What to Do When You May Lose Your Job
August 29th, 2011 // 4:21 pm @ admin
In the light of a down economy, we are humbled to realize that any job is only temporary. No job is 100% secure. For many who sense a threat to their employment status because of a looming mass layoff, downsize, reorganization, merger, or termination based on work performance, it is important to be prepared for what may occur. The better that one is prepared for unemployment, the sooner that he or she will be able to land their next job.
Here are 7 things that you can do when you know that you are about to lose your job.
1. Don’t take it personally. It’s only business. When businesses do well they hire more people. When they do poorly, the first move is to cut down on the number of people they employ. Even valued employees get terminated. Not taking it personally will reduce the grief, stress, and loss of confidence associated with a layoff.
2. Plan for the future. Begin to think about your next career move. Are you going to change careers or continue doing what you do now for another company? Do you plan to advance your career by obtaining a new role at new company with greater responsibility, and an increase in rank and pay? Where would you want to see your career 1 to 5 years from now?
3. Assess yourself. Begin to look at all of your skills and accomplishments that qualify you for your next career move. You can use your old performance reviews at your job as a reminder of what you’ve accomplished. If there is anyway that you are not qualified for your next career move, determine what you would have to do or what training you will need to fulfill that requirement.
4. Tap into your network. Look into your network of friends and professionals and start reconnecting with them now before you will really need them when you lose your job. You can also start to attend local industry related association meetings to meet people and build your professional network. Your network will serve as a great source for job leads when you are unemployed.
5. Take advantage of your health benefits. Begin to schedule your medical, dental and vision appointments to make sure that you take care of your health while your company is still covering you. You can also educate yourself about the government’s COBRA program to see how much it would cost you to keep your health benefit while your are unemployed.
6. Cut debt and Save Money. Begin to aggressively pay down your debt and cut out unnecessary expenses from your budget. Try to focus on paying off your highest interest debt first. While doing this you can start to build up your emergency saving account. Preparing yourself financially will help to make your unemployment experience easier.
7. Keep positive. A layoff can be a blessing in disguise. It might actually be the extra push you need to make your next career move.