Jacki, the Executive Director at a New York not-for-profit, felt something wasn’t right. She had been excluded from meetings and left out of important communications. Months later, she was unceremoniously terminated. “I suspected it was coming,” she said, “but fortunately I knew to take steps to protect myself and negotiate an agreement based on the value I brought to the company.”
Jacki is not alone. With women in tech 65% more likely to lose their jobs than men - Yahoo, Zoom, eBay, PayPal, IBM, Spotify, Google, Amazon and Microsoft have all announced significant cuts within just the first six weeks of the year - tens of thousands of women will soon find themselves in a similar position.
I remember well when I was laid off from my anchoring job at NBC – where I had worked for 27 years. I was shocked, and it stung. And amidst the emotional trauma, I had to negotiate an agreement that properly reflected my value. But just like there are best practices for finding a job, I learned there are also best practices for leaving one. And doing it right - assembling the best team to help navigate the process - can have a huge impact on your career and bottom line going forward.
Maximize your value and your personal brand.
Look at Melanie Whelan, the ex-CEO of SoulCycle. She leveraged her brand – an experienced leader in the consumer space using technology to drive growth – to pivot to a career in private equity investing in and advising similar companies. Her role at SoulCycle didn’t define her – her skills and accomplishments did. But frequently women fail to recognize what their value and brand equity truly is.
It’s helpful, therefore, to work with a communications expert to clearly define and best articulate your own personal brand. “It’s important to remember that your company does not define your personal brand,” advises Stacy Berns. The President and founder of Berns Communications Group says even if you leave your company, you still retain your brand equity, and that brand can easily be marketed to help in the next phase of your career.
Control the narrative
Set the rules so that your exit story is told fairly and consistently in order to protect your reputation and brand. For example, negotiate your exit terms so you control what the company and its leadership say about you. Insist on the right to approve all internal and external communications about your departure. “A carefully written press release can help your client get to the next phase of their career,” says Hollis Gonerka Bart, an attorney who advocates for executives during employment negotiations.
Gather a team around you… including an experienced employment lawyer.
You against a large organization is not a level playing field. “It’s important to establish a relationship with a good employment lawyer well before you need one,” advises Bart. How early? “At the first inkling that something is amiss. The longer you wait, the greater the risk that whatever leverage you have will be eroded. Far too often, women executives are reluctant to involve a lawyer out of fear of being perceived as being ‘too aggressive.’ Be as fierce and focused about salvaging your career as you were in building it.” And don’t try to go it alone. Executives who leave a company without legal representation do not get the best deals because they don’t know what they’re entitled to. A seasoned employment attorney will.
Don’t underestimate the power of your platform.
Announcing your exit from a company on social media not only is a great way to let companies know you are available, but it is an effective way to share all your major career wins with a large audience. A great example comes from Hearst publisher Nancy Berger. In her LinkedIn post announcing her decision to leave magazine media she writes, “As I reflect back on the amazing brands I have had the opportunity to work on or run, it has been an incredible, helluva ride. Topping the masthead of an enviable list of dream brands in beauty, fashion, epicurean, travel and pop culture … I have literally had a front row seat at an ever-changing, thrilling, creative-led badass industry.” (That’s also called being grateful.) Berger’s post goes on to list many of the industry-leading, brand-building events she developed and led throughout her career.
Experts say posting about your departure on social media is also a great way to show potential employers that you’re a team player. “It’s essentially a publicly available CV and cover letter, letting everyone know you’re available, adaptable and highly employable,” London School of Economics associate professor Grace Lordan told the BBC last month.
Project positivity.
“I’ve had a number of seasoned, highly successful female executives come to me in the midst of a layoff or restructuring feeling beaten down rather than empowered by their past achievements. They don’t recognize their own brand equity,” said Berns. Her advice to these women? “When telling your story, or looking for your next career move, always lead with the positive. Never speak badly about an old employer.” She tells women executives to focus instead on what they’re excited to bring to their next chapter based on all of the wins they’ve had in their career. It is consistent with the narrative and exudes the confidence needed in their leadership team.
Kelly Smith O’Hara, the head of North America at executive search firm Bentley Lewis agrees the key to moving forward is focusing on the positive and not feeling like a victim. “No negativity or woe is me,” she advised.
And when you do start your next chapter, heed Bart’s final tip. Negotiate your exit before you start your job. “How can you ever ask for severance or reputational protections if your contract is silent on what happens when you leave? Your leverage is never greater than when you’re being hired,” explained Bart. “So, use it.”
