Getting Laid Off Is Not a Scarlet Letter

Three tips to surviving the corporate culling. Grow Your Business, Not Your Inbox Stay informed and join our daily newsletter now! Will be used in accordance with our Privacy Policy Image credit: VioletaStoimenova | Getty Images February 20, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. When WeWork collapsed last October, it…

Getting Laid Off Is Not a Scarlet Letter

Three tips to surviving the corporate culling.

Grow Your Business, Not Your Inbox
Stay informed and join our daily newsletter now!

Will be used in accordance with our Privacy Policy

Image credit:

VioletaStoimenova | Getty Images

February
20, 2020

5 min read

Opinions expressed by Entrepreneur contributors are their own.

When WeWork collapsed last October, it was seen as the first loud pop of a bubble about to burst. Of IPO valuations run amok. Of the reckless character of venture capitalism. Coupled with the IPO woes of companies like Uber and Peloton and layoffs from mattress startup Casper to fellow Softback-banked budget hotelier Oyo, WeWork was painted as the harbinger of doom — especially for employees, who were laid off by the thousands. I beg to differ. As founder and CEO of a company that helps people to find new jobs, and one that’s working with many of those ex-WeWorkers, I’ve helped venture-backed companies swiftly hire to scale for the past decade. I’ve seen these cycles time and again, and what laid-off employees need isn’t a shoulder to cry on, but a few short, helpful tips. Layoffs are embedded in the very nature of the tech ecosystem, where the rush to market calls for an equal rush of hyper-growth. It often works, which is why venture firms poured a record $136 billion in U.S. companies last year. But occasionally, that growth oversteps reality. WeWork laid off nearly 20 percent of its 12,500 employees, with thousands more outsourced or shed from subsidiaries. Such implosions make for compelling headlines, e.g. a giant venture fund betting boldly and badly. A self-dealing CEO who bailed with a $1.7 billion parachute, while workers received a mere four-month severance. Yet WeWork was more an
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