While getting laid off doesn’t have the same sting as getting fired, it can still cause problems in your life.
Your lay off isn’t a reflection of your work ethic; rather, it reveals that your employers no longer have any work for you. Whether it’s a conscious change of gears or a seasonal slowdown, this absence of work means the same thing: you can no longer rely on this paycheck.
Loss of pay can be devastating, especially if you’re the sole breadwinner of your family. It’s important to settle your affairs quickly after this lay off, so you can prepare your finances and find a job quickly.
Here’s a quick look at both the money and career moves you can make if you find yourself in this position.
Know Your Rights
Your employer may be able to lay you off at will, but they have to follow the law. You have certain rights regarding the way in which your employer lays you off and how much notice they give. These laws fluctuate from state to state, with some states offering no protection.
Unfortunately, there are no laws surrounding severance — no employer is obligated to give it, even when they lay you off. That said, you may be able to negotiate your severance if you have a long history working for them.
Sit Down with Your Budget
Anyone who gets laid off should revisit their budget, even if they get severance. Prioritizing your spending can help you stretch whatever income you do earn before you get another job.
What should you prioritize? Focus on the essentials that protect your health, physical safety, or financial well-being. That means you should prioritize housing costs, groceries, personal loans, utilities, and health expenses.
When it comes to things like groceries, you can learn to tweak your diet and meal planning to spend less at the supermarket. Take the time to look into how you can adjust your eating habits to save even more.
However, some things have fixed payments. Take, for example, how most short term personal loans require prompt payment. You can check if your lender offers assistance in these extenuating circumstancing, but many online direct lenders don’t offer any flexibility.
Apply for Unemployment
Unemployment insurance acts as a safety net for those who are laid off with no severance. Check out what you need to qualify for these benefits here.
Contact Creditors
If paying the essentials is impossible, don’t suffer in silence. Let your creditors know you hit a rough patch with this lay off. They might offer financing plans that reduce or delay what you have to pay.
Dust Off Your Resume
In emergencies, it’s important you hit the ground running and apply to as many jobs as possible, as soon as possible. Update your resume to reflect your current situation, taking these pointers into account.
Ask for Help
If you’re finding it hard to land an interview, the YMCA, Career Foundation, and many free recruitment agencies might be able to help you find a job.
Take Some Time to Digest the News
Getting laid off can cause you to feel the full spectrum of human emotion in a very short time span. At worst, it can leave you permanently anxious about your future without an income. These tips might help you ease those worries.
While it may be tempting to jump straight into a job search, you might benefit from taking a slower approach. Unpack your feelings about your lay off and think about your career. Could this be an opportunity to switch fields or go back to school?