Part 1: What to do if you get laid off
In this time of economic uncertainty and turmoil, it’s unfortunate that layoffs (“Reduction In Force” for those who like to make it sound better) are more common than usual, leaving many excellent employees in the panicked aftermath.
That’s why this three-part email series is one you’ll want to pay attention to. Even if layoffs never affect you (and I hope they never do), it’s likely to affect someone you care about at some point. Over the next few days, we’re going to cover…
● The five step action plan you need if you ever get that dreaded announcement
● Boss money moves to protect yourself after a layoff
● The 411 on severance packages
Let’s carry on with part one – your action plan!
- Stay calm, and get the facts. Even if you had a feeling layoffs were coming, and your employer handled it as kindly as possible, they still hit below the belt and can make you question your value – even your very identity! (I’ve said before that many of us equate our work with value, which can be detrimental.) Your first step should be to put a cork in your emotions (until step 2), and focus on getting the information you need – your end date, severance package, benefits, and employment assistance options. After all, you may want to be eligible for rehire and have your employer give you a stellar reference. Bottom line: get what you need from your employer, and don’t give them a reason to say anything other than you were let go due to their issues, not yours.
- Take time to feel the feels. You’re allowed to be upset when you get laid off – it’s a massive interruption to your lifestyle that you didn’t ask for. Job hunting is objectively frustrating and can be super discouraging. Give yourself time to lick your wounds privately, but don’t allow yourself to fall into inaction. Let yourself dream big: could this be the push you needed to get the career or start the business you actually wanted instead of the “meh” job you settled for? Bottom line: don’t ignore how you feel, but don’t develop bad habits.
- Make your money moves. I’ll go into greater detail about this in part 2 of this email series, but a good starting point is to ensure you understand every part of your severance package and health benefits. Find out the requirements for your state’s unemployment program and apply if you’re eligible. Is it a blow to your pride? Sure, but it will help keep you above water. Bottom line: Take advantage of all the financial lifelines you have access to.
- Get intentional about job hunting. Take applying for a new job as seriously as you would the job you just lost. Set a schedule and stick to it – lunches, breaks, and all. Once you’ve met your goals, leave room for those projects you’ve put off (like cleaning out that garage) and personal development. Bottom line: You still have a job – finding a new job!
- Shout it from the rooftops. No one can help you find a job if they don’t know you need one – and people generally want to help others. That’s why maintaining connections and relationships with others is so important, regardless of your employment status. Send emails. Post on social media. Update your LinkedIn profile. Schedule coffee dates. You’ve got nothing to be ashamed of: layoffs can affect anyone. Bottom line: You never know who’s hiring, and leveraging your network can give you the in that you need to get a new job faster.
Don’t forget, getting laid off is just a pitstop on your life’s journey. As nerve-wracking as it might be, with the right mindset, it can create opportunities that you never even considered before. Isn’t that a comforting thought?
Creating a plan for a sudden loss of income is just one part of building a holistic financial plan, and that’s exactly where we shine.
To book a 15-minute consultation and chat about your plan (where you are now, and where you want to be in the future), it’s easy – just call 330-836-7800 or >>click here to reserve a spot on my calendar.<<
