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It’s not something we want to think about, but layoffs are a reality in the current economic climate.
Many companies are downsizing or restructuring, and that means some people will unfortunately lose their jobs.
If you are laid off, it can be overwhelming, isolating, and scary. Here are 5 things you can do to make the process feel a little less hectic.
1. Take Care of Your Mental Health.
The most important thing you can do after being laid off is take care of your mental health.
When you hear the news, you will likely feel a mixture of emotions like fear, anger, and dread; this is natural. Take a deep breath and let yourself feel whatever it is you are feeling, but don’t let it overtake you – things won’t be this way forever.
If you can, reach out to a loved one to talk through things. It won’t fix everything, but it will give you a chance to vent and put your feelings into words.
2. Make Sure You Understand the Terms of Separation.
You may or may not receive some kind of severance agreement from your employer upon being laid off. However, you will receive information including any severance pay, vacation or leave payouts, noncompete clauses, etc.
Make sure you read the agreement thoroughly and that you understand it before you sign on the dotted line. If you have any questions, reach out to the company’s HR representative for more information. They will want to make sure you understand all aspects of being laid off.
3. Sign Up for Unemployment Benefits Immediately (if You Qualify).
Depending on the circumstances, you may or may not qualify for state unemployment benefits. If your employer doesn’t provide you with instructions to sign up, visit your state’s Employment Department website for more information.
Make sure to pay attention to whether you are paying taxes on your unemployment checks – that will be important come tax time!
4. Make a Financial Game Plan.
Sit down and make a financial game plan for how you are going to get by without a paycheck coming in.
Look at what you have in your savings and checking accounts factoring in any unemployment benefits or severance pay that you have qualified for. How many months can you live with that amount given how much your monthly expenses cost?
There’s no way to tell how long you will be without a job – it could be a few weeks to a few months – so plan for the worst-case scenario.
Try to conserve the money you have as much as possible while you are in the job search process. Are there things in your budget that you can temporarily remove to reduce your expenses? Are there cheaper alternatives to things you buy at the grocery store each week?
5. Start Applying.
Finally, you will need to begin looking for a new job.
Job boards like Indeed, ZipRecruiter, and LinkedIn are great places to start your search. You can also reach out to former coworkers and supervisors to see if they have any job leads – networking can be a powerful tool in the job search process.
You will most likely receive a few rejections before you find the right thing for you – don’t let that discourage you! The current job market is particularly difficult, and it may take time for you to find a role that is a good fit. Rest assured that the right position will find you at the right time.
To Wrap Things Up...
Layoffs are scary, but you will get through it! Remember to take care of your mental and physical health and don’t give up; this train will be back on track soon.
And as a Spero member, know that we are here for you each step of the way. If you need financial assistance, give us a call, as we have solutions to help you with life’s ups and downs!
This material is for educational purposes only and is not intended to provide specific advice or recommendations for any individual.
