On April 15, Tesla announced that it was reducing its global workforce by 10%, leaving approximately 14,000 people wondering what to do next. Being laid off from the tech giant of Elon Musk or any job can be a significant personal and professional setback. However, this change also presents an opportunity to reassess career goals and explore new possibilities, including a new career or even starting a business of your own.
If you’ve recently been laid off from Tesla, taking structured and strategic actions can help stabilize your financial situation and set the stage for your next career move. Here’s a detailed guide to navigating this challenging time.
Immediate Steps to Take
First, you’ll want to take care of a few urgent items for your finances and your health.
File for unemployment benefits immediately
The first step after a layoff should always be to secure a financial fallback position by applying for unemployment benefits. Each state has its own rules and procedures for unemployment claims, so you’ll need to contact your state’s labor department. Typically, you’ll need to provide detailed personal information, your employment history, and specific details about your layoff. Benefits usually take a few weeks to kick in due to processing times, so it’s crucial to file your claim as soon as possible.
Secure health insurance coverage
Losing your job also means losing your employer-sponsored health insurance, which can be a major concern. Evaluate continuing your existing coverage through COBRA, though be aware that it can be costly. Alternatively, explore more affordable options available through the Health Insurance Marketplace at Healthcare.gov. You have a 60-day window post-employment to apply for coverage under a Special Enrollment Period, so don’t delay in sorting out your health insurance needs.
Manage your mortgage and student loans
Contact your mortgage provider and student loan servicer as soon as possible. Many lenders offer forbearance, deferment, or other modification programs to help you manage payments during periods of unemployment. Being proactive in managing these obligations can prevent future financial distress and protect your credit score.
Update and refine your resume and LinkedIn profile
With your unemployment claim underway, focus on preparing for new job opportunities by updating your resume and LinkedIn profile. Highlight your achievements, skills, and experiences at Tesla, focusing on those that are most transferable to other roles or industries. Consider the specific projects you worked on, technologies you mastered, or leadership roles you assumed.
On LinkedIn, make sure your profile is up to date with your latest job roles and key skills. Activate the #OpenToWork feature, which lets recruiters know you’re looking for opportunities and increases your visibility. Regularly share and comment on industry-related content to further engage with your network and stay visible on the platform.
Consider entrepreneurship
If you’ve ever considered starting your own business, this might be the opportune moment. Assess the market to identify needs that align with your skills. Draft a business plan, research potential funding sources, and consider speaking with a mentor for guidance. Organizations like the U.S. Small Business Administration (SBA) offer resources for new entrepreneurs, including how to plan, launch, manage, and grow your business.
If you don’t know where to start, peruse our list of business ideas. And, if you’re short on funding, look into business loans and grants.
Expand your skills through additional training
This could be the perfect time to enhance your skills or gain new ones. Online learning platforms like Coursera, Udemy, and LinkedIn Learning offer courses in everything from data science and coding to digital marketing and project management. Gaining new certifications or skills can not only make you more marketable but can also open up new career paths.
Network extensively
While updating your LinkedIn profile is a good start, active networking is crucial. Reach out to former colleagues, join industry groups, attend seminars, and participate in virtual webinars. The more people you connect with, the higher your chances of learning about job openings. Remember, many positions are filled through connections rather than traditional job applications.
Prioritize your mental and emotional well-being
The stress of losing a job can take a toll on your mental health. It’s important to recognize this and take steps to address it. This might involve speaking to a professional counselor, connecting with a support group, or finding stress-relieving activities that work for you. Maintaining a routine can also help provide a sense of normalcy and purpose.
Prepare thoroughly for job interviews
As job opportunities arise, prepare diligently for interviews. Research potential employers, understand their business models, and think about how your experience at Tesla could be applicable. Practice answering common interview questions and some that are specific to your industry or the role you’re applying for.
Stay informed about industry trends
Keeping abreast of the latest trends in your industry can make you a more attractive candidate and inform your job search strategy. Read industry publications, follow thought leaders on social media, and participate in relevant discussions and forums.
Navigating a layoff is undeniably challenging, but with a proactive and planned approach, it can also be an opportunity for growth and new beginnings. By following these steps, you can help ensure that your transition out of Tesla is smooth and that you’re well-prepared for the next chapter in your professional life.
Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.
