How to survive a layoff

Last month, US employers cut 533,000 nonfarm jobs – a fact that makes even the most tenured employees feel a little anxious about their job security. If you’re like most people, a scary little question continues to creep into your consciousness, “What if it happens to me?” The answer? Be prepared!

BEFORE A LAYOFF

Update your resume. Don’t wait for the pink slip before you polish up your resume. Make sure your CV represents your education and experience in a compelling way that sets you apart from the competition. Why not feature evidence of your accomplishments and examples of professional development, too?

Re-evaluate your financial situation. Cut back on spending and start an emergency fund that could tide you over during a period of unemployment. Experts typically recommend a reserve that will cover six months’ worth of expenses.

Make new friends (and connect with the old ones). Start talking with colleagues and peers now. Make a point of going to trade association meetings. Attend conferences. Join online groups that are related to your industry or expertise. In other words, get out there!

DURING A LAYOFF

Don’t panic. When HR gives you the bad news, be sure to get the details, too. Can you expect severance pay (and for how long)? Will insurance coverage continue (and at what rate)? Will the company help with outplacement? What happens to your retirement plan, stock options and life insurance? Is there a separation agreement that prevents you from working for a competitor? Don’t rush to sign the severance document. Take some time and read it through. Then consider negotiating the terms if you feel it’s appropriate.

Be nice. This is not the time to burn bridges; make every effort to be cordial to your co-workers, respectful of your boss, and positive about the company. You never know who might be in the position to hire you on down the road.

Know your options. Check with your state’s Department of Labor to find out about unemployment insurance (which provides temporary income for workers who become involuntarily unemployed), including the amount and duration of benefits. Check into COBRA, a federal law that allows you to continue your health care coverage during a period of unemployment.

You may also want to take advantage of state and federal programs that provide support and networking events for displaced workers as well as online job banks, job fairs and job skill development classes.

AFTER A LAYOFF

Keep working. Conducting a job search is hard work that requires creativity and stamina. Resist the temptation to slack off. Instead, keep getting up at the “normal” time, continue getting dressed in the morning, and try to maintain a regular schedule. Tweak your resume. Perfect your cover letter. Post them online and distribute them to your network. In short, get the word out!

Build credibility. Use your spare time to gain additional skills by pursuing a certification or taking a class. If these options aren’t in the budget, why not start a blog or respond to questions in online forums? Establish yourself as a Subject Matter Expert; then refer recruiters to your posts.

Never eat alone. Invite former colleagues (and competitors) out for coffee and use the time to pick their brains… ask for leads and cultivate contacts… build your network.

Freelance. Look for projects, consulting work and other opportunities to get your foot in the door with potential employers. Not only will it generate some income, it just might position you to snag the company’s next job opening.


Hang in there. Perseverance is the key to a successful job search. So get started, and keep going. After all, tomorrow may be the day that you land a great new job!