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How to Survive Healthcare Layoffs

Learn how to prepare for a potential healthcare layoff and transition back into the workforce.

By Dillon Price, Monster Contributor
male nurse on tablet

The healthcare industry is the lifeline of our communities, providing medical support, treatments, and services to the public. But what happens when healthcare companies and facilities feel the impact of economic uncertainty? Unfortunately, the answer is often healthcare layoffs. From nurses to doctors to respiratory therapists to receptionists, anyone in healthcare can get the pink slip.

Although healthcare is a more robust industry than most, healthcare providers do cut staff when the economy takes a dip. With hospitals laying off staff, it may feel like your healthcare job is on life support.

Just think of the saying, “hope for the best, but prepare for the worst.” This article will help you do just that. Read on to learn about the warning signs of healthcare layoffs and ways to prepare in advance as well as how to make a quick career recovery after a layoff in healthcare.

The Impact of Healthcare Layoffs on Employees

Healthcare layoffs can have a significant emotional and financial impact on employees. Job loss often leads to feelings of uncertainty, anxiety, purposelessness, and disappointment, especially for healthcare workers who are passionate about helping others.

The financial impact of layoffs can be devastating to employees. With the loss of income, it can be difficult to make ends meet and pay for basic expenses such as rent and groceries. The loss of healthcare benefits can also be a major concern for those who have pre-existing medical conditions or rely on medications.

Plus, losing a job in the healthcare industry can be challenging for employees who have spent years developing specialized skills that are not easily transferable to other industries.

Luckily, there are ways to prepare for a potential layoff before you get that pink slip, setting you up for a smooth transition to another job.

Warning Signs of Healthcare Layoffs

Layoffs in healthcare can happen suddenly and without warning, leaving employees feeling shocked and uncertain about their future. However, there are some common warning signs to look out for. For example:

  • Hospital layoffs may start with a reduction in employee hours.
  • Decreased workloads are common with hospital and nurse layoffs.
  • With hospitals laying off staff, there may be a hiring freeze or a lack of promotions or raises.
  • Leadership changes are common indicators of layoffs in healthcare.
  • A lack of communication from management could come before a layoff.
  • Decreased revenue or funding could mean hospital or nurse layoffs are coming.

9 Ways to Prepare for Potential Layoffs in Healthcare

Facing healthcare layoffs can be stressful and overwhelming, but there are ways to prepare yourself in advance or bounce back from a job loss.

1. Stay Informed About the Situation

One of the best ways to stay informed about potential hospital layoffs is to communicate with your supervisor or HR department. They can provide information about the situation and what steps are being taken.

You should also stay up to date with industry news and trends, so you can make informed decisions about your career and stay ahead of any potential changes in the healthcare industry.

2. Plan Financially

It’s important to have a plan in place to help ease the financial burden in the event of a layoff. The first step is to determine your monthly expenses and create a budget. This will help you identify areas where you can cut costs and prioritize essential living expenses. If possible, try to have at least three to six months’ worth of living expenses set aside in case of a layoff.

It’s also important to assess your insurance coverage, including health, life, and disability, to ensure that you’re adequately protected in case of an unexpected event.

3. Look Into Severance Pay

Be aware of any severance packages that may be available to you before a layoff occurs. Severance pay is a compensation package offered to employees during a layoff. You might receive a certain amount of money in weekly or bi-weekly installments, continuation of benefits, and access to career counseling services. Severance pay may last from a few weeks to a few months.

4. Update Your Resume

It’s important to stay proactive and update your resume in the event of a layoff. Start by reviewing your current healthcare resume and identify any areas that need a refresh. Consider adding new skills, certifications, or professional achievements that you have acquired since your last resume update.

Also, highlight the skills and experience that are most relevant to the type of job you’re looking for. Use action words and quantify your achievements to make your resume stand out. And don’t forget to send a cover letter to introduce yourself to potential employers and discuss your healthcare background.

5. Network With Other Healthcare Professionals

Networking with other healthcare professionals is an effective way to prepare for healthcare layoffs. Here are some strategies to consider:

  • Reach out to colleagues in your field and let them know about your situation.
  • Attend industry events and conferences to meet new people in the healthcare industry.
  • Consider volunteering at a healthcare organization to keep your skills sharp and make new connections.
  • Ask for recommendations or introductions from your network.

6. Develop New Skills

A layoff can be tough, but it provides an opportunity to develop new skills that you may not already have. First, assess your interests and what skills you would like to develop. There are many free online courses and webinars available on healthcare topics.

Consider taking courses in medical coding, data analysis, and healthcare management to expand your skills and employment options.

7. Start Searching for New Jobs

If you know that a layoff is looming, start looking for a new job before your last day. Consider researching job openings and companies that align with your career goals. Finding a new position may take time, so be persistent with your job search.

There are still plenty of healthcare positions that offer excellent job security. Here are the 10-year job growth estimates for a variety of healthcare jobs from the Bureau of Labor Statistics:

8. Pick Up Gig Work

The hiring process for a new job can be slow and time-consuming, and there is no definitive answer as to when you’ll hear back from an employer. Plus, you’ll likely go through multiple rounds of interviews before an employer decides to hire you. It can take several weeks (or longer) to get from the application process to your first day on the job.

If you need to find work quickly in the meantime, consider picking up a gig job. This will allow you to earn money as a contractor, freelancer, or per diem worker. If your goal is to earn money temporarily while searching for full-time work, there are plenty of gig work platforms that offer quick onboarding, flexible schedules, and other perks. Some of the most popular ones include Uber, Lyft, Upwork, DoorDash, and Amazon.

9. Look Into Government or Organizational Support

Many healthcare organizations and government agencies offer services to healthcare workers, so they can transition back into the workforce and make ends meet. Some of the benefits you can find in the event of a layoff include:

Join Monster to Bounce Back From Healthcare Layoffs

If you have recently been laid off from a job, or likely will be, Monster can help you get back on track. Create your profile for free and let us connect you with job recruiters in the healthcare industry. Plus, we’ll send free notifications to your phone when healthcare jobs that match your skills become available. No matter how uncertain times are, we’ve got you covered.