Too many people have been out of the hiring game for too long and I know for a fact that being laid off has left some of them feeling completely lost. There's an easy way to avoid this: start applying for jobs even if you're not planning on leaving. Go as far as doing the interviews you manage to land. At worst, you'll end up sharpening your interviewing skills. At best, you might land a better job without even planning. In any case, this will make you more prepared in case you are next on the list for layoffs.
It's going to be rough competing with the students your training for the same jobs.