Getting laid off: Steps you can take to prepare and deal with it
Getting laid off: Steps you can take to prepare and deal with it
TLDR: If you’ve been laid off or fear your role might be in jeopardy, we outline ways to help stabilize yourself during these tough times from three aspects:
Mental
Professional
Financial
Everyone dreads that random email that pops into your mailbox with little to no description or when you join that call, video conference or attend that meeting in person, it’s your manager and Human Resources representative telling you they have bad news to share with you. Sound familiar? We’ve been there.
As the Fed looks to slow the economy down to fight inflation, unfortunately jobs will take a hit to help fight inflation – consumer spending needs to cool down. As of March 2nd, the weekly jobless claims barely budged. There was a decrease in those filing jobless claims by 2,000. This is a bad number. The number ultimately needs to increase in terms of those not just losing their jobs but filing claims. The employment market remains resilient.
As two Dads who have been laid off during our careers, we share some tips. However before getting into the logistics of savings we first need to address that losing a job due to economic reasons has a toll on your mental and professional life as well.
On the mental side of things:
Process your emotions: This time will probably be an emotional time. You have every right to feel the way that you do. Take your time to process. Yes you will feel anger, disappointment, frustration. You will also get to acceptance, reframing, and moving forward. One thing I have practiced during this time has been trying to ‘let go.’ Do what works for you, but trust you will get through.
Support system: While you may feel isolated, know you are not. Friends, family, colleagues, peers and will be a great resource during this time. When ready, know they are there for you. You will have a strong support system there and gain insights from those who have been here before.
Seek additional support: There is no shame in seeking professional help. Talk to someone. Therapist, coach, mentor. Seek them out for your needs.
On the professional side of things:
Always keep your resume current:
Add projects, and major milestones
Reflect on your accomplishments to include with details
Apply for jobs even if you are not in the market
Keeping your interview skills fresh will give you the leg up if you’re in the final round
Network: In the age of social media it is quite easy. Again, your peers are there to help support. Who knows what may be in store for you. While you may feel down during this time a text, email, LinkedIn message could be one step away from you starting that new chapter
Developing Additional Skill Sets: Use this time to identify projects that will enhance your existing skills. We can always learn something new. Develop some of your transferable skills. Use this time wisely to escape the void work filled in your life.
On the financial side of things:
Try to save 12 to 18 months of expenses:
I know this is easier said than done, but think about the worst case scenario; things draw out or inflation does not come back to the 2% rate. While we don’t like thinking about negative things, ancient stoic philosophers have a practice called Premeditatio Malorum—the premeditation of the evils and troubles that might lie ahead.
2. Limit your expenses:
Now is not the time to splurge and buy that car, house, item on your bucket list. Where you can pull back now is the time to consider. Remember, this is only temporary but instituting cost savings measures will add up.
3. File the paperwork:
If you received severance from your previous employer and that has ended, check on your state's governance on filing for unemployment. This will help bridge the time you’re not employed.
We hope you don’t come to face or need to practice any of these tips but it is always better to be prepared. If you have any tips we’d love to hear them from you on how you got through this time.