Navigating the Next Chapter: Essential Steps to Take After a Layoff

Photo by James Yarema on Unsplash

This year, layoffs have expanded beyond the tech industry. There have been countless companies being mentioned in the news and throughout social media. While some businesses are thriving in the globe economy others are experiencing slow revenue growth. Companies like Amazon and Google have had massive layoffs recently. If you have been affected there are steps you could take to alleviate some of the stress during this difficult time.

Before you leave the office or logoff

In most cases you don’t have much time to prepare for a layoff. When this happens it may be a good idea to do the following:

1. Take a breathe.
2. Pack only the personal belonging that you actually want.
3. Send out a professional email to your collages letting them know you will no longer be with the company and invite them to add you on LinkedIn.
4. Write down your accomplishments and if allowed document your work.
5. Get the info of the HR department (so you can ask questions if needed later about your insurance, 401K, and severance-package).

Handle your benefits with care

1. Find out the exact date when your benefits end (you may have time to make a last minute doctors visit if needed).
2. If you have a 401K it may be beneficial to roll it into a Roth IRA or traditional.
3. If you have a pension contact the plan administrator and ask about what you can do with your money.
4. Have an HSA savings for medical, contact the company that hold it and find out can you transfer to the next company you may work for.
5. If you have a FSA (flexible spending account),Leftover money in your FSA could go to your employer after you quit or lose your job unless you are eligible for and choose COBRA continuation coverage of your FSA.

In the meantime you could…

1. Find part-time employment or start the business you’ve always wanted
2. Apply for government assistance (food stamps , WIC, ACP)
3. Find a gig(s) in your area
4. Put money to the side from your gig or part-time job (even if its $5.00 a week)
5. Cancel any subscriptions that you don’t really use.

Start looking for your next opportunity

1. Think positive
2. Update your resume and have your personal mission statement ready
3. Network on and offline (let friends and family know your looking for your next opportunity)
4. Be patient.

Feel free to print out this article or past it along to collages. You got this!