6 Step-by-step Tips on How to Prepare for a Layoff

6 Step-by-step Tips on How to Prepare for a Layoff

Recently, so many companies announced layoffs, even giants in the industry...

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Before, we shared 5 scenarios that are some common examples of slight changes that could indicate an impending layoff. But if you spot a sign of layoff, or you've been given notice, what should you react to get fully prepared?

1

Do not panic

 Stay busy  and reassure yourself that things will improve. If your company is announcing layoffs, the first thing to remember is not to panic. While losing your job can be a traumatic experience, this is the time you should focus on networking and improving your skills. Your qualifications and experience will be useful to someone. Also, remember that layoffs may be temporary and avoided altogether if the company is able to create financial stability.

 Be honest with yourself and your family.  If you are being laid off, the fact is that you may not have a job for a while. The sooner you come to terms with this information the better. Tell your family as soon as possible so that everyone can prepare for leaner times. Your family is your support and should be kept in the loop no matter what happens.

 Demonstrate your value.  If your company has decided to layoff employees, it means they are reorganizing their workforce to avoid financial collapse. Only the most essential employees will be kept on board to keep the company afloat. This is your time to prove your worth.

 Collect all your essential items.  If you're anticipating getting laid off, start gathering your personal belongings so that you don't forget anything when the time comes to leave. In addition to personal items, be sure to collect any forms you need from HR, as all as copies of performance reviews, work samples, and other documents. You may not want to return to the office to fetch them after your last day.

2

Do your research

 Know your rights.  If you receive a layoff letter, be sure to read your employment contract and the documents you signed when you were hired. These documents will stipulate any benefits you may be entitled to when you leave. Make sure you are getting paid out for unused vacation days, sick leave, or money owed.

 Check company policies.  It is also important to check the company policy on severance packages. Find out what previous employees received and don't be afraid to negotiate for improved benefits.

3

Get your finances in order

 Reduce your expenditures.  Sit down and make a budget for yourself and your family. Find out where you can reduce your spending without drastically altering your lifestyle. In some cases, it simply means temporarily suspending your gym membership, not going out to dinners, or holding off a vacation.

 Start an emergency savings fund.  While you still have a paycheck, it is important to start an emergency savings fund, even if you might not use it. Layoffs can be temporary or permanent, and having a "rainy day fund" will help get you through the lean months.

4

Improve your chances of finding employment

 Build a network.  If you are anticipating losing your job, you can improve your chances of finding employment by building a professional network. Get in touch with company contractors, former colleagues, or anyone you might know in the industry. You never know what opportunities might come up when you meet the right people.

 Research opportunities in your field.  Even if you love your job and have no plans to move on to another company anytime soon, keep an eye out for opportunities and don't lose touch with what's happening in your current field.

 Advance your skills.  Take advantage of any courses or certifications offered by your company or one of your networking partners. You can also find free online courses that you can do at home.

 Keep your resume up to date.  The best time to update your resume is before you are laid off. As soon as you start networking, you should have an updated version of your resume prepped and ready to send out to anyone interested in your skills. If you have completed any recent training or certification course, be sure to include this in your resume.

5

Seek alternative employment

 Start looking for employment early.  Don't wait until you are laid off to start looking for another job. Use the resources and people around you to seek alternate employment as soon as possible. Even if your company is able to avoid layoffs, you may just be offered a better position in a more financially stable company.

 Keep a positive attitude.  Being laid off is emotionally taxing. Aside from the financial strains, many people also struggle with issues of self-worth when they lose their job. While there may be hard times ahead, stay focused on improving your skills, and getting your resume out there. Remember that you have the experience and skills to get the job you want.

6

Don't burn your bridges

 Maintain your professionalism in the workplace.  If you're anticipating a layoff or you've already been given notice, don't take it personally and behave in an unprofessional manner towards your employer or other staff. Refrain from saying negative things about your colleagues as they form part of your professional network and can still share valuable resources with you.

Even after you've left a job, do not speak ill of previous employers  in an interview. This is unprofessional and potential employers might know staff at your previous place of work. In addition, bad-mouthing past employers creates the impression that you would pass negative comments about colleagues at your new place of work, too.

 Make a list of professional contacts.  Post-employment networking starts at your current place of work. If you don't already have the contact numbers and details of people you'd like to keep in touch with, be sure to obtain these before you leave. Get references from your colleagues and supervisors and offer to write references for them, too. Former colleagues can provide support and information that's useful in your job search and further down the line in your career. Keep in touch with as many of them as possible. 

Source: betterteam

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