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Despite the Federal Reserve applying a series of steep interest rates in 2022, the labor market has remained tight and inflation stubborn.
Executive tech and G&A recruiter Ben Foster recently found himself laid off from his job for a second time — the first time was during the Great Recession — but this time he chose to handle it differently and has this message for those in a similar situation: “The #layoffs don’t control or define you.”
What Happened: “This (time it) was different, yet with the same stages of grief and coping,” Foster said. “Getting laid off impacts you — it really messes with you. It’s traumatic, it’s scary, it’s despairing, it’s straightforward yet confusing.”
After being laid off, Foster did what many people do — relentlessly searched for a new job.
“I was diagnosed with high blood pressure, likely because I sat at my computer all day, my heart racing as my brain would yell ‘you gotta find something, you gotta land something!’ at me all day,” he wrote on LinkedIn.
A few months after Foster was laid off, he came to a realization and decided to make a change.
What Foster Changed And How It Impacted Him: “I came to the realization that I still had a choice. I could choose to still weave in a long TV lunch break at that point in my search, get more house projects done, and make some impractical life decisions (#yolo),” Foster wrote.
Then, Foster packed up his and his family’s bags, surprised his daughters with plane tickets to Disney and headed out on vacation.
“Surprising our daughters at 5 a.m. with plane tickets and packed bags was great, but honestly, this Disney vacation was for me first and (me) foremost. (What feeds the fun fuels the soul),” he wrote.
Although Foster didn’t say how much he had saved to be able to afford such an extravagant trip for his kids… or himself rather, he advised that there are fun things people who are laid off can do for free.
“I will say it has been a game changer for me to implement different ways to punch the layoff shadow in the face, from the random and ridiculous to the easy and 100% free things that anyone can do.” (The average cost of a trip for four to Disney is about $5,400 but visiting local parks or going for a walk are free).
“And miraculously — perhaps via the Law of Attraction — I got lucky but I also got focused. I meditated; I got more healthy and am back to my college weight; I turned up the savviness of my networking; I sleep better; I completed multiple consulting engagements; and I’ve let myself stay in the sweet moments with my family as they occur. And, now I have more on the executive #recruiting job front,” Foster wrote.
The Economic Situation: On Feb. 24, the Bureau of Economic Analysis reported headline personal consumption expenditures (PCE) rose 5.4% in January, coming in well above the 4.9% economist estimate.
The data caused the market to begin pricing in additional or steeper rate hikes than previously expected, which could last into the summer of 2023, pressuring the S&P 500 lower over the days that followed.
Private sector data coming out from recruiting companies indicates hiring is slowing, however, which could be reflected in February’s jobless claims when the Department of Labor releases data next week.
Although many full-time traders and investors want to see evidence the economy is cooling, which could cause some sectors to rally, bullish market participants don’t want to see evidence a recession is on the horizon.
Of course, like in many situations, what one person gains another loses, and for those who are being laid off, they are an individual, with families, bills and financial responsibilities as opposed to a number.
Read Next: How This Millennial Generates $40K Per Month Working 30 Minutes A Day: ‘It’s About The Experience’
Photo: Unsplash.
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Image and article originally from www.benzinga.com. Read the original article here.