Being laid off from your job is one of the most difficult experiences anyone can go through. I’ve been through it twice. It’s scary, overwhelming, and can be incredibly stressful. But you can survive and maybe even thrive in your next new job.
Lately, it seems like there are new layoffs every day on LinkedIn. Some appear to be due to mergers and acquisitions, like my most recent situation. Others are due to the economy or eliminating entire teams. My wish for you is that you are never the victim of a corporate layoff! But it is in your best interest to take action now.
There are steps you can take to make the process easier and get back on your feet faster.
In this blog post, I’ll cover my best practices on how to survive a layoff.
Tips for Surviving a Layoff: Get Prepared Before the Layoff Happens
The best way to prepare for a layoff is to be proactive about it. I see people stay in jobs with toxic managers and horrible environments because they are intimidated or afraid of the job search. It takes the right mindset to engage in a job search. So, while you are gainfully employed, it’s a good idea to get things in order, just in case.
Keep your resume and LinkedIn profile updated. If the worst-case scenario does happen, you’ve already got those documents ready to go. Schedule a quarterly check-in with yourself to add any big projects or accomplishments. Use keywords related to your position that recruiters might search for. Include success metrics and new software tools you have learned.
Talk to recruiters. If your LinkedIn profile is optimized, recruiters may contact you as a passive candidate. I suggest you take the call and talk to them. Even if you are not actively looking. Make that connection and hear them out. Don’t forget to connect with them on LinkedIn too. This may be the universe telling you it’s time to consider new opportunities!
Save work samples. You need to respect your company’s privacy policy but you can still save examples of presentations, checklists, SOPs, strategy summaries, reports, designs, etc. You may want to start a sample portfolio for future interview situations.
Pay attention to the signs. Listen to the tone of the executives in the quarterly all-hands meetings. Are they optimistic or hiding their concern? Watch the numbers and key metrics. Is the company doing well or struggling? Have they implemented salary or hiring freezes? Are the senior executives spending a lot of time behind closed doors? Have you noticed teams of lawyers in the office? These all may be signs that layoffs are coming.
Watch your spending. I am not a financial advisor but you know it’s wise to watch your finances closely while you have a full-time job. Eliminate or limit the balance you carry on credit cards. Live within your means. You may need to increase your credit card debt if you ever get laid off and don’t receive a severance package.
Build an emergency fund. Lastly, consider building an emergency fund. This doesn’t happen overnight, but you can try to save a little each month. I am a big fan of Suze Orman and she suggests having three to nine months of living expenses saved. Having extra money saved up will give you peace of mind knowing you can get through tough times. Start with saving $100. That could cover a utility bill. Then build to $500. That might cover a car payment. Build to $1,000 and so on.
Tips for Surviving a Layoff: Take Care of the Business of Being Unemployed
If you are blind-sided by the layoff and job loss, it will take you some time to process the emotions before you can spring into action. These are the first things to take care of before you start looking for a new job.
Use your health insurance while you are covered. If you are laid off in the middle of a month, you may still be covered by your current insurance until the month ends. If so, refill your prescriptions and schedule your appointments before the coverage ends.
Apply for unemployment benefits. The process may be different depending on where you live. You may be able to make your initial unemployment claim online but you may have to go to an office to show proof of identity and talk to a representative. Don’t procrastinate on this!
Submit your weekly request for unemployment. The first step is to apply but you are responsible for submitting weekly requests and with details about your job applications. Be patient with this process. I found the unemployment website to be extremely confusing and difficult to navigate.
Take advantage of outplacement services. Some companies will be a little more generous and empathetic and offer to pay for career consulting, resume writing, and other outplacement services. Takes advantage of all of this!
Sign up for COBRA coverage. This gives you the option to choose to continue group health benefits provided by your company for a limited amount of time at your own cost. Talk to your company about the details to see if this makes sense for you.
Understand the terms of your severance agreement. You may need to seek legal advice to be sure you understand the terms. Is there a noncompete clause? Do not disparage your employer on social media. How long will you receive severance payments?
Manage your expenses. This is a catchall for a variety of difficult tasks. You may contact credit card companies to discuss a smaller monthly payment. Talk to the funding agency for student loans about temporary deferment. Apply for food stamps or Supplemental Nutrition Assistance Program (SNAP). Cancel streaming services or your gym membership, etc.
Visit your local library and see what services they offer. I updated my library card, took advantage of free eBooks on my Kindle, and checked out hardback books on motivation. Most libraries also offer free Internet too.
Tips for Starting Your Job Search
Your immediate reaction to being laid off in the short term will be to quickly start blasting out resumes. My advice is to take a breath and get things in order before you start applying. You will be feeling many different emotions like denial, anger, and sadness. You don’t want to start interviewing in this state of mind.
If you were in your previous job for a long period of time, you will find that the job search process is very different. So take some time to prepare and to understand the process.
Figure out what you want. Think about your past jobs, former bosses, and your desired career path. Make a list of the attributes that describe your dream job. Consider the size of the company, industry, business offering, location, etc. There is no reason why you can’t get what you want in your next job.
Update your resume. Spend some time thinking about your biggest and best projects. What new software programs have you learned? Did you win any awards or receive recognition?
Write a cover letter template. This one is debatable! I had three recruiters tell me to skip the cover letter but all my best interviews came off applications that included a custom cover letter. If you decide to write a cover letter, be sure to format it to be easy to scan and tie your experience to the most important requirements in the job description.
Ask for help. Let everyone know you are looking: family members, friends, and former colleagues. Use Facebook and LinkedIn to put the word out. Ask to be introduced to well-connected people and conduct networking interviews. In my most recent layoff situation, I was referred for a job by a salesperson from a previous job. That is a much more pleasant process than applying online!
Utilize online job boards. Set up a profile on Monster, Glassdoor, Indeed, ZipRecruiter, etc. Re-upload your resume every Monday so it shows up to recruiters starting the week off. Different companies use different sites so you want to have a presence on multiple sites. Change your status on LinkedIn to “Open to finding a new job.” This will set a banner on your profile image.
Tips for Surviving a Layoff: Take Care of Yourself
It’s also important to remember that taking care of yourself and your mental health should always remain a priority during this time. Laid-off workers can burn out quickly by spending too much time stressing out and applying to jobs they don’t really want. Even though it may feel like there aren't enough hours in the day between job searching and managing your personal life, make sure you're carving out time for yourself each day too!
Dedicate time for the job search. I understand that when you are unemployed, you feel like every minute of the day should be focused on getting a job. That is not realistic or healthy. I slept in a little. Then got my coffee and focused on my job search all morning. Took a break for lunch, worked out and did a few more job search tasks in the afternoon, and then gave myself free time.
Take breaks. You need to be able to step away from the work of the job search. Spend time to keep your stress levels at bay while also allowing room for creative thinking and relaxation. This is a good time to go to the zoo or an art museum during the day while everyone else is at work! Go to a daytime baseball game or do some yard work. Do things that feed your soul.
Keep a positive attitude. This is a tough one! That’s why I wrote an entire article “18 Ways To Stay Positive During a Job Search.” You will probably never know why you were laid off and other people weren’t. It does no good to spend any effort trying to figure that out. In the words of Ross Gellar from Friends, “PIVOT!” you need to shift your thinking. Accept yourself. Practice gratitude. Get organized. Embrace the uncertainty.
Surviving a layoff is no easy feat but by following these steps, you can ensure that this difficult experience goes as smoothly as possible. The key is staying focused on what lies ahead while still taking breaks along the way. After all, life isn't just about work. With patience, effort, and self-care, there's no doubt that you'll come out stronger on the other side of this experience.
My hope for you is that there is a silver lining at the end of your successful job search and you find your dream job, get a nice raise, and end up in a better situation.
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