You’ve just been told you’re losing your job. This is the news everyone fears, and it’s happening more and more because of the recession. Companies are cutting back just to stay afloat, and the workers are suffering the fall-out.
But don’t worry. It’ll be hard work, but there are a few things to keep in mind when considering your lay-off.
Finding a New Job
1. Don’t burn your bridges. Even if you’re bitter about the situation, maintain a good relationship with everyone you work with, especially your bosses. Your previous boss is in the best position to offer you a new job once he finds a new situation for himself. So stay in touch, and remain professional at all times, up to your very last day.
2. Stay visible. Continue to attend professional organizations, mixers, and other events, even if you were representing your former company before. These are the people you need for leads.
3. Contacts, contacts, contacts. Talk to everyone you know. Let them know what you’re looking for. Explore every opportunity that comes your way, even if it’s not an exact match. You never know—this could be a great opportunity to switch careers or find a new industry. So speak with everyone you know, even if they aren’t a part of your professional circle.
4. Take your time. It’s easy to go into panic mode and accept the first job you’re offered. Wait a second. Breathe. Consider if this is the best option. Consider whether there are better possibilities on the horizon. Negotiate. If you have a severance or unemployment, you have a little leeway to decide. Accepting something that might make you unhappy could hurt you in the long run, so make your decision studiously. Waiting another month or two for a better opportunity may hurt financially for a little while, but taking the wrong position or something that doesn’t pay enough for the sake of having any job can cost a lot in the long run.
Your Last Few Days at Work
Do your job. It’s difficult to remain motivated in your last few weeks, and easy to feel as if there is no point any longer. But it’s important to keep up the hard work, if for no other reason than personal integrity. If you need a better reason than that, refer to #1 above. (But if you need a better reason then personal integrity, it is easy to see why you are hard-pressed for a job to begin with.) Finish your work with as much attention as you would if you were keeping your job. The clients deserve just as much consideration as before, as do your co-workers (even if they are being laid off, too).
Money
If you’re getting a severance, count yourself as lucky. If not, there are always unemployment benefits to bridge the gap. Look into your company’s COBRA policy for health insurance—though it’s often expensive, it’s worth it if you have an ongoing medical condition. Cut back on spending, even if you think you’ll get through the layoff period just fine. Even if you have another job lined up, don’t blow that severance on a jet-ski just yet. Wait until you’ve settled in and adjusted to your new position. And roll-over that 401K. Unless it’s an absolute emergency, you don’t want the penalties that come from withdrawing the money.
