Think you might get laid off?
Here’s what to do!
Companies are always looking for ways to cut costs. That, in conjunction with a tough economy, forces some companies to cut back, downsize and eliminate unneeded positions. Although no one wants to fall victim during difficult times, the reality is that some companies are struggling and people are getting laid off. Rather than crossing your fingers and hoping for the best, come up with a game plan. Think about ways to make yourself less vulnerable, and determine an action plan in the event of a job loss.
Knowledge is power
Be aware of what’s going on around you. If you start noticing changes in your office (tightening budget, hiring freeze or layoffs) or see major changes occurring within your field, make sure you have a backup plan. Look into severance packages that are typically given in your industry to see what the options are. If you find yourself faced with a layoff, you will know what to expect and how to negotiate.
Create a financial cushion
Find ways you can cut back on everyday spending and eliminate unnecessary spending. By setting some money aside, it will decrease financial distress in the case of a job loss. You may even consider cutting back on your retirement contribution temporarily. While a withdrawal from your retirement account will result in penalty fees and taxes, cutting back on your contribution for a short time may give you the extra cash you need for the time being.
Stay on top of your game
Despite the tension that may be present around you in the office, remain productive and prove that you’re indispensable. Employees willing to go the extra mile to get the job done are less likely to be laid off. If there are extra projects to work on, volunteer to take the lead.
Make yourself marketable
If you have the time and money, you may want to consider taking a couple of classes. Additional training can only help you become more marketable when searching for a new job.
Update your resumé and put out feelers
Always keep your resumé updated. Then, if you’re faced with layoffs, at least you will have a head start on your job search. Keep your ears open for other opportunities that may be available. Also, tell your friends and family members that you’re looking. Family, friends, and friends of friends are your best allies. If people are aware, they can keep an eye out for you as well.
Maintain a good attitude
If you are faced with a layoff, be sure to maintain good relationships with your former co-workers and boss. Despite the hard feelings, remain calm and put your emotions aside. When looking for a new job, you’re going to need a good reference.
What have you done to protect yourself from the repercussions of our economy?