Experience a layoff? Being laid off can bring a range of emotions and sometimes can happen suddenly. We have developed some helpful tips for staying poised and focused on guaranteeing successful next steps and future paths.
Try NOT to panic when laid off.
A layoff is not an ideal situation. It’s typically unexpected, compromises you financially, and takes an emotional toll. The panic you may be feeling is entirely within reason. That being said, it’s also imperative to realize that this situation should be approached with a fresh perspective. After all, you are granted the rare opportunity of time. Time to reflect and refocus to take steps toward those personal goals that have likely been on the back burner. If you’ve thought about potentially switching careers or even advancing your education, take this time to come up with a game plan on how to move forward and finally make changes.
The common causes of being laid off.
Unfortunately, a tumultuous economic climate or significant company changes can lead to tough financial decisions having to be made, resulting in the loss of your job. When these changes occur, it often means that the company has to let go of employees, although it may be the last thing they want to do. Here are some other reasons that a company may decide to cut down on staff:
Downsizing: A company can downsize when clientele or revenue has been lost. Under these conditions, a decision must be made to adjust their labor force.
Reconstruction: If your company has undergone reconstruction, they have likely made significant changes to its organizational structure, including its finances, management, and operations.
Employee Overlap: This is explained as a situation in which management decides that two employees are doing similar work and make the decision to cut one of these employees to avoid spending more money on payroll than needed.
Closing: If your current company is no longer in business due to various possible reasons, this, unfortunately, results in the loss of all employees.
What to do now that you are laid off?
Get it in Writing: First things first, it’ll be in your best interest to discuss the terms of unemployment with your employer just as you would when presented with a job offer. Once you come to an agreement on the date of termination, cause of termination, severance pay, and other details, be sure that the information is presented to you in writing and signed by your employer to avoid running into any surprises or misunderstandings.
Determine Your Final Payments: When you’re presented with the news of your layoff, be sure to discuss a potential severance package with your employer or figure out how you will receive your final paycheck. Severance pay can be given to you over several weeks or months, depending on your company. Be aware that laws regarding severance pay vary from state to state, so do your research if you have concerns.
Health Insurance: Also varying from state to state, educate yourself on health insurance laws and find out what kind of coverage you’re entitled to. Your typical option is COBRA insurance, which can allow you to be on your company’s insurance for at least 18 months.
Budget: This is the time for you to make necessary adjustments to your spending to fit a temporary decrease in income. Take a look at your “extras” like subscriptions, eating out, and other entertainment expenses.
Create a New Routine: With your newfound time, this is your opportunity to utilize your day productively and don’t let this layoff get you in a rut. This could be seeking new job opportunities, refining your professional skills, rediscovering your hobbies, spending time with your family, or whatever productivity means to you.
Seek Support: Immediately following the news of your unemployment, find out about your state’s unemployment benefits and participate as soon as possible. These benefits may keep you afloat but won’t last forever, so you’ll want to evaluate your spending to determine what’s necessary and what can be put on pause for the time being. Visit your state’s reemployment assistance website to familiarize yourself with the benefits available to you.
Figure Out Your Career Goals: If the position you just lost wasn’t your dream role, take the time to think about what that may be. Make your job search a productive one by identifying what makes you happy and what conditions will fulfill your needs before jumping right into the job search. This way, you’ll avoid ending up in an undesirable job situation out of haste.
Utilize Connections: Hopefully, you’ve made some connections throughout the duration of being in your field because this is the time to reach out. Don’t be afraid to find out whether or not that old colleague or classmate has an opportunity that could be your next big move. Utilize LinkedIn as a tool to reach out to connect to those people and follow us for our daily job opportunities.
Consider Contract or Part-Time Employment: Depending on your field of work, contract or part-time work may be a viable option to keep up with your financial obligations. In addition to alleviating the stress of money, It will also help you to avoid a gap in employment and keep your skills sharp.
Stay Prepared: If you’ve read this, you may have experienced a layoff. However, moving forward, it is excellent practice to always keep your resume up to date and keep your eyes on the job market so you can always have an idea of the employment climate. Make it a point to update your resume with all of your notable accomplishments and acquired skillsets from your previous position. Taking these steps will ensure that you’ll be equipped to navigate unexpectancy as it may come.
Once you take these steps following a recent layoff, utilizing the services of a recruitment firm can shorten the time of your job search.
If you have had the unfortunate experience of being laid off and are seeking new opportunities, our team could be a resource. Exploring your options, visit our job board to see active opportunities available today at Jobs.interiortalent.com.