What is a 'Pink Slip Party'

A pink slip party is an event that helps recently laid off professionals network with job recruiters. Pink slip parties usually occur during times of economic upheaval, when unemployment rates are high, and businesses are closing or downsizing.

BREAKING DOWN 'Pink Slip Party'

Pink slip parties are casual gatherings which will sometimes also fundraise for charity while providing job leads and advice to attendees. Another aspect of these parties is that they allow unemployed professionals to network with each other. This can result in the sharing of prospective leads as well as commiserating with other professionals that are experiencing the same career setbacks. 

It is not uncommon for pink slip parties to include tips for updating resumes and interview preparations, as people who've been laid off have sometimes been with the same company, or in the same position, for many years.

An Example of a Pink Slip Party

Pink slip parties most commonly occur during times of financial crisis. In the mid-2000’s when the recession hit many real estate professionals found themselves out of work. Everyone from realtors to bankers were let go from their positions when their companies had to downsize or close their doors completely. Unable to find work in the real estate sector, many people needed to look outside of their existing network to find jobs. Since some of these professionals had only worked in real estate, they needed to update their resumes, learn tips for landing jobs in other fields, and in some cases receive additional job training to make them more appealing to prospective employers.

Take for example the case of Mary Smith. Immediately after graduating from college she went to work in the mortgage industry. She worked for the same company for a decade. Although she joined the company in an entry-level capacity, over the years she'd worked her way up to a management role. In 2006, her company began to experience the same hardships that other subprime lenders did, and they began to lay off their employees. By 2007, the company laid Mary off. Since the job market was steadily shrinking, and the potential employee pool was growing thanks to multiple rounds of lay-offs, Mary had to seek employment in another industry. She decided that she would try her hand at sales. Since she had no experience with sales, she attended a pink slip party at her local community center. At the pink slip party, she met a recruiter for a local bathroom remodeling company who helped Mary find a job.

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