Laid Off? Here are 13 action items you must take
“The world is full of challenges, but with those come opportunity, and I'm an opportunist.”
I was laid off back in 2016. The economy was booming. I had just accepted a new position in a new company with a higher salary to help build a tech platform. Then BOOM, a few of us got the call to meet in the conference room. In that room, we were told "the company is going in a new direction and our positions have been eliminated." Many of us were new hires. Like six months in. There was a lot of anger, disgust, dismay, and worry in that room. We were given manila envelopes with our separation documents and were told to pack our stuff and leave. We had an open office so everyone could see what was happening. There were tears and hugs, and then many of us went downstairs to a local bar and had drinks, because that was the only thing we could do and had control in.
Getting laid off is not easy and there will be a whole range of emotions you'll go through, but it's important to keep in mind that many of these things are out of your control so don't get too hung up on figuring out who to blame.
I share these tips from the perspective of someone who’s been there.
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Let go of the blame and shame. There's a lot out of our control right now. Stop blaming yourself for what happened. Don't be ashamed to ask for help. It is essential though to be honest with yourself about your own performance. Not for blame, but for self-reflection.
Review your severance package. Negotiate some of the benefits if possible. This may not result in additional money or healthcare benefits, but it could result in an extension of other benefits like resume review, career counseling, or a subscription to LinkedIn Premium. It doesn’t hurt to negotiate.
Review your expenses ASAP and cut out unnecessary spending. If you don't have a robust emergency fund, then it's time to tighten the belts on this quickly. If you are going to be receiving some severance pay for a few months, reducing expenses can make that pay last longer and you want to make sure you have enough cushion in case it takes you longer to find a job. Certain jobs, especially if there are in very niched positions may be harder to come by and with many companies tightening their belts as well, hiring may slow down.
Take advantage of your healthcare coverage before it runs out. Make appointments for essential healthcare services for you and your family. Refill your prescriptions. Let the doctor's offices know your situation so that they can either slot you in if they are fully booked and/or they can prepare scripts ahead of time.
Review your FSA and take advantage of existing contributions by submitting all related medical expenses that were incurred before your last day on the job. If you've received notice for termination, use up your FSA on as many FSA-eligible products as possible which now includes over-the-counter meds and menstrual products. It doesn’t hurt to stock up. Remember, your HSA goes with you so you don't have to spend this. Keep it saved and invested until absolutely necessary. Here's another way to take advantage of the FSA.
Get a copy of your Performance Reviews so that there's something handy you can reference for the good work you've done in the past.
File for unemployment and get the necessary documentation from your old employer to proceed. The sooner you do this, the better to ensure there's no financial strain which can lead to more worry and fear.
If you've got the means, take some time off. This may be the opportunity to take a breather and figure out what your next move will be. This is why it's important to have that emergency fund in place so you don't have to rush to find any job.
Connect with past colleagues during this time. It's so easy to forget about your network when you are in the throes of a full-time career + life. Let them know what happened, but be clear about your asks (if you have any).
Polish the good old resume. If it's been a while, take a look at your resume. Update it. Have others critique it. Make sure it's ATS compliant. Do the same for LinkedIn. Jobscan is a great tool to run your resume by to ensure it complies with most Applicant Tracking Systems.
Take some online classes to brush up on your skills. A few hours a day on a subject that you want to learn about can do wonders for your self-esteem. Remember adults can learn new things. Don't buy into the construct that you are too old to learn something new. Add a line item in your budget for new education even if your budget is already very tight. Get intentional about learning something new. We love CreativeLive for the range of quality, creative classes they have. There's also a listing of Ivy League classes that offer certifications.
Start a Reference List sheet with information of people you can reach out to. Make sure to send them a heads-up so that they are aware of what you need from them. Get specific.
Review your old company's retirement plan and stock options. Do not leave and forget about this no matter the amount. You'll want to make sure your contributions continue to be invested. For stock options, know your exercise options. Don't lose out on gains by rushing to sell your stock options in a down market.
Start a few new good habits. This time can be emotionally draining and it's important to keep your mind and body in a positive state. Be wary of going back to old bad habits. To make it easy, pick 3 positive habits to start up or continue doing.
Get honest with your partner and kids about what's happening. Our children are very intuitive. While you don't have to share everything with them, this can be an opportunity to teach them about work, money, and bills, otherwise, they'll internalize some of the secret whisperings about money as fear which can affect their money mindset in the future.
Once you settle back into the routine of work and a steady paycheck, plan for financial independence. Shore up that Emergency Fund. Pay off those debts. Don’t know where to start - here are some resources. And if you still need help getting that money action plan off the ground, reach out, and let’s chat.
It’s hard to predict if/when you will get laid off again but remember that it is up to us to find the opportunity and help each other in these challenging times.
We’d love to hear any tips you have for those that are or have been laid off. Please leave a comment below with a word of advice.
Laid Off? Here are 13 action items you must take
