By Victoria Chapman, Recruiting Coordinator for Moderna at PharmaLogics Recruiting
Today’s job market is highly competitive, and job seekers often face certain obstacles during their job search. If you have recently experienced a layoff or are currently searching for a job, the following tips and available resources can assist you in the process.
What Happens During a Layoff?
Layoffs in the life science industry have become increasingly common, affecting thousands of people each year. During a layoff, a company reduces its workforce for various reasons, such as budget cuts, restructuring, or downsizing. Unfortunately, this situation can occur unexpectedly or with some given notice, often causing employees to feel uncertain about their future. Global outplacement firm Challenger, Gray & Christmas Inc. reported that “Pharmaceutical and other life-sciences companies laid off 7,387 people in 2022,” and the numbers have increased in 2023. While facing a layoff can be overwhelming, it’s essential to stay forward-looking and focus on your strengths and opportunities for growth.
Find An Opportunity Area
One crucial aspect to consider is understanding the trends and dynamics of the life science industry during layoffs. Industry insiders have noticed a shift towards value-based healthcare, where pharmaceutical companies and healthcare providers prioritize therapies and interventions that demonstrate clear clinical benefits and cost-effectiveness. This trend has led to an increased demand for professionals with expertise in health economics, outcomes research, and real-world evidence. By highlighting these specialized skills and accomplishments, life sciences candidates can position themselves for potential opportunities amid layoffs.
If you have experienced a layoff, feeling stressed or unsure about your future is entirely natural. Reviewing your finances, cutting back on unnecessary expenses, and speaking with a financial advisor are a few things you can do to relieve some financial pressure as you navigate your next steps. As you do so, don’t hesitate to ask for help by utilizing your network and reaching out to previous colleagues, friends, and family for support.
From Setback to Comeback: Strategies for Surviving a Layoff
As you launch your job search, staying proactive and focusing on personal growth and development can turn a setback into a comeback, bringing you out of this experience more robust and resilient than ever. One of the most effective ways to achieve this is by staying busy and following guided tips for the life sciences industry: not only does this help you develop new skills and help keep your constant state of mind positive, but it also shows potential employers that you are proactive, adaptable, and committed to self-improvement. By attending networking events, taking online courses, and volunteering, you can stay active and meet new people while enhancing your skills.
Here are a few ways you can expand your network and keep yourself occupied:
Participating in networking events is an excellent way to meet new people, connect with professionals in your industry, and gain valuable insight into the job market.
Taking online courses can also be a great way to enhance your skills and make yourself more attractive to potential employers. This demonstrates a willingness to learn and adapt and allows you to learn new skills to help you in your future career.
Volunteering is another option that can help you stay active, meet new people, and gain valuable experience. Not only can it help you build new skills, but it also demonstrates a commitment to making a positive impact on your community.
In a competitive job market, demonstrating a willingness to learn and grow can set you apart from other candidates and increase your chances of success. Remember, a layoff is just a temporary setback. With the right mindset and proactive approach, you can turn it into an opportunity for growth and success.
The Power of Referrals and Networking
Networking and referrals are powerful tools that can help you find job opportunities, access industry insights, and build new connections. Start by updating your resume, contacting your professional connections, and applying for open positions. Utilize job search engines, online job boards, and recruitment agencies to expand your job search reach and take advantage of professional networking platforms.
Coping Strategies and Resources for Mental Health
Experiencing a layoff can be a stressful and emotional experience, but prioritizing your mental health during this time is crucial. Focus on your strengths and what you can control, maintain a routine, and stay active to avoid falling into a slump. Don’t hesitate to seek help from a mental health professional if you’re experiencing overwhelming feelings or struggling to cope. There are also resources available, such as support groups and online forums, that can provide additional support and help you cope with the challenges of a layoff.
The Next Chapter: Turning a Layoff into an Opportunity for Growth and Success
If you have experienced a layoff, there are different strategies you can use to bounce back from this setback and emerge stronger and more resilient. Taking steps to boost your skills through courses, expanding your network by attending events, utilizing the power of referrals to gain career prospects, and prioritizing your mental health to cope with job loss stress can be invaluable approaches to moving forward and securing a new position.
Job searching can be daunting, but PharmaLogics is here to help you navigate such complexities. Our team of recruitment specialists is dedicated to helping job seekers find their next career opportunity. As a life science recruitment agency, we have access to several job opportunities and can provide support and valuable advice on landing your next role. By building a solid network and utilizing these resources, you can enhance your chances of finding your next career opportunity. It’s important to recognize that a layoff is not the end of the road: it’s an opportunity for growth and new beginnings.
About the Author:
Victoria is a Recruiting Coordinator for Moderna through PharmaLogics Recruiting, where she was previously an Executive Recruiter helping candidates find the right position based on their experience level. She’s placed several candidates in their dream positions, as well as help guide them through the process. Victoria has made several connections with candidates to understand their needs and to help them find the perfect position and anyone they may have referred her to. She loves going to concerts, traveling, and spending time with friends in her spare time.