Company layoffs can be frightening and unexpected. No matter how it’s done, a layoff is not an easy thing to endure. Especially if you’ve heard not-so-great stories from a family or friend who has gotten laid off. Luckily there are steps you can take to be prepared if you are expecting a company layoff. Let’s talk about some of those steps below!
Acknowledge Buyouts, Restructurings, Mergers, & Other Company Changes
Just because your employer doesn’t say your job will be in jeopardy, doesn’t imply that it won’t be. Although these changes can be great for the company, employers may not always know what will happen during these restructures. Typically, there will be new employees and new management who will be brought in from other companies in a buyout or merger. In these circumstances, the current employer is then required to reassess the company and reassess the numbers, which may lead to layoffs.
Start Reconnecting with your Network
If you start reconnecting with your network before a layoff, you won’t have the pressures of making a decision. You can rebuild relationships, and reconnect without feeling desperate. This will also create for a smoother transition for you when the time comes. If you are putting out the feelers when you know layoffs are coming before they actually do – the people you’ve connected with are more likely to want to help.
Review and Update Your Resume(s)
Reviewing your resume should be done sooner rather than later. Take an evening after work or a Sunday morning when you have free time to update your resume, rather than when you NEED to be sending it out. You are much more likely to include specific details if you do this ahead of time. This also goes for your LinkedIn. When you update your resume, all of the jobs and accomplishments can be translated over to your LinkedIn. It’s much easier to review your responsibilities when you are still employed and still doing those tasks a day to day basis.
Create a Budget
Being prepared and having some money set aside for a layoff is crucial. It may seem unnecessary now when you are still getting a paycheck, but you will be glad you did when the time comes. While we’re on the topic, try to cut down on any unnecessary spending. For example the morning Dunkin stops, ordering out lunches at work and even the mindless shopping you may be doing. Even though it may not seem like it, the little $5 amounts here and there add up. When you SEE where your money is currently going, it’s easier to decide and control WHERE you want it to go. An amazing app to monitor your spending is EveryDollar. You can log and separate each dollar so it is accounted for! Be in charge of your money, not the other way around.
Read Up On Your Unemployment Benefits
Knowing the benefits of unemployment will be beneficial for your transition. Research what these benefits are for your state, and find out how long you’ll receive them for and what the amounts will be. You may have a bigger cushion to rely on than you had originally planned for.
The more educated and prepared you are for a layoff, the better. Being knowledgeable and prepared on how you are going to handle the situation can leave you a piece of mind and provide you with the proper tools if and when it happens.
Have you gone through a layoff before? What was something you wish you knew, that would have helped you better prepare? Comment below!