How you can strategically prepare for layoffs

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Hi Sheconomist Insider 👋 It’s Thamina, Founder of The Sheconomist. This is your bi-weekly dose of celebrating the female economy where I help ambitious, purpose-driven women like yourself flip the script on money, career & wellbeing conventions so you can live life on your own terms.

TLDR:

• 🧮 You’re not failing, you’re collecting data

• 👀 Low status, high income anyone?

• 💰 How to strategically prepare for layoffs

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Let me be super vulnerable and real with you all for a second because I don’t believe in just showing showing the highlight reels.

I launched my first masterclass two weeks ago. This might ring a bell because I invited you in a previous edition of this newsletter.

About 40 people signed up, a number I was genuinely excited about.

However, out of those 40 people who registered, only 2 people showed up live.

Zero people converted.

Even after sending the replay.

And yes, as a Type A person who is used to being successful in most areas of her life, it's a little uncomfortable for me to admit that publicly.

I’m not sharing this because I want your pity (I’m not a fan of adopting a victim mindset).

I’m sharing this because there are a lot of really smart and ambitious women who are reading this and my guess is that - similar to me - not being good at something creates a certain level of discomfort for you.

What I’m taking away from this experience is this:

1. Free attention does not equal warm intent.

It's funny because in my role at LinkedIn where I'm advising marketing leaders on brand awareness and lead generation, I'm preaching this daily.

But I forgot that with my own audience.

A like is not a wallet. A subscriber is not a buyer. The bridge between the two has to be built deliberately. I hadn't built it.

I’ll keep working on this more intentionally because I genuinely believe that I could change so many women’s lives by helping them maximize their corporate compensation.

2. A launch is a vote, not a verdict.

You all enjoy the content. My email open rates prove that. Women in my community DM me weekly.

The ones who didn't buy aren't telling me my work doesn't matter. They're telling me THIS door, this season of their life, wasn't a fit.

3. You're not failing, you're collecting data.

Collecting data is progress. And progress beats perfection.

If you're someone building something on the side and have had a launch land flat, or you haven't launched yet because you're scared this is exactly what will happen:

You are not behind. You are gathering data.

The people I admire most aren't the ones whose launches always sell out.

They're the ones who keep showing up.

Anyone else building on the side who's had a similar experience?

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💸 Cooking up Wealth

My company announced layoffs yesterday (luckily, I was not impacted) so I only thought it was fitting to share some advice on how to strategically prepare for layoffs to get the exit package you deserve.

I see people make mistakes here ALL the time. And I don’t want that to be you.

My number one advice:

Do not, I repeat, do NOT immediately sign a severance offer HR is presenting you.

Even if they pressure you to sign ASAP and threaten that "the offer expires in 72 hours".

Even if it looks generous.

Get an employment lawyer right away (ideally you already have a few options on speed dial)

They can and are often very successful at negotiating a much better exit package for you.

We're talking about a difference of getting severance for 12 vs. only 6 months for example.

This is common and can be truly life changing.

Aside from base pay, I'd also try to negotiate:

✅ Accelerated vesting off all remaining RSUs / stock options if applicable
✅ Immediate vesting of all 401(k) company matches
✅ Extending health insurance coverage
✅ If severance timeline bleeds into the following calendar year, I'd also try to get the full 401(k) company match for the following calendar year

Best case scenario: You negotiate garden leave as opposed to severance, which means you maintain access to all/most benefits incl. health insurance.

Additionally:

1. Document EVERYTHING to protect yourself.
   

2. Grab any performance data and metrics that will help you update your resume/LinkedIn and help you prepare for future job interviews.
   

3. Change your benefits account login (e.g. 401k, stock brokerage, health insurance, etc.) from your work email to your personal email.
   

4. If your company offers any employee discounts, download them all ahead of time.
   

5. If you haven't already, max out your 401(k) to the point where you get the full company match. (This is also why you should consider frontloading your 401k contributions early in the year)
   

6. If you have enough liquidity/savings, consider contributing to your Mega Backdoor 401(k) - assuming your employer offers this option (not all companies do).

We all know the job market is tough right now.

It will likely take most people longer to find a new job than in previous years.

Negotiating a better outcome for just one or two of the above can make a meaningful difference for you and your loved ones.

Short-term discomfort for long-term gain.

If you have been navigating layoffs or will in the near future, I’m sending you so much love and strength!

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