For many healthcare executives, it’s been a tough season. Financial pressures, escalating expenses, and a shortage of nursing and care labor have led many healthcare systems to look to downsizing the C-Suite in order to cut expenses.
According to Becker’s Hospital Review, healthcare experienced a layoff total of 40,947 positions in the first half of 2023, a 101 percent increase as compared to the first half of 2022. Layoffs are difficult no matter your age or experience level, but they come with particular challenges when they happen at the C-Suite or executive level. If you’ve been laid off recently from a healthcare executive role, don’t panic. Take all the time you need to adjust to your situation, then consider these 5 steps that will help you chart a new course.
What to Do After a Healthcare Executive Role Layoff
- Show yourself some kindness. You’re experiencing a difficult situation that is the result of many factors out of your control. While some negative emotions are to be expected, and a grieving process is certainly warranted, make sure to also show yourself a good dose of understanding. The sooner you realize that the situation was out of your control, the sooner you can return to a state of confidence and optimism for the future.
- Maintain a good relationship with your previous employer. It may feel difficult in this moment, but if you’re able to set aside your emotions, make sure to leave on a good note with your current employer. Have a candid conversation to understand the reasons for the layoff and talk about how to stay in touch in the future. Share any feedback you have and ask for feedback in return. Even though this opportunity isn’t working out, you never know when the connections you’ve made in this role will come back around to support you in the future.
- Understand your financial situation. Do you have a safety net in savings? If so, how long will it last you? Assess your financial situation and plan your next steps accordingly. If you have a cushion, you will be able to take some time to reassess and look for the perfect-fit role. If money is a little tighter, you can explore a wide range of options, including temporary or contract work, applying for unemployment benefits, or hitting the ground running with your job search.
- Prepare for your job search. Update your LinkedIn profile and resume, reach out to old connections, and start thinking about what you’d like out of your new role. Practice your elevator pitch about who you are, what you value, and the specific qualifications, past experiences, and viewpoint you can bring to the table. Taking small steps every day toward finding a new role can create a feeling of progress and forward motion that will carry you forward even when the search feels long.
- Connect with a healthcare recruiter. The healthcare and hospital landscape can be overwhelming to explore on your own. Instead of facing it alone, consider reaching out to a specialized healthcare recruiter who can guide you through the process and connect you with open positions. Having a partner in the process will decrease stress and increase the amount of opportunities and connections available to you. In addition, you’ll have a supportive coach and mentor who will help you prepare for interviews and approach the job search process with enthusiasm.
Losing a job due to a layoff is never easy. If you’re experiencing a layoff, know that you’re not alone in this experience, and that, even though things may look difficult today, your next right-fit opportunity is right around the corner.
Are you searching for a healthcare executive role after experiencing a layoff? Reach out to our team of healthcare recruiting specialists! We’ll support you in finding your next great hospital or healthcare leadership role. Schedule a 30-minute intro call today.