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    2022 UK State of Tech Salaries

    New Data on Salary Trends in the UK Following a Season of Hiring Contradictions

    While the Great Resignation defined 2021, 2022 is to be determined. Earlier this year we saw aggressive hiring in response to attrition and ambitious goals. More recently, we’ve witnessed uncertainty, volatility, and contradiction. Currently, we face an energy crisis in the UK, a new prime minister’s economic policy, living in a post-Brexit world, along with significant tech hiring freezes and layoffs. Yet despite these events, the hiring market remains cautiously optimistic. So what do we know about the status of 2022 UK tech salaries and the hiring climate?

    What the data tells us about 2022 UK tech salaries and employment

    In the US, for example, the unemployment rate is at a pre-pandemic low, inflation is cooling, there is a steady stream of job openings, and many companies need help finding top talent. Salaries continue to climb in the UK and Canada post-pandemic as well. In fact, Toronto and London had higher salary increases YoY, respectively, between 2021 and 2022 – than Boston, New York, SF Bay Area, and Seattle.

    As of this writing, the most recent release (13 September, 2022), from the Office of National Statistics, reported the total number of workforce jobs in the UK in June rose by 290K, on the quarter to a record 35.8 million. For the first time, this exceeds the preCOVID-19 level of December 2019. The employment rate decreased on the quarter but increased on the year and is still below pre-pandemic rates. So while there’s been some turmoil, there’s reason to be encouraged.

    Remote expands pipelines; gives employers an edge

    Employers continue to hire remote employees and enter new talent markets, although the UK has generally been more hesitant to do so than Canada and the US. Meanwhile, some high-profile companies in the US and elsewhere have announced return-to office policies, despite resistance from the majority of workers.

    Survey data in the 2022 State of UK Tech Salaries

    So as the winds shift towards an economic slowdown, will the pendulum swing more in favor of employer demands? Hired’s survey data tells us that while there is some sentiment of a power shift to employers in the next six months, the majority of candidates are considering leaving their current roles. They’re driven by the potential for more lucrative opportunities and an overall better fit.

    Expectations on salary, pay raises, and work flexibility remain sky high, placing the onus on employers to execute the right strategies to attract, hire, and retain top talent. In the 2022 State of Tech Salaries report, Hired provides one of the most in-depth analyses of the hiring environment today. Based on extensive proprietary marketplace data and a talent survey, it spans the US, Canada, and the UK. Ideally, these valuable insights will inspire meaningful conversations within organisations on hiring strategies, including the structure of compensation packages, flexible work models, and other talent initiatives.

    So what’s next for tech hiring?

    If there’s a North star in this tumultuous time, it’s that companies must be nimble when it comes to hiring. Explore new ideas, continue to rethink strategies, and revise hypergrowth models into ones for efficient growth. It’s the best way to cultivate a steady route to recruiting and retaining top employees. We stand by ready to help jobseekers and employers alike.

    In the 2022 State of UK Tech Salaries, we dive into Hired’s marketplace data to uncover insights specific to UK-based companies.

    With data and insights from more than 907,000 interview requests and survey responses from more than 2,000 technologists, we offer guidance to recruiters and talent acquisition leaders eager to stay competitive. With this eBook, companies can adapt hiring strategies and retain top talent, thriving despite an uncertain market.

    Key takeaways from the 2022 State of UK Tech Salaries eBook

    UK compensation trends based on role, industry, company size, and years of experienceThe impact of remote or work-from-home trends on tech salaries4 steps to increase hiring efficiencies and strengthen your employer brand, and more! More

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    Navigating Market Uncertainty: The State of Tech Hiring (VIDEO)

    Watch this webinar-on-demand to hear in-depth analyses of the hiring market today, based on the 2022 State of Tech Salaries data report. Listen to meaningful conversations regarding hiring strategies, including the structure of compensation packages, flexible working models, and other talent initiatives.

    Hear from:

    Hired CEO Josh BrennerVP & GM, Employer Solutions for General Assembly Catie BrandHead of People, Virtru, Conley (Henderson) McIntyre and Director, Talent Acquisition, Markforged, Bryan Robinson.

    Download this collaborative panel discussion to discover: 

    Salary trends by role and years of experienceChanges in industry benchmarks such as average time-to-hireKey opportunities to win over top tech talent efficientlyImpact of global remote on tech talent hiring More

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    How Smart Companies are Solving Post-Lockdown Working (4 New Trends)

    From ‘swarm teams’ to the metaverse, innovative ideas take on the challenges of the new world of work…

    In late 2021, Professor Lynda Gratton of the London Business School asked 150 executives from companies around the world for their take on the biggest challenge currently facing businesses. The answer came back loud and clear: “retaining people,” closely followed by “recruiting people.”

    It picked up on a problem destined to grow. The Great Resignation, the result of lockdown-fuelled dissatisfaction with our jobs was first. Then it was followed by the Great Reshuffle, as workers leapt from job to job in search of fulfillment. As we entered post-lockdown working, how would companies evolve?

    In May this year, the UK’s Office for National Statistics revealed that there were more job vacancies than unemployed people in the country for the first time since records began. The marketplace has since begun to settle, but a July survey of 1,100 US professionals showed that 31 percent were planning to quit within the next 12 months. In other words, employers still need to focus hard on hiring and keeping the best talent.

    Post-Lockdown Working at Home vs In-office

    According to Josh Brenner, CEO of Hired, the largest AI-driven recruitment marketplace for tech workers, what is most likely to attract and retain employees is the offer of flexible working. In a recent Hired survey, less than two percent of respondents wanted a full, five-day return to the office.

    “We’ve seen really high rates of attrition when companies have forced people back to the office for a full five-day schedule,” he says.

    With that comes the need to make the best of hybrid work, potentially across disparate geographies. In order to retain employees, companies also need to work harder to engage them. They need to help them feel aligned with the organization’s values, Brenner believes.

    “When we hear about companies losing high numbers of staff, a lot of it is because employees feel disconnected. They lack a solid understanding of where the company’s going, and how their work  bubbles up and contributes to goals.”

    Throw in the need to prepare for a fast-changing world – technologically, geo-politically – and you have a cluster of problems for companies to solve in post-lockdown working. Those that do so most effectively stand to gain a competitive advantage – so what are the most innovative trending ideas? 

    In WIRED’s report, readers learn about the:

    AI company that has done away with managers marketing company making a four-day week pay dividends professional services company using the metaverse to engage its workforcerise of a new C-suite role that’s re-shaping business… More

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    Engineering Manager or IC? Which Tech Career is Best for Me? (Video)

    Have you ever wondered whether to follow an Individual Contributor (IC) path or an Engineering Manager (EM)? According to the Hired State of Software Engineers report, one-third of engineers report they want to advance to become managers, while the remainder says they want to continue being ICs.

    What are the pros and cons of the Engineering Manager career path versus the Individual Contributor one? Let’s find out!

    Hired, along with our partner Exponent, recently completed a video series to explore engineering career advice. The series featured three of our talented engineers: Nico Thiebaut, Prakash Patel, and Dan Baker, discussing subjects such as:

    In this article, we recap Exponent’s conversation with Prakash Patel. Prakash is an Engineering Manager at Hired, a tech marketplace that matches talent with employers for roles around the world. He followed his passion for data engineering and solving complex data problems, spending two years as an Individual Contributor and one year as an Engineering Manager. 

    Although Engineering Managers currently command the highest salaries across all technology roles on Hired’s platform conventional wisdom says, 

    You should not become an Engineering Manager if you… 

    Want dedicated time to work on specific projects or hone in on programming skills Are uncomfortable managing team dynamics  Prefer to own your own code   Want to quickly build new technical skills Would rather your success be measured by your individual contributions.

    Here’s a quick summary of the conversation between Prakash Patel and Lucas from Exponent. To watch or listen to the full interview, scroll down to the bottom of the article.

    Engineering Managers often don’t get dedicated time to work on a specific project or hone their programming skills. What is your experience with the flip side of this: being focused on supporting your team and making them successful?

    Based on my time as an IC, I understand the pain points and problems my team faces and will face since I have already experienced it. Engineering Managers are responsible for the smooth execution of projects while minimizing the concerns that arise. 

    There are different phases of projects but every phase has a challenge. As an Engineering Manager, I support my team to succeed while minimizing all those concerns. I enjoy focusing on the vision of the company and blending it with the personal and professional growth of ICs.

    As an Engineering Manager, you’re working with an entire team’s dynamics, meaning you need to resolve conflicts when they arise. What do you think the upside is to managing the dynamics of a team?

    Conflicts are inevitable and as an EM, the more you handle them the better you’ll get. One upside is you help all Individual Contributors on the team succeed. Another upside is eventually you get better at saying no.

    There will be so many things to control as an EM. By managing these dynamics, I see I am helpIng my engineers wholly – both in their technical competence and project management abilities. 

    As an Individual Contributor, your code contributed to the codebase and you could point to what you owned. In your role as a manager, how does your involvement with the codebase change, and how does this impact your team’s work?

    Well, as an EM I don’t get a lot of opportunities to actively maintain the codebase but I do participate in the code reviews. I can always suggest ways to improve the tech stack and that’s where I help my team adjust the roadmap. WhIle I am not maintaining the codebase, I am motivating my team to participate in constructive code-based reviews to help make them better engineers. 

    Insight from Exponent 

    Your experience as an Individual Contributor helps here as you’ve developed the technical know-how and understand how to grow from progress from a junior to senior engineer in terms of coding ability.

    Related: Curious about tech salary trends? Check out the data in this review.

    As an EM, you’ll develop tech skills more slowly. You’ll be focused more on macro than learning new languages or libraries. What kind of skills do you build as an Engineering Manager?

    As an EM I developed a “think big” and “make it happen” attitude. On top of that, I learned to give constructive feedback and how to negotiate.

    When you’re an Engineering Manager, your team’s success determines your success. It can take longer to ship products and code. How is success measured as an EM, and what do you find fulfilling about it?

    My success is measured by the performance of my team and my individual reports. My goal is to develop technical excellence across the company as an EM. I enjoy driving project execution but I make sure my individual reports receive exciting, diverse responsibilities in a way that infuses the company’s culture with our team. 

    If you’re not sure whether to pursue an IC path or transition into an EM, here’s my advice: if you’re even a little interested in becoming an EM, talk about it with your manager. Ask them to provide more responsibilities that will help you become an EM. 

    From there, you can evaluate whether you enjoy the work and if that role feels like the right fit. If so, request more tasks. If you progress, you can eventually transition into an Engineering Manager role.

    Ultimately, the two paths are very different experiences so it’s all about what you enjoy. 

    How to use Hired to find Engineering Management roles

    Hired is completely free for jobseekers and it takes just minutes to create a profile. Once you upload your information, you’ll get interview requests from companies seeking talented candidates like you! Learn more about creating your Hired profile. 

    Already have a profile on Hired? Here are 5 Key Tips to Get Better Matches & More Interviews.

    Should you switch to an Engineering Manager role internally or seek out an EM role when looking for a new job?

    Transitioning within a company is a better and easier decision, especially since you are already familiar with your team. On the other hand, if you are an Individual Contributor seeking a job as an EM at a different company and you do not have that proven experience, it’s harder to make the jump.

    Eager to pursue a role as an Individual Contributor or Engineering Manager? Learn how Hired works for jobseekers!

    Click below to watch the full interview: 

    [embedded content] More

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    Interviewing After a Layoff? How to Be Confident & Become a Top Candidate

    The third article in our series to help jobseekers bounce back better than ever…

    Once you’ve absorbed the news of a layoff, organized your financials, and taken the next steps to kick off your job search, you’re ready. It’s time to begin interviewing after your layoff. Employed but concerned about the stability of your role or company? Use this article series to get organized and feel more prepared for changes.

    Win at Interviewing after a Layoff

    Securing interviews starts with job applications. Prioritize your job applications at a high volume, but what’s the best way to end with success? According to Pathrise Growth Marketing Associate Alex Macpherson and Career Strategist Mentor Ash Ayvar, it’s best to diversify your application sources by using multiple job boards and sending personalized cold emails to recruiters.

    Cold Email Tips and Tricks for Communicating with Hiring Teams from Pathrise

    Before you start sending out cold emails, there are a few things you need to know:

    Make sure to submit your application alongside or before you send a cold email.Focus your cold emailing efforts toward roles you feel passionate about and companies you would be excited to join. Narrow your focus to organizations with less than 500 people. This increases the likelihood someone will read and take action on your message.Stick to the weekends or early in the week when sending cold emails – if you send them on a Thursday or Friday, they’re less likely to be read. If you must, use ‘schedule send’ features, like in Gmail.It’s ok to send your cold email to multiple people within an organization, but keep the number of contacts to three or four at max. Choose contacts from different teams and divisions, too, or else you risk your email coming off as spammy. Don’t CC – send a separate email to each contact, even if your copy is the same.

    Pro Tip:

    These emails don’t have to be totally “cold.” Follow the guidance in Chapter 2 of this series, to grow your network through social media and informational interviews. That work may pay off in some “warm” leads on jobs or referrals. Proactive actions like this often reveal roles that haven’t been posted yet. In fact, this work cuts down on the outreach talent acquisition and sourcers need to do – you’re helping them!

    It’s worth noting, for technologists and sales or customer experience professionals who join the Hired platform, this type of outreach becomes unnecessary. Hired turns the job search dynamic upside down and once your profile is complete, we promote you to matching employers and roles. Employers search for you, requesting interviews with compensation information upfront. You decide which interviews you wish to accept – you can even pause your profile if you get too many interview requests at once. See how Hired works here.

    When Interviewing After a Layoff, Be Authentic and Upfront

    Many candidates suffer some anxiety and nervousness about discussing their layoffs in subsequent interviews. Fortunately, you really don’t need to worry so much about it. Be upfront and authentic in how you talk about the situation. Keep your answers focused – there’s no need to go into lots of information about the layoff and waste valuable interview time. 

    Do acknowledge the layoff and explain it with relevant context. It may be helpful to give specific details. For example, is there a factual number or percentage of how many employees on your team or overall were laid off? Weave it in. Doing so helps your interviewer better understand your situation and illustrates you were one of many. 

    Was the reduction in force (RIF) part of a merger or acquisition? If the employer is a publicly-traded company, they may have disclosed multiple reasons in shareholder communications or in published articles you could reference. Layoffs happen for a variety of causes and the point is not to dwell on it, especially when such workforce decisions are beyond your control. 

    In general, employers know layoffs are painful to talk about and will respect the information you choose to provide. Find a positive from the experience and lean into it. It might be how proud you were of your team while there, because XYZ. Or, how the time off allowed you to pursue a certification you didn’t have time for before. Maybe the change inspired you to do something you wouldn’t have done otherwise, like train for a marathon or pivot careers. Perhaps it allowed you time to spend with loved ones when they needed you. 

    Pro Tip:

    As part of your pre-interview research, study any “core values” or mission statements the company has. Do not parrot these, but think about how your experiences, while working and while laid off, align with these ideals and echo them in your answers. 

    For example, JPMorgan Chase & Co., says on their site, “In a fast-moving and increasingly complex global economy, our success depends on how faithfully we adhere to our core principles: delivering exceptional client service; acting with integrity and responsibility; and supporting the growth of our employees.” 

    When discussing your career or time during a layoff, could you share examples where you: 

    delivered exceptional service, or went above and beyond expectations? acted with integrity and responsibility, or did the right thing, even when it may have been difficult? supported the growth of employees, or facilitated the development of others, as a volunteer, a coach, or a parent? 

    Related: How to Answer “Tell Me About Yourself” Interview Question for Tech Talent, Video Interviews 101: How to Impress in the Digital Age

    Highlight Your Growth During Employment Gaps

    Resume or employment gaps are another area of concern for job seekers following a layoff, no matter how much time has passed. How will you explain that time? 

    Focus on how you’ve grown during this period and turn this gap into an asset. Highlight what you’ve done to enhance your skills instead of allowing them to fade during this period.

    Tell your interviewer about the things you’ve done to improve your skills and build new ones during the layoff period. Whether you took an online course or worked a temporary contract job, it shows you have been proactive. Maybe you volunteered your skills to a local nonprofit. 

    Employers know layoffs put individuals in less-than-ideal circumstances, so they appreciate an interviewee who has demonstrated commitment to professional growth and development in spite of them. 

    Related: Flip the Script: How to Handle an Employment Gap on Your Resume

    Spotlight Your Past Performance & Growth

    Share the value you’ve provided through your work, even on your last team. When you offer achievements and results, this information becomes more impactful to your candidacy than your layoff. Detail the metrics of your work and share highlights of your past projects establishing you as a valuable asset to your team or organization.

    Keep Your Head Up – You Can Do This

    The layoff period is often a humbling time for many. During these days, weeks, or months, you’ve likely done your fair share of reflection on your experience and your career. Share insights about what you learned during this period while highlighting your resilience and unwavering confidence. 

    No matter what you’ve been through during your layoff, it’s crucial to remain optimistic about the interview process. No matter what role you are interviewing for, character matters. Your positivity in spite of an unfortunate situation reflects best on your character. Resist any urges to speak bitterly about your past employers and focus on the new opportunities ahead of you.

    Interviewing After a Layoff is for You, Too

    Post-layoff job seeking can be tricky. While you want to secure a new job as soon as possible, don’t rush yourself too much. Balance this time between searching for new roles and making sure the urge to get hired right away doesn’t lead you to compromise your career goals.

    The interview can teach you a lot about your potential new work environment so you can decide if it’s the right fit – both culture-wise and in terms of job security. Here are some example questions to help you elicit this information when interviewing after a layoff:

    Why are you proud to work here?Do you feel supported in your career growth and professional development by this organization? How does the organization make you feel that way?What’s the process like for providing feedback to a team member?Is collaboration encouraged here? If so, how?Tell me about a time when you saw the company’s main values in action.Has this company ever gone through layoffs in the past? If so, how were they handled?Can you tell me about the company’s financial situation? Is it profitable? Are future investments secured? The company’s solvency is a legitimate question, especially if you’ve experienced layoffs due to cost-cutting measures. Be respectful, and read the room, but don’t feel like you can’t politely inquire at all. Also, do your homework. Don’t ask questions with answers available to you via Google. 

    Related: Ace Your Interview & Get Your Questions Answered

    Cheers to Your New Role!

    The discomfort of interviewing after a layoff doesn’t have to derail your future job search. Take the time to process the situation and decide what you want moving forward. Set yourself up for success during your job search by honing your network beforehand. When it’s time for interviews, be confident and highlight the positives you’ve achieved over this time.

    Related: Chapter 1: Part of a Layoff? Steps Jobseekers in Tech & Sales Need to Take First

    Chapter 2: Laid Off? Next Steps to Find Your Dream Job in Tech or Sales More

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    Laid Off? Next Steps to Find Your Dream Job in Tech or Sales

    The second article in our series to help jobseekers bounce back from a layoff better than ever…

    If you’ve ever been laid off, you know it’s a mixed bag of emotions. Refer to Chapter 1 in our series for the first steps to take once you’ve heard the news. After you’ve had a chance to catch your breath, think about how you’re going to use your time. While many throw themselves into an all-consuming job search after being laid off, it may not be the best strategy for you. To avoid added stress, divide your time between jobseeking, upskilling, and self-care. Consider spending time volunteering to benefit your mental health, keep your skills fresh, and expand your network.

    Once it’s time to start the job search – use these 9 steps to find the roles you want and make the most out of your mission.

    Laid Off Next Steps #1 – Tap into your Network

    Start your job search with the familiar – your existing network. In fact, your network is one of the best sources you have for job offers and hires. Do you know how powerful referrals are in helping you get hired? Referrals are 4X more likely to be hired, so lean into your network for them.

    It’s not always what you know but who you know that may help you land the job, or at least get your foot in the door. While this doesn’t replace having the right skills and qualifications for the role, leveraging who you know including acquaintances and friends of friends can be your ticket to landing that first interview. People may offer warm introductions to recruiters or hiring managers and if you ask them about their company’s referral program, there is a good chance they can cash in on you landing the job. 

    Do your research on open roles and make it easy for people to connect with you online as well as offline. If you’re not particularly social, consider joining shared interest groups. Practice cold outreach on LinkedIn to get out of your comfort zone while you are job hunting. 

    Related: Check out this list of community and networking partners available to jobseekers on Hired!

    Pro Tip: Networking goes both ways

    It’s most effective when you network even when you’re not looking for a new role. Keep in touch with your network to avoid contacting someone only when you’re looking for help. Reshare their posts. Connect them with other professionals in your network you think would be helpful to them. Are they hiring for a role outside of your position or specialty? Refer a qualified candidate to them from your network. Help them too.

    Laid Off Next Steps #2 – Leverage Social Media

    Get involved on social media to make connections, gain industry insights from other professionals, and learn about new tools to aid in your job search success. 

    When it comes to ‘laid off next steps,’ VP of Community Outreach, Raleigh-Durham NC Chapter of Blacks in Technology LaShawnda Rodgers suggests, “#techtwitter is a great resource to help you grow your tech career if you leverage it the right way. I agree tapping into your network is a plus but asking the right questions during informational interviews is profound. When I mentor people who want to grow in tech, I advise them to ask other professionals about: 

    “a day in their life” at their companystrengths needed for someone to excel in the roleif the company has events open to the public so you can continue to meet new people.”

    Related: Learn more about Hired Partner Blacks in Technology.

    Laid Off Next Steps #3 – Set up Informational Interviews

    Informational interviews are a great way to network with people working in areas that interest you. This type of networking allows you to establish valuable connections with contacts who can help further your career and help you land your new role.

    Informational interviews are just that – informational. You’re interviewing them – this is not a job interview for you. Expect an opportunity to share a little about your background and what you’re looking for, but overall, use these conversations as opportunities to learn more about a specific company, a role/job title, someone’s career path, and/or what it’s like to work for a start-up versus a global company of tens of thousands. Review their LinkedIn profile. Prepare questions, but keep it conversational. 

    Informational interview framework

    These informational interviews shouldn’t be long – about 15 minutes is ideal. Follow this framework to help achieve the results you want and gain referrals.

    Take a minute or two to build rapport with your contact.Next, spend a few minutes on introductions and the topic of the interview. Ask them about themselves and allow them to give their elevator pitch. Acknowledge what they’ve said and then give your elevator pitch. Once the introductions are done, tell them what it is you want to discuss and why.Now spend some time listening to the advice they give about your topic. Take notes!Finally, ask for what you want. Give a summary of the information you were just given to show value and ask about the referral process.Wrap up the conversation. Later on, thank them for their time and insight with a well-crafted email that expresses your goal and the value you offer. Update your spreadsheet. It will be easier to keep track of your networking activities if you track who you’ve spoken with, how you know/found them, what was discussed, and the next steps or action items. Plus, if you’re required to submit job search activities for unemployment compensation, this documentation is really helpful. 

    Laid Off Next Steps #4 – Join Professional Communities

    Professional communities are a great place to build your network and meet the people who can help you land the perfect new job. Here are some suggestions to get you started:

    Laid Off Next Steps #5 – Volunteer: It Pays in a lot of Ways

    If you want to achieve more than just an expanded network, consider taking some time to volunteer. Volunteering is a great way to improve yourself all-around and can even help you continue to develop new contacts. Helping others positively benefits your mental health, so why not use your time to give back and help yourself in the process? 

    There are many non-profits that may be in need of your skills. Use these opportunities to continue honing those skills and making good use of them. Plus, volunteer work provides the opportunity to expand your network and bank skills and experience for your resume. Plus, when interviewers ask what you’ve been doing during your layoff, you have great responses ready to go. Here are some organizations for volunteering ideas.

    Laid Off Next Steps #6 – Check Out Educational Resources

    If you want to pivot into a different career path or are interested in obtaining new skills, educational resources are another great place to build your network. 

    President of the New England chapter of Blacks in Technology Rosemary Garabot says, “Look around your community for free or low-cost events like BSides. Sign up to pursue a new certification in a program with hands-on labs so you can build new skills.”

    Related: Hired Partners offer upskilling, certifications, and bootcamps.

    Laid Off Next Steps #7 – Prep for Technical Interviews

    Rodgers suggests, “For those pursuing technical roles, it’s important to prepare for technical interviews. Take some time to work on collaborative projects, showcase your work, and get beneficial feedback. GitHub is a great resource where you can virtually work on projects and collaborate with others.”

    Related: Hired Partners, such as Educative, Exponent, Pathrise, and Interview Kickstart, offer interview prep. SitePoint offers a library of resources to prep and upskill in various coding languages. In addition, developers on the Hired platform can earn badges for their profile using Hired Assessments. Demonstrating skills through earning badges increases the chances of interview requests and better offers.

    Laid Off Next Steps #8 – Refine Your Resume & Elevator Pitch

    Your networking conversations and interactions are invaluable for learning the markers of success in the roles you want. Now that you have this information from your network of insiders, use these elements to further refine your resume and elevator pitch to help you stand out in your search.

    Laid Off Next Steps #9 – Lock In Your References

    Once you start interviewing, references will be critical to the success of your job search. Take time now to lock in key references reinforcing your job performance and work ethic. A reference from your previous manager is also a great tool to ease any concerns about your layoff during the hiring process.

    Ask former colleagues to write testimonials about their experiences working with you. You’re not limited to former supervisors. Colleagues you worked with cross-functionally, peers, reports, even former customers and vendors may be willing to testify to positive experiences working with you.

    With LinkedIn’s recommendation feature, you can ask for a one while offering to write one for them. Positive testimonials about working with someone never hurt, even if your reference is totally content in their role. 

    Ready? It’s Time to Tackle Interviews

    Maximizing your network is a powerful tactic to help you not only learn more about different roles and discover open positions – it may also be the key to getting hired. Get ready to win your post-layoff interviews with Chapter 3: Interviewing After a Layoff.

    Ready to find your dream job in tech or sales? Turn the job search upside down when you complete a profile on Hired. Employers filter based on your skills and preferences to match with you, and request interviews with the compensation information upfront. 

    Sign up with Hired today or re-activate your profile if it’s been a while since you were looking.  More

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    Part of a Layoff? Steps Jobseekers in Tech & Sales Need to Take First

    Chapter 1 of a series to help jobseekers bounce back better than ever (or to feel better prepared in uncertain times)

    If you’ve ever been laid off you know it’s often an emotional time full of uncertainty – but it doesn’t have to be that way! Welcome to part one of a blog series to help anyone laid off dust themselves off and spin it into a positive. Likewise, if you’re employed but concerned about the stability of your company or role, use this article series to get organized. It will help you feel better prepared regardless. Learn what to do after a layoff and the steps to take to set yourself up for a successful job search.

    1. Process Emotions After a Layoff

    Losing a job often feels like a loss that comes in waves. Some days, you may feel liberated, optimistic, and perhaps excited for what is to come. Other days, you may feel overwhelmed, confused, or just plain sad. It’s a form of grief in many ways. 

    It’s ok to process your loss, whatever form it may have taken. Recognize you are more than your accomplishments or a job title. Your worth is not tied to your productivity. Remind yourself that nobody is immune, from top performers to leaders, it can happen to anyone. 

    Give yourself time to process a recent layoff and any series of job rejections. Your feelings may surface unexpectedly, and it’s ok to feel them without letting them overrule your life. Sometimes you need to take a few steps backward before you can move forward.

    2. Get Financially Organized Post-Layoff

    Once you’ve taken a beat to absorb the news, it’s time to sort out your financials. It helps you feel productive, in control, and more secure during the time between roles. Find the answers to any questions you may have about your 401k, severance pay, filing for unemployment, and your health insurance. Next, take a financial inventory of your situation and set a budget for your current circumstances.

    Take Care of Money & Healthcare Matters

    After a layoff, there are some loose ends to clear up, such as your final paycheck, any pre-tax withholding accounts, (401ks, employee stock purchase plans, HSAs), unemployment options, and healthcare.

    Most of this information should be included as part of the packet from your HR or Employee Success team. It’s easy to be overwhelmed during those meetings, though, so give yourself some grace if you can’t remember some things. Or, if you need to reach out to them afterward. 

    Here are some financial areas to organize after a layoff: 

    Your last paycheckSeverance payYour 401kUnemployment insuranceHealthcare options

    Your Last Paycheck

    Things may be a bit different from what you’re used to regarding your final paycheck. If you normally have your checks direct deposited, don’t count on that money effortlessly hitting your bank account as usual. Many states require employers to provide a physical check for the final payment. This gives former employees easy access to paystub information. If necessary, make arrangements with your former employer to pick up your check in person or mailed to your home.

    Per the US Department of Labor, there are no federal laws requiring a final paycheck to be given to a former employee immediately following a layoff. Depending on your location, there may be state laws mandating immediate payment when a layoff occurs. Some states only require the final paycheck delivered on or prior to what would have been your next regular payday. 

    If your company withheld money from your paycheck for an employee stock purchase plan (ESPP), any monies awaiting the next purchase period may be refunded from a separate account. This might be in the form of a second electronic transfer or check. Verify any money withheld and itemized on your final paycheck is included in the refund of the ESPP monies. 

    To learn more about your state’s final paycheck guidelines, search for your state’s Department of Labor. Many states have made this information available online, or you can contact a representative for assistance. 

    Severance Pay

    Severance pay can offer you a bit of a financial safety net while you’re between roles. However, severance isn’t a guarantee as there are no federal laws mandating it for everyone. A few states have mandatory severance pay laws covering planned layoffs at large organizations. Find this information with your state’s Department of Labor.

    Your employment contract or the company’s severance policy in your employee handbook should tell you what to expect as far as severance from your former employer. The amount of severance pay offered is up to the discretion of the company unless you have previously negotiated it as part of your contract. 

    If the layoff is a result of an acquisition or merger, severance may be determined as part of the agreement and vary from what your company paid before.

    Typically, severance pay amounts to one to two weeks of normal pay for every year you worked for the business. In some cases, severance takes the form of paid insurance premiums or other compensation than cash. 

    What About Your 401k?

    If you’ve been paying into a 401k at your former job, you’ll need to decide how to manage this money after an employment separation. You have three options: leave it alone, cash it out, or roll it over. If you’re uncertain about what to do, talking to a financial planner who can thoroughly explain your options may be helpful. Your former employer may also provide resources to determine the next steps. 

    Typically, if you have more than $5,000 in your 401k account, you can keep this money in your existing plan. While you won’t be able to continue contributing to these savings, you do retain control regarding how it is invested within the plan. By keeping the money in your existing plan, you won’t have to pay taxes or penalties on a withdrawal and the funds will continue to gain interest.A layoff is an uncertain financial time, and some job seekers choose to cash out their 401ks to help with the absence of a regular paycheck. However, withdrawing these funds will also come with penalties and taxes. Consider this a last resort.If you’re considering moving your retirement savings out of your former employer’s plan but don’t want to withdraw it and pay penalties, you can roll over your funds to a new account. Many choose to roll over a 401k into an IRA. Or, you can leave the money sitting in your existing account until you land a new position elsewhere. Most plans allow you to roll over funds from an existing 401k to a new one when your employment changes.

    Unemployment Insurance

    Filing for unemployment benefits can provide much-needed funds when you’re between roles. Requirements vary from state to state, but generally, an applicant must be:

    unemployed through no fault of their own, eligible according to the state’s requirements for previously earned wages, and able to and actively seeking work. 

    Many states allow you to apply for unemployment benefits online through the state’s Department of Workforce Development or similar. 

    If you’ve never filed for unemployment before, it’s okay. You’ve paid into it for probably your entire working life, and there’s no shame in receiving it. It’s there to help bridge the gap during times like these. 

    Generally, once you’re approved, you’ll receive an amount determined on a sliding scale based on your previous income. There are often requirements involved to continue receiving income from the program, such as weekly reporting of job search activity. Be sure to keep up with any tasks, to avoid the inconvenience of a payment disruption. 

    Caution, this is, sadly, also an area rife with fraud. Be vigilant and protect yourself from phishing scams, especially through texts and emails. 

    Healthcare Options

    Healthcare uncertainties are a big stressor for many people following a layoff. Depending on your healthcare benefits from your previous role, you may be able to keep your current coverage through the end of the month your layoff took place. Be sure to ask your former employer for clarification on when you can expect this coverage to end.

    Make a plan for what you’ll do when you reach this point – you have a few options:

    Opt for COBRA coverage within 60 days of your layoff to keep your existing health insurance.Choose an alternative healthcare plan on the Affordable Care Act Marketplace.Check with your state to find out if you are eligible for Medicaid or another state-sponsored healthcare plan.Join a family member’s employer-sponsored healthcare plan. Regardless of enrollment periods, joining your family member’s plan is categorized as a “life qualifying event” and allows you to enroll outside of the annual open enrollment window.Purchase a short-term healthcare plan.

    3. Set Your Budget

    Without a steady paycheck, it’s oh so important to sort out a budget and stick to it. Take an inventory of your existing financial resources to determine what funds you have available. These resources may include:

    Severance payPaid out unused leave daysEmergency savingsPartner’s salaryRetirement accountsCompany stock

    Next, map out your spending and see what your existing budget is like. Seeing where your money is currently going will help you see where adjustments can be made.

    There are many resources to help you get assets, liabilities, and even goals all on the same page. Some include Mint, YNAB, and Honeydue. 

    4. Plan Your Next Steps

    Once you have a handle on your emotions and manage the above details, you can start to prepare for the job search ahead. Get into the right mindset and define your mission to increase your chances of success.

    Gain Career Clarity

    Before you get into the busywork of updating your resume and looking for new positions, take some time to determine what you want and need from your next job. Find clarity regarding the direction you want to see your career take as you move forward. Reflect and identify:

    Your major career goalsThe type of work you enjoyWhat’s important to your career growthYour ideal work/life balance?Your values and dealbreakers?

    Evaluate the Job Market

    Once you’ve nailed down the vision for your career, it’s time to evaluate the current job market. Before you begin searching for new roles, understand the present demand for your experience and skills. This information helps you determine if you need to modify salary expectations from your previous position. Salary Calculator Salaries Directory

    Set a Timeline

    Establish a timeline for your job search. When can you start? What’s your deadline for finding a new job? Evaluate your present circumstances regarding availability, financial status, and skills development needs to set a realistic timeframe for your search, from scanning job ads to starting your new role.

    Update Your Resume and LinkedIn Profile

    Before you start an active job search, it’s important to update your information. Now is the time to optimize your resume and LinkedIn profile to best reflect the role you want and help you stand out to recruiters. Here are some resources to help:

    Develop Your Career Story

    A layoff often feels devastating at first, but it doesn’t define your career. Before you start your job search, you need to write your career story and build your personal brand. 

    Decide how you want to frame your layoff when questioned about it. Focus on your experiences, talents, and skills rather than the details of what happened. Be confident in how you will present yourself, and update your social media profiles so they best align with the story you want to tell.

    Consider a Side Hustle

    A side hustle can be a good solution to earn money during the in-between time after a layoff and before you land a new job. While a side hustle may not become a permanent full-time employment solution at this time, it can help provide some financial security and allow you to continue developing your skills. Whether you have a current side hustle or are considering starting one, think of it as a supplement to job searching. 

    Ready to Start Your Job Search?

    Now that you’ve taken the time to emotionally process your layoff, sort out your personal needs, and decide what you want moving forward, you’re ready to find a perfect new role. 

    Complete your free profile on Hired. Instead of searching for a job, employers search for you. Be sure to optimize your profile for the best matches (tips from the Candidate Experience Team). 

    Check out Chapter 2: Post-Layoff Job Search Plan to turn the page on this chapter of your life and begin a new one. More