5 Things To Do In The Event Of A Lay Off

Things To Do In The Event Of A Lay Off

Throughout the course of running a business, a downturn in the economy or some other cause can lead to a company choosing to downsize its employees with a round of layoffs. When the bad news arrives, it can be an awful experience for the employee. For many of us, an unexpected layoff isn’t merely a loss of stable wages. It can lead to feelings of uncertainty, anxiety, and depression. If it happens to you, don’t despair. There are several things you can do to mitigate the fallout (both personally and professionally) from an unexpected layoff. Here are a few things to do if it happens to you.

File For Unemployment Assistance

The first thing to do when you have been laid off or experience a detachment from your job is to immediately file for unemployment assistance. Depending on your country, unemployment assistance will work in different ways. In Australia, unemployment claims require following specific steps to file the claim and receive payments, along with other requirements for finding new work. Remember that unemployment is not a crutch providing government subsidy for your life. While it’s only temporary, it is money derived from a fund you paid as part of your taxes from every payroll. It is essentially money that is set aside for you in the event of transitioning from one job to another. There is no shame nor should there be any stigma in filing for unemployment insurance due to a layoff. When it all comes down to it, unemployment is intended to help you take care of basic necessities while searching for new employment so taking advantage of it is something you should do as a number one priority when you lose your employment.

Make A Few Budget Cuts

Budgeting is crucial at any time, but becomes twice as important following loss of a steady income. First off, cut back on any superfluous expenses. This might be your morning cup of coffee at your favorite cafe or dining out. Any subscriptions you are not using or that you can live without should probably go for a while. Avoid any major purchases as much as you can and meticulously plan your grocery budget. Ensure you address any of the essential expenses such as bills and rent. If you have an emergency fund, you can tap into that or try to find some side work as you seek new employment. It can be tough, so above all, just hang in there as best you can and use any resources available to help you and your family sustain yourselves during the transition.

Take Advantage Of Outplacement Offered By Your Former Employer

When a former employer lets an employee go, there is typically a severance package involved. A good company—one that actually cares about its employees, past and present—should offer some form of outplacement services as part of the severance. Outplacement is a specialized field concerned with helping displaced candidates find a new role (usually in the same industry) quickly following a layoff. A good outplacement firm will pair you up with a career coach who can help you get ready to move to your next role. Throughout the coaching process, they will help you tweak your resume, tailor it for the job you want, learn how to communicate electronically/professionally with new fields, and provide you access to exclusive job boards that can help you land a new position. Through a combination of genuine care and concern combined with high levels of expertise, the career coach is one of the most critical aspects of using out placement. In addition to that, a good outplacement firm will take a technological approach and leverage modern advances to help you prepare for the new world of work. Branding, customization, technology, and more all combined to make out placement and overall good value for a displaced employee. Obtaining it as part of your severance package is key to landing a new role quickly.

Update Your Resume

The single most important thing to do, work-wise, is to update your resume. Technology can be a fantastic thing sometimes, but when it comes to resumes, it can actually present a challenge. Modern recruiters/recruiting software tends to look for certain keywords as they parse the high volume of resumes they receive every day. Want to get your foot in the door for an interview? Of course, you do! That’s why updating that resume is so critical. If you’re taking advantage of employer-offered outplacement services, your job coach can help you polish your resume and tailor it to specific openings in your desired field. Remember that a resume should only be about one page long, highlight relevant information to your field, and probably doesn’t need to have an “objective” or “hobbies” section. 

Avoid Panic

Things To Do In The Event Of A Lay Off

The absolute worst thing anyone can do when facing the daunting challenges of life is to panic. It can be really hard to let go of the negative feelings you have after leaving a job. But, panic can lead to other significant problems. So the best thing to do is try to avoid panicking at all, keep a level head, take advantage of any resources that are available to you, and work on finding new steady employment. Talk to others about it, recognize that it’s not your fault the company downsized you, try to manage your stress levels, and ultimately remain calm. Something better will always come along.