Layoffs are common in a variety of workplaces and can happen for many reasons. Many employees are laid off at least once in their careers, and they need to learn how to navigate this process. If your organization is going to be laying off workers or your employer has already notified you that you are going to be part of a layoff, it can be helpful to understand how to prepare. In this article, we explain why it’s important to prepare for a layoff and explore eight steps you can take to get ready.
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Why is it important to prepare for a layoff?
It’s important to prepare for a layoff so that you are aware of all of your options and know how you want to proceed. With some layoffs, you may know months in advance when your last day will be, while others may be more immediate. If you have time to prepare, it can be useful for you and your employer.
Even if your employer offers you a high amount of severance pay, you may find that you want to move into a new position quickly for a variety of reasons, including wanting to save money, not wanting to disrupt your career plans or hoping to avoid a long period of unemployment.
How to prepare for a layoff
Here are the steps you can take to prepare for a layoff:
1. Focus on what you know for sure
In some organizations, you may hear rumors about layoffs before you officially find out who the layoffs affect. In other organizations, you might be told directly of your layoff but hear gossip about why the layoff happened. When dealing with a layoff, it’s important to focus on what you know for sure and not spend time considering rumors you’ve heard.
The facts of your layoff are far more important than what colleagues and others might be speculating. If you already know you’re being laid off and you have an end date and severance agreement to consider, focus on those things. If you aren’t sure if you’re being laid off but are hearing rumors about the organization’s plans, it’s best to wait until you know more before taking action.
2. Review the details of your layoff
Once you’re told you’re being laid off, you should receive some paperwork with the details. This might include your last day of work, your benefits information and any severance you’re being paid. It’s helpful for your future planning if you review these details carefully so that you fully understand what to expect.
The timing of your last day may affect your plans for looking for another position. If your benefits are ending soon, it’s helpful to understand whether you can continue them so that you can look into other alternatives. If you’re getting a severance, you may want to analyze how it can help support you while you look for another position.
3. Negotiate your layoff package
If your employer offers you a layoff package with severance or other benefits, you may be able to negotiate what you receive. This can include getting more severance, extending your benefits coverage or other benefits such as assistance in finding a new job. If you receive a severance offer and you decide you want to negotiate, be prepared by gathering the relevant information that supports the request you’re making.
4. Take advantage of any benefits
If your employer assists you in finding another position, including internally at the same organization, take advantage of these benefits to maximize your chances of finding an opportunity that fits with your career goals. Some employers might pay for career coaching, resume writing or job hunting assistance, which can all be useful when you are determining the next steps. If your employer offers any additional benefits as part of your layoff, use them to your advantage.
5. Research job descriptions in your field
When you are considering what you’d like to do next, it’s helpful to review job descriptions in your field for positions that you would be interested in. These job descriptions can tell you if you need to learn any new skills to advance or help you determine if you want to move into a different career path entirely. They can also help you reconsider what you’re qualified for, as you may have developed skills you weren’t aware would lead to more advanced jobs.
6. Update your resume and cover letter
Once you know you’re being laid off, update your resume and cover letter right away. It’s important to include any new responsibilities and skills that may help you find the best new position for you. If your employer offers any help with this, you might find it useful to use that help, but you can also update these documents on your own. The job descriptions in your field can help you evaluate what you should include on your resume in terms of keywords.
7. Use your network
When you’re ready to start applying for jobs, using your network can help you find a new position. Start by asking your professional contacts, friends and family about any jobs they know of that you might be a good candidate for. This could lead you to opportunities you weren’t aware of previously, such as jobs that aren’t posted online.
8. Set aside savings
If you have a layoff date that is in the future or you’re receiving a severance, it’s a good idea to set aside some savings to prepare for being unemployed. This is especially important if you aren’t able to find a new position before your last day of work. Once your layoff takes effect, you may be able to apply for unemployment to help supplement your savings while you look for a new job, but having savings set aside can be helpful as well.
I hope you find this article helpful.
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