7 Things To Do When You Get Laid Off From Work

7 Things To Do When You Get Laid Off From WorkOne of the most heartbreaking episodes in life you wouldn’t want to experience is being laid off from work. This can put your finances into a nosedive and everything else into a tailspin that could seemingly go nowhere. It is already challenging enough to try and balance and stretch your existing budget. Losing your job will certainly make everything seem bleak and hopeless.

There are a number of ways you can manage your finances when unemployed. This will help you move forward with your finances. However, you also need to make sure that you know the most immediate steps you need to take as soon as you are shown the door. These actions will help you get through this episode and help you get a good start on the next chapter in your life.

You need to understand that nothing lasts forever and that change is one of the most constant things in this world. This means that you can be called in anytime at work and be given the bad news that you are being let go. In fact, CNBC shared that layoffs in 2016 were the highest it has ever been since 2009.

This means that there are a lot of people who lost their jobs even if a lot of experts claim that the economy is improving. As much as the increase in spending per household points to a supposedly increase in financial capability, there are still consumers who are losing their jobs. Here are a couple of things to look into to help you deal with being laid off from work.

Do not panic when you are laid off

It certainly is a stressful and challenging time for you professionally and as a parent. This phase in your life puts in question your ability to provide for your family. It also makes you question your ability and skills. If you are not able to hold on to a job, how sure are you that you would be able to look for a new one?

All these and more can certainly put you into panic mode. You might start making rash decisions that could hurt you in the long run. It will help to try and sit down and process all the information in with a calm demeanor. Give yourself some alone time to give you the chance to weigh all your options before moving forward.

Here is a video showing how a grant is being given out to companies in San Diego for hiring employees within 45 days after getting laid off.

Update your credentials

One of the best things to do is to start tinkering with your credentials. It can even be as simple as updating your LinkedIn profile or your CV. Just put in your latest achievements and the work you have done. You might want to update your references also to reflect your current network of people that you know.

Doing this helps you accomplish two things. For one, it is a gentle hint given out to your network that you are ready and looking for a new job. They might start getting in touch with you and exploring employment possibilities. This also makes you feel a little bit more in control. As you update your credentials, you are proactively making concrete steps in addressing your current situation.

Read through the termination letter

Your employer would be giving you a termination letter and it is a good idea to read through it before signing on the dotted line. You can even take it home and read through it again and again. If you have a lawyer, it might be a good idea to show it to them and ask for their opinion on the document.

Most letters would state a formal notice of being laid off work after they have personally talked to you. It can also contain how severance pay and other benefits will be received after leaving the company. There will be times where it would include an offer to help with the transition by allowing the company to talk about your employment with your potential future employers.

Clean up

You need to start cleaning up your work desk even one day at a time to help you process being laid off. Start with your computer and make sure that you only leave work files behind. This should not be a problem especially if you keep your work and personal files separate. However, a thorough check will always be a big help. Apart from your computer files, take a look as well on the documents in your area. Arrange them in a way that it would be easy to turn them over when the time comes.

Reach out to your network

This would be a good time to start reaching out to your network and sending out a feeler about job hunting. Start with your friends and move on to people you have met professionally over time. If you invite them over for lunch or dinner, be sure to give them an idea why especially for people with whom you are still cultivating a professional relationship.

The people you know could help point you in the right direction. For one, they might have a job opening where they are working as well. If not, they might know other companies within the same industry that is looking to increase their manpower. At the very least, you might be able to learn from them. That is if they had gone through the same situation in the past.

Audit your reserve funds

The LA Times shared that less than 5% of American consumers save their disposable income. This is not an ideal statistics that highlight the people’s propensity to spend rather than save. It does not bode well especially when you get laid off. This is because you would start to rely on your emergency fund.

Your reserve fund is something that you need to work on over time. Unless you get your hands on some windfall money, it usually takes you a few months to save up your reserves. This is meant to cover your monthly expenses when your income is impacted by unexpected factors including job loss.

As soon as you get wind of the possibility of being laid off work, take a peek at how much your emergency funds are. This gives you a timeline of how long you have until your funds dry up=. Once this happens, you might start to take on debt as you attend to your necessities. Try to stretch out your emergency fund when you get laid off work to give you more time to look for a new job.

Review your household budget

One thing you need to do when you get home is sit down and take a look at your household budget. You need to stretch and make do with your reserve funds. In addition to that, you need to lower your expenses as well. This will help you squeeze more out of your emergency money.

It is really challenging to get laid off from work. However, you have to remember that it is not the end of the world. There are a lot of things you can after and it might even do you good. This is because you get to look for a job that you like. The important thing is to act rational and avoid making rash decisions that you might regret later on.