2025 is proving to be a turbulent year for corporate America as numerous Fortune 500 companies—Microsoft, Intel, Walmart, Meta, Morgan Stanley, to name a few—conduct large scale layoffs. At the same time, the federal workforce continues to be slashed, and the rise of AI technology threatens to upend org charts across industries. Even high-performing Darden alumni are being affected by recent layoffs.
In this two-part blog series, we’re sharing practical first steps to help you move forward after a layoff. In Part One, we focus on managing your company’s layoff process, and in Part Two, we’ll offer strategies to begin your job search with purpose. First and foremost, however, take time to regroup. Before you can effectively manage a severance agreement and a job search, focus on your mental, physical and emotional well-being.
Review Your Severance Package Carefully and Understand Your Benefits
- Based on your role and tenure, you may be able to negotiate elements of your package—pay, annual bonus, unused PTO, health benefits or outplacement support. If it doesn’t reflect your experience, don’t hesitate to speak up.
- Be sure you understand the timing of your severance pay. If a company sets a payment window (e.g. “within 70 days of your termination date”), you may need to adjust your budget while you wait for the payout.
- If you hold unvested corporate equity and are terminated before it vests, try to negotiate to retain some or all of its value.
- Before signing a severance agreement, ask for a few days to a week to review the document and potentially contact an employment attorney. This is common practice, so do not be pressured to sign anything without the opportunity to review it first.
Retrieve or Request Key Documentation
- Download your performance reviews before you leave or request copies from Human Resources. These evaluations often include numbers-based results and language you will be glad to have handy later for your resume, LinkedIn profile and interview stories.
- Clarify who owns the rights to any intellectual property to avoid future legal action.
- Download personal files and contacts stored on your work computer and email.
Establish a Point of Contact for Employment Verification
- Reach out to your HR department to determine the company’s employment verification policy and procedure.
- Request written references with the option to approve the language or suggest edits.
- If you prefer your direct manager not to be contacted, recruit other colleagues to act as references.
Establish Your Termination Date—Especially Relevant for Visa Holders
- Keep in mind that your last official day of work is what counts when it comes to starting unemployment benefits and ending employer health coverage, regardless of the length of your severance agreement.
- H-1B visa holders must find a new sponsoring employer or change their visa status within 60 days of losing their job to remain in the U.S. legally. In such cases, consulting an immigration attorney would help you navigate options.
Review/Negotiate a Non-Compete Agreement
- While the FTC’s attempt to ban non-competes failed in 2024, four states have banned them completely, and many other states have placed restrictions on their enforcement, so there may be room for negotiation in the current landscape.
- Realize that companies may also enforce a non-disclosure agreement (NDA) or other means to protect themselves, so educate yourself to understand if you are bound by such agreements.
- For a deeper dive into non-compete trends, read a previous ACS blog post on non-compete agreements.
- Consult an attorney if you need clarification or advice on these matters.
Take Advantage of Outplacement Resources
- Be sure to closely examine the resources being provided. If the services offered do not meet your needs, negotiate.
- Ideally, these resources will include: job search tools (databases, job alerts, etc.), support with your resume and online profile, mock interviews, skill development (online courses and workshops) and access to a career coach.
A layoff can be one of the most challenging experiences of your career. In the immediate aftermath, it’s essential to advocate for yourself—ask questions, review the details carefully and make sure you understand the terms of your severance and benefits. You’ll then have a stable foundation for whatever comes next.
If you’ve been affected by a recent layoff or need other professional support, please contact us at alumnicareerservices@darden.virginia.edu, and we’ll connect you with one of our coaches.
