Whether or not you expect it, a layoff is traumatizing. Through no fault of your own, one minute you’re employed—and the next minute you’re signing up for unemployment. Besides the emotional devastation, there’s the financial hit you’re about to take.
1) Request a Layoff Letter and Recommendation
There’s a difference between being fired and being laid off. A reduction in the workforce for whatever reason is outside an employee’s control. That’s an important distinction when you go to an interview for another job. You'll want a letter from the HR department clearly stating the circumstances to your layoff.Read the letter. It should talk about the positive contributions you made. If any details are incorrect, ask for the letter to be rewritten. The letter stands as proof that you were not fired but a victim of a workforce reduction.
2) Ask About Severance Pay
Your company may have a severance package for you. But ask if there’s any wiggle room in it. Try to negotiate more. Consider consulting with a labor attorney if your package is below industry standards.3) Check on Health Insurance
Inquire how long your company’s health insurance will cover you once you walk out that door. Since most employers pay premiums a month ahead, if you are laid off at the beginning of a month, you should have coverage for the rest of the month. But check to make sure.If you’re negotiating a severance package, see if health benefits can be a part of it.
4) Collect Last Paycheck
Make sure your last paycheck is the right amount. Double-check that all the deductions are in order. Check on your unused vacation or sick days. Are those paid days reflected in your last paycheck? Should they be?5) Evaluate 401(k) Plan or Pension Plan
You'll need to decide whether you want to temporarily leave your 401(k) with your ex-employers plan or roll it over to an IRA. You could also wait and roll it into your new employer’s plan if they have one. The third choice is to take the penalties and tax hit and cash it out.6) File for Unemployment Benefits
You worked hard, and one of the perks of working is unemployment benefits when you need them. This is not the time to be proud. These are benefits that you are entitled to. The funds they provide will take some pressure off your savings.7) Update Resume
Now’s the time to dust off that resume. If you haven’t looked for a job in a while, it’ll probably need a lot of updating. Think about all the jobs or promotions you held with your ex-employer. Write down the highlights of what you did and provide context in your resume.For example, don’t just state you held the position; let the prospective employer know what the position was; what it meant to the company. If you increased sales, state by how much, and if you cut expenses, let them know that as well. In other words, detail what shows you off.
And try to keep your resume to one page.
8) Assess Your Life
What do you want to do next? Decide if you want the same kind of job or if you want to take the opportunity to mix it up. Then, look over that resume and see if something pops out that you used to do or that could lead you to do something new.Decide what your new priorities are, if you have any. For example, do you want to work for a large corporation, or does something smaller sound better?
9) Don’t Keep It a Secret
Don’t lay low. Now is not the time to keep your layoff to yourself. It’s the time to let people know that you’re available. Go online and have personal business cards made. Then you can start networking. By handing your card out, you make it easier for people to pass your name on to others.10) Time to Surf the Web
Be proactive, sit down at your computer and delve into websites like Indeed or Glassdoor. These sites have hundreds of jobs advertised. Many of them fall under your expertise. And, fortunately, these sites have filters that help with the search.Meanwhile, Take a Breath—You Were Not Fired
A layoff is the company’s fault, not yours. So mourn the loss of your career briefly, but don’t feel you could have done something to stop it.Before you leave the company, make sure you receive everything you deserve. Assess what you want next. Then start the job search by networking and revitalizing your resume.