Generous severance packages, getting out of toxic workplaces and finding a better job with better pay are a few reasons respondents to a recent BioSpace survey felt that being laid off was for the best.
Layoffs can have a significant impact on biopharma professionals, but it’s not always entirely negative, based on a recent BioSpace survey. It found that 66% of respondents felt that being let go ended up being for the best. The finding is noteworthy given that this year, thousands of people in biopharma learned they will lose their jobs and are navigating what happens next.
BioSpace survey respondents aren’t the only ones who have ended up feeling like their layoff was in their best interest, according to Porschia Parker-Griffin, founder and CEO of Fly High Coaching. She told BioSpace via email that it’s common for her life sciences clients to feel that getting let go wound up being positive and helped them move forward in a better direction.
It can take awhile for biopharma professionals to put a significant event like a layoff in context, according to Parker-Griffin.
“It’s very hard because people move through the different emotions of grief that come with being laid off,” she said. “It can be really difficult to process those thoughts, feelings, and emotions in real time.”
Parker-Griffin also noted that when they’re laid off, most people don’t know their next steps. They’re not sure how long they might be unemployed, employed outside of their industry or employed in a role that isn’t their dream job or isn’t on the career path they would choose for themselves. Given that, she estimated that it usually takes most life sciences professionals three to 12 months to decide how layoffs impacted them, their family, their financial situation and their career path.
While most BioSpace survey respondents felt that being let go ultimately was for the best, some did not. For example, an early-career scientist noted that “Severance however generous does not equate to opportunity to take up a meaningful career role in the current market.” Another biopharma professional shared that “I was unemployed for 7.5 months, lost $80,000 in income, and my confidence nearly broke.”
Still, BioSpace received dozens of comments from survey respondents who felt that getting laid off ended up being for the best. The most often-cited reasons for that outlook were receiving a good severance package, getting away from a problematic workplace and finding better jobs.
Using Severance to Fund Academic, Career Opportunities
About two dozen biopharma professionals cited severance as playing a role in favorably viewing layoffs. Some noted that the amount they received helped them explore academic or career opportunities. For example, one biopharma professional received six months’ pay, allowing them to finish college early.
Another wrote that “I got a generous severance and it gave me an opportunity to rethink how to manage personal risk concentration. I ended up taking on multiple fractional executive roles to maximize my earning potential and flexibility. So far it’s been much better than working in a single company.”
For one biopharma professional, severance freed them up to find their next role.
“I wasn’t happy and wanted to leave anyway but applying for new jobs when working full time is simply not possible,” they wrote. “The severance allows me to focus on job searching full time.”
Escaping Troubling—Sometimes Toxic—Workplaces
Getting out of problematic workplaces is another reason many felt being laid off was for the best. For example, one biopharma professional shared that “It was a very toxic environment and I would have never left on my own accord but stepping away, I felt immediate relief.”
Some who described their former employers as toxic cited management as an issue.
“I had been spending too much mental energy trying to please a toxic boss and my self esteem took a hit,” one biopharma professional wrote.
Other criticisms of former employers included the phrases “dysfunctional,” “lack of growth opportunities, constant layoffs and reorgs” and “a hopeless environment.”
Knowing how difficult problematic workplaces were, some biopharma professionals expressed empathy for those still at their former employers.
“The company was in a downward trend and the work kept piling up on remaining employees,” one person wrote. “I’m glad to have been let go since I received a package when my former colleagues are being driven to quit.”
Getting a Better Job, Sometimes Without a Boss
Many biopharma professionals shared that getting a better job is why losing their last role was for the best. One noted that they’ve been laid off twice, and both times, they found positions they liked more that had either the same or higher total compensation.
Some didn’t even start looking for other employment until they got laid off.
“I felt stuck in my job, and with so many changes and uncertainty in our particular field, morale was low,” one biopharma professional wrote. “As a mid-career professional, the general feeling was ‘I guess this is just how life is going to be until I retire.’ I’m in a field where job hopping is still seen as negative, or at least I thought it was. Being laid off was the kick I needed to actually change jobs.”
Not every biopharma professional went to work for another company. Some went into business for themselves in fractional roles or as consultants. For example, one shared that they found consulting roles that stretch and challenge them—and pay them twice as much as they made previously.
Looking at the Big Picture
Some biopharma professionals saw value in getting laid off because the experience allowed them to evaluate their career paths and work-life balance. For example, one upgraded their skills, while another pursued education courses to give them a competitive advantage for future roles.
A few people shared that they worked on improving their health. One noted that they’d been stress eating at their previous job and approaching obesity but are now at a much healthier weight, engaging in intense physical exercise several times a week.
Parker-Griffin noted that she’s seeing many stressed-out, overworked and burned-out professionals who, when laid off, have a lot of anxiety and fear around making a transition that wasn’t necessarily their choice. “But,” she added, “when they step back and reflect they can see that they were overworking themselves and that was not healthy or sustainable for their career long term.”
While not every biopharma professional will feel that getting laid off ended up being for the best, some will—even when it’s a challenging experience.
“Yes, being laid off was difficult at first, but it ultimately pushed me to reassess my career path and priorities,” one biopharma professional wrote. “I was able to gain clarity on what I truly wanted, and it opened doors to opportunities I wouldn’t have considered otherwise. Looking back, it turned out to be a turning point that led to growth, both professionally and personally.”
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