best - take excellent care of your clients. And that tool is Canopy. Canopy is making it easier to stay on top of pretty much every element of firm operation: whether it be managing your clients, or managing the firm’s overall financials and evaluating your firm’s performance, they have you covered.

This is straying from the traditional newsletter format, in that there will be no data. But because of layoffs taking over the headlines and me speaking with folks who’ve been affected by them all week, that’s what’s in my head. And I’ve seen some great pieces of advice to keep a cool head among all of this that I’d like to share.

1. Keep cool and assess the situation
What’s severance looking like? For a lot of folks at PwC it seems to have been getting paid out for the next 2 weeks + 4 weeks of severance, or more depending on experience. What do your financial obligations look like compared to what you have saved up in emergency funds? From there you can establish a timeline to see where you’re at and what you have time for before jumping back into the mix.

2. Time for introspection
If you have the financial runway to take a bit longer to find your next role, you don’t need to jump right back into it. It might be time to have some conversations with people in tangential jobs, maybe industry, maybe working for a software company that sells accounting products and wants experienced accountants on the sales team, maybe a drastically different type of firm. Maybe it’s even your sign to start your own firm! People will be extremely receptive and generous with their time if you just got laid off and want to learn about what they do, so if you have the runway it’s a good opportunity to explore the field a little bit.

3. Leverage your network and the networks of others
Sharing your situation on LinkedIn could be a great start - I know some firms were doing key-word searches on “laid off” and “PwC” this week wanting to hire some talent out of Big 4. It might not feel like much but you’re creating more surface area for luck and serendipity. People also take to Reddit and Fishbowl, and those who were faster to post got more uptake and opportunities. Another great place to go is to speak to some recruiters and be very detailed in what you’re looking for - I also have a talent pool for this sort of thing, and I know that candidates who take the extra 2 minutes to add some detail are much easier to get in front of the right folks. Recruiters don’t get a great wrap in our industry, but the reality is that they’ve spent the last many years building out a network, and the good ones have also been building up a reputation and trust with clients that they’ll bring them good candidates - when it comes to finding you your next role they’re already starting on third base.

4. Do what’s right for yourself and your family
Looking back to point 1, if you’ve got financial obligations and not enough runway, it’s okay to take a job that’s just good enough and continue your job search. I’ve spoken with a ton of hiring managers over the last few months, and so long as it isn’t a long repeating pattern it’s fine to have a job that you didn’t stay at for years and it won’t tarnish your resume - you can be pickier on the next one when you don’t feel like you’re under so much pressure and you can say no to the job without compromising your financial future.

Being prepared ahead of time is always best. I probably sound like a broken record saying this, but however set you think you are on your current path, you will always benefit from getting out into the world and meeting new people. I think going to smaller accounting conferences is a great way to form meaningful connections with others in the industry. This not only helps you avoid being in the echo chamber created by your firm giving you a greater diversity of ideas and opinions, but it can also be incredibly valuable when it comes time to find your next role. If all you know is your own firm’s kool-aid, it can be hard to even assess what other avenues might be out there for you and it can be so much more devastating if you’re let go from that firm you’re all-in on.

If in-person conferences aren’t your thing, maybe try to stay in touch with colleagues who leave your firm and keep that connection alive - or even go make some internet friends who aren’t at your firm. It’s important that you keep in touch with the industry outside of your own firm one way or another.

If you are a job-seeker, I’d love to help through the Big 4 Transparency Talent Pool!

To help more people affected by the layoffs, we’ve partnered with a few firm alliances to lower the barriers to getting you hired. We always give you $1,000 of the placement fee as a thank-you for using the service, but for the next 3 months anyone who was laid-off as part of a RIF will get double the amount to help you bounce back. Since Tuesday, we’ve already set up a few interviews for folks who were let go, and we’ve got a number of open roles we’re helping fill specified below. If one of these specifically seems like a match, please include it in the additional information box when making your entry.

• Multiple Tax Managers, Real Estate Focus - Remote

• Multiple Remote Tax Seniors - Remote

• Tax Seniors and Managers - Buffalo, NY

• Audit Seniors and Managers - Lafayette, LA

• Tax Seniors and Managers - Lafayette, LA

• Tax Manager - Fresno, CA

• Audit Senior or Manager - OKC, OK

• Tax Senior or Manager - Milwaukee, WI
  

• Tax Senior or Manager - Invermere, BC

• Production Manager - Lethbridge or Fort Macleod, AB

Go check it out!