Author: Jackson Moore
Even as pandemic restrictions begin halting worldwide, hundreds of companies in the U.S. still resort to mass employee layoffs to match increasing labor costs and slowing market demands.
This year, over 75000 workers were laid off in America’s tech sector alone, with thousands more across many other industries.
Nonetheless, knowing the correct steps to follow in such an event sets you up in the best position to leverage improving market conditions and economic tailwinds.
In this article, we will look at 4 steps to take immediately after being laid off.
Let’s get started!
4 Things to Do Immediately After You’re Laid Off
Request Your “Laid Off” Letter From HR
Say you got fired for reasons outside your control – company buyouts, administrative restructuring, a recession, etc. – a layoff letter for your prospective employers that explains the conditions leading to your firing should be included in your contract termination letter.
If your employer fails to provide one, request it and explain its importance. Your ability to prove that you weren’t sacked because of poor performance but because you were involved in a large-scale employee layoff can help you when you’re out seeking a new job.
Lastly, it’s essential to carefully read through your layoff letter for omissions and mistakes before accepting it. That’s because a letter that fails to highlight your notable contributions or wrongly describes the details about your work at an organization can deter your chances of landing a new job.
Assess Your Financial Health
The next step to take after a layoff is to evaluate your financial health. This assessment includes your monthly expenses, savings, emergency funds, alternative sources of income, investments, and how much you have left in your bank.
If you lack an emergency fund or your savings need to be more sustainable for at least 6 months, you should find a side hustle or secure a new well-paying position quickly.
In addition, unnecessary bills like your gym membership and streaming subscriptions should promptly make their way out of your budget until you’ve landed a new role.
File For Unemployment
As part of America’s labor policies, reliable employees laid off for reasons other than misconduct qualify for varying unemployment benefits.
Reach out to your state’s unemployment office or labor department to learn about your eligibility, how long your benefits run, and the amount you qualify for: all of which may vary depending on the state you previously worked in.
Reach Out For Opportunities
Face it – losing your job isn’t the end of your career. So, instead of lying down and licking your wounds: leverage the internet to your advantage.
LinkedIn is a great place to spread the news about your unemployment and your newly found availability. 90% of hiring managers and recruiters who use social media as a hiring avenue relies on LinkedIn to find employees.
You should refresh your resume, update your LinkedIn profile, detail your skills and strong suits, and describe your most significant contributions at each organization you’ve worked for.
Also, don’t be afraid to reach out to contacts that you may have had professional or personal relationships with in the past. Cold-calling prospective clients at companies you’re interested in and pitching your expertise is a great way to seek an end to your employment.
While losing your job may be outside your power but how you respond is entirely up to you.
With the right mentality and framework for action, you may discover that your dreaded layoff was the opportunity for the change you needed.
Adjusting to your lessened financial capabilities, optimizing your online professional presence, and actively seeking new work connections are just some of the logical efforts you can put into improving your employment status.