In today's ever-changing global workplace, layoffs and downsizing are pretty common. The first thing to do is pay attention to the writing on the wall. If your company is struggling financially, you could be facing a layoff. Look for other signs as well. Are there divisions in your company that your company may be considering selling? Is there a possibility that your corporate headquarters may move to another city or state? These are all very real possibilities you should consider.
While virtually no employee's job is protected, there are steps you can take to better prepare you for the transition. Here are things you can do reduce the amount of time you are without a job:
- Update your resume and be sure to add the details of your current job, any new skills or credentials you have acquired and key projects you have completed. Be sure to remove any information that is irrelevant to your next target job.
- Start networking early while you are still working. In addition to meeting new people, reach out to your existing network. Also, don't forget to establish key alliances and reference sources at your current employer.
- Contact a recruiter early and be candid about your situation. They may be able to find you a new job before you are laid off.
- Brush up on your skills by gaining new credentials or even a degree. There are many options available from online to traditional face-to-face programs.
- Consider a career change and do something else that you have always wanted to do.
After You Have Been Laid Off
Now that you have been given notice by your employer it's time to take action. This is not the time for a pity party! It's time to ask questions and put your plan in place. The first thing you will need to do is have a talk with your human resource benefits manager.
You will need to get a summary of your eligible benefits. Some of those benefits may include:
- Service pay, commissions, bonuses, deferred compensation, accrued vacation, sick pay and unemployment insurance
- Un-reimbursed business expenses
- Rights under pension, profit sharing and 401(k)
- Health insurance continuance. By law, if your company has over 20 employees it is mandated that they offer health insurance through COBRA to terminated employees. The employee is responsible for payment of the premium.
- Confirm if you have stock or any other unvested options.
- In addition to asking for reference letters, confirm your employment record is clean. This is especially important when future employers begin background investigations.
- Outplacement assistance and resources.
After your last day, you should take up to a week of personal time to think and plan. You should also take this time to file for unemployment and consider ways to supplement your income until you find your next job.
Once you have come to terms with your present situation, begin to implement your plan. Keep your mind open to the various opportunities that are available to you. Though it may seem difficult, try to see your present situation as a pathway to a better career.