Q: Help! I’ve lost my job and don’t know what to do next. As soon as my compensation runs out, I’ll have no income. Now what?
A: Being let go can be devastating. As your credit union, we are here to help! Here, we’ve outlined the steps to take when facing a layoff, as well as some tips that can guide you through this challenging time.
Take time to process and reflect
First, remember that getting laid off means you lost your job because your employer can no longer afford to pay you or no longer needs your services. It’s through no fault of your own that you are currently not employed.
Next, take the time to process, and even grieve, the layoff. The job was likely a big part of your life that is now being taken away. It’s a big change; spend some time letting it sink in.
Finally, reflect on what it means for your career and future goals. You may just find that the layoff isn’t all bad after all.
Talk to your former employer
Ask your former boss for clarity on the layoff, in addition to the following questions:
- When can I expect my last paycheck?
- Will I be compensated for unused paid time off and/or sick leave?
- Will I be getting severance pay?
- What will happen to my 401(k)/pension?
- Will I have health insurance coverage after my last day?
- Can I count on you to provide a positive reference for me?
- Can you provide me with copies of my performance reviews?
Assess your finances and create a budget
Assess your immediate and long-term financial needs. Calculate your expenses and determine how long your savings can sustain you. Create a budget that aligns with your current circumstances, prioritizing essential expenses and cutting back on non-essentials for the time being.
Polish your resume and enhance your skill set
It’s best to update and polish your resume before diving back into the workforce. Make sure the document reflects your most recent work experience. You can also take advantage of this time to broaden your skills and acquire additional training.
Network and leverage online platforms
Attend networking events, both in-person and virtual, to connect with industry professionals and potential employers. Use online platforms, like LinkedIn, to expand your network and showcase your expertise.
Explore alternative employment options
While seeking full-time employment, consider alternative options to stay financially stable. Freelancing, consulting or taking on temporary or contract work can provide income while keeping your skills sharp. Be open to exploring different avenues, as these alternatives can offer valuable experience or even lead to unexpected career paths.
