If you’ve recently been laid off and are not sure what to do next, I’m here to help. First, I’ll start by saying I’m so sorry you’re dealing with this. Layoffs are a challenging and uncertain time, but it’s important to remember that they’re not a reflection of your abilities or performance. The company went through a stormy period and made the difficult decision to let people go.
As someone who has been affected by them on numerous occasions, I can say that it has always led me to something better. Think of this minor setback as a redirection for something great!
Definition of Layoff
A layoff refers to a termination of employment and is a permanent separation of an employee from their job.
This can be due to various reasons, such as economic downturns, downsizing, or company restructuring. During a layoff, an employee may be let go with the possibility of being rehired when the situation improves.
What To Do Next After Being Laid Off
Facing a layoff can be a challenging and uncertain time, but it’s important to approach it with a proactive mindset. While taking some much-needed time to yourself after the news is necessary, here’s an overview of what to do next to best prepare:
1. Review Severance Package
If offered a severance package, carefully review the terms and conditions. Seek legal advice if necessary to ensure you’re making an informed decision. Consider negotiating if you believe you deserve a better agreement. Some things that are possible to negotiate include the amount of severance, final day of employment, and retention bonus if offered.
By carefully assessing your severance package, you can make wise decisions that will provide you with financial stability during your transition.
2. Understand Your Unemployment Benefits
Research and familiarize yourself with your state’s unemployment insurance program. Learn about eligibility criteria and the process of filing for unemployment benefits. Each state has slightly different eligibility criteria, enrollment timeframes, and application processes, so it’s important to do your research.
Although the financial support is minimal, it’s something you should take advantage of as you navigate through your job search and to alleviate any gaps in income.
3. Assess Health Insurance Coverage
After a layoff notice, you’ll want to ensure you maintain health insurance benefits. There are a few different avenues to consider.
The first option is COBRA, which allows you to continue your previous employer’s health insurance plan. Some companies may offer coverage for a certain period as part of the severance package, or you’ll be given the opportunity to continue the coverage yourself with a much higher premium. While it may offer some temporary relief, it’s essential to note that COBRA can be expensive due to the lack of employer contributions.
Another option is transitioning to a spouse’s insurance coverage. Since you’re getting laid off and losing your coverage, this would be a qualifying life event to get you added.
If you’re not married or don’t want to pay a high insurance premium, there’s luckily another alternative. The individual healthcare plan under the Affordable Care Act.
4. Allow Yourself Time to Process and Plan
Losing a job is a major life event, and it’s important to acknowledge the emotions that come with it.
Taking care of yourself emotionally and mentally during this challenging period enables you to navigate the job search process more effectively. Doing things frantically or out of desperation will come across in your interviews.
So before jumping straight into the job search, take time to reflect and decide how you want the next chapter of your career to look.
Some great questions to ask yourself as you plan:
- What did you enjoy or not enjoy in your last role?
- Do you like the career path you’re on, or do you want to change industries?
- Do you want to work for a large company or a small company?
- Are you looking for a promotion or title change?
- What applicable skills do you have for the next role you want?
- Are there any additional training or skills you need to learn to get that next role?
By asking yourself these questions, you’ll be able to take an intentional approach in your job search.
5. Assess Your Finances
During a layoff, it’s important to take stock of your financial situation. Create a budget, review your spending, and cut unnecessary expenses.
It’s a stressful situation to lose your source of income. If you have savings, you can plan how long you can survive on that and your severance and ensure all your bills get paid on time.
6. Update Your Resume
After giving yourself enough time to process and decide what your next career move will be, It’s time to update your resume.
Having an up-to-date and properly formatted resume is important. It’s the first thing potential employers see and should be a reflection of your capabilities.
Your resume should not just list your responsibilities but instead highlight your accomplishments.
Want to make sure your resume gets to the hiring team? Check out: How To Optimize Your Resume For Applicant Tracking Systems
7. Reach Out To Your Network For Support
While I don’t think it’s necessary to make the layoff announcement post on LinkedIn (unless you want to). Don’t be afraid to reach out to past colleagues and mentors directly to let them know about your situation.
You’d be surprised at how many people are willing to help. Some may offer connections to their network or know of open positions that are not posted online yet.
Networking is a powerful tool that can open doors to new opportunities.
8. Target and Apply to Open Positions
Decide which roles you want to target and apply for. Having a strategy rather than applying to any and every job you can see will get you the best chances to secure a job faster.
Final Words of Wisdom
Being laid off is never an easy experience. Your livelihood is at stake, and the uncertainty of what lies next is stressful to think about. I’ve been there myself many times, and in the end, everything turned out just fine by following these steps.
By taking the time to review your severance package, understand your unemployment benefits, and, most importantly, process the situation and what you want in your next role, you’ll set yourself up for a successful transition.
More Posts To Check Out:
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2 comments
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