Getting laid-off? 10 helpful tips at a personal level (Part 1/3)

Losing your job can be a difficult and stressful experience, but it’s important to remember that you are not alone. Millions of people go through layoffs every year, and there are many resources and support systems available to help you through this tough time. But still, you should be cautious. During the period of layoff, people are having a lot of questions but these 10 helpful tips at a personal level help you in advance.

Q: Things to do before you get laid off.

Be proactive in the face of potential layoffs by taking these key steps: update your resume and cover letter, build your professional network, review your financial situation, search for new job opportunities, and consider continuing education or training. Don’t let a layoff catch you off guard – start preparing now to increase your options and ensure a smooth transition. 

Q: Can I apply for unemployment before I get laid off? 

Yes, you can apply for unemployment before you are officially laid off. In some cases, you may be eligible for unemployment benefits if you are facing a layoff or if your hours have been significantly reduced. It is important to check with your state’s unemployment insurance program to understand the specific requirements and to ensure that you are able to receive benefits if you do lose your job.

Q: How to prepare financially for a layoff?

Take control of your finances before a layoff hits by reviewing your budget, cutting costs, and building an emergency fund. Seeking guidance from a financial advisor or credit counselor can also be helpful in preparing for a potential loss of income.

Also read: Worried About Layoffs? 

Rights after being laid off, 10 helpful tips at a personal level

1. Read the termination paper thoroughly, then only sign it.

When you receive a termination letter from your employer, it’s important to read it carefully and understand the terms of your layoff. This letter should include information about your last paycheck, you’re remaining paid time off (PTO), and any severance pay or benefits you may be entitled to.  Some examples of questions you might want to ask HR:

1. What is the last paycheck date?
2. Will I get paid for my PTO?
3. How many months will I get medical benefits?
4. Am I eligible to rehire in any other group in the company?
5. Is there any severance available for this position?

By asking these questions and understanding the terms of your layoff, you can ensure that you receive all the pay and benefits you are entitled to, and avoid any misunderstandings or disputes.

2. Avoid common mistakes when negotiating a severance package.

How to negotiate a severance package after a layoff?  It’s important to remember that a severance package is negotiable, and you can ask for more money, more time, or other concessions from your employer. However, there are some common mistakes to avoid when negotiating a severance package, such as:

Don’t be afraid to ask for more money: Many people are reluctant to ask for more money in a severance package, but it’s important to remember that your employer is offering this money as a way to compensate you for the loss of your job. If you feel that the amount offered is not fair, or if you have specific financial needs that the package does not address, it’s okay to ask for more money.

Don’t be afraid to ask for more time: A severance package may include a deadline for accepting the offer, but it’s usually possible to negotiate a longer timeframe if you need more time to make a decision or to find another job.

Don’t be afraid to negotiate the package: A severance package is not a take-it-or-leave-it offer, and you can negotiate the terms to better suit your needs. For example, you might ask for additional health insurance coverage, job training, or other support to help you transition to a new job.

By avoiding these common mistakes and negotiating a fair and reasonable severance package, you can ensure that you receive the financial support you need during this difficult time.

3. Critically impacted area during the layoff.

A layoff can have significant consequences for your visa status, home mortgage, and health insurance, and it’s important to understand and address these issues as soon as possible.

3.1 Laid-off impact on visa status: If you are a foreign national working in the US on a work visa, a layoff can have serious implications for your ability to remain in the country. In most cases, you will have 60 days to take one of the following three actions:

Find a new employer to sponsor a work visa, OR Leave the country, OR Change your visa status to a different type of visa (such as a student visa or a tourist visa). It’s important to research your options and make a plan as soon as possible, to avoid any legal problems or disruptions to your stay in the US.

3.2 Home Mortgage:  If you have a home mortgage, a layoff can make it difficult to make your monthly payments. You should contact your mortgage lender as soon as possible to explain your situation and explore your options. In many cases, lenders are willing to offer temporary payment relief or modification of your mortgage terms to help you through a difficult financial situation.

3.3 Health Insurance: if you are laid off and lose your employer-sponsored health insurance, you may be able to continue your coverage through COBRA, enroll in a new plan through the Health Insurance Marketplace, or explore government-funded programs such as Medicaid or CHIP. It’s important to act quickly to ensure that you have continuous coverage.

4. Update resume and LinkedIn profile.

If you’re facing a layoff, one important step you can take is to update your resume and reach out to your connections on LinkedIn. Start by revising your resume to highlight your most relevant skills and experience. Make sure to use industry-specific language and include any accomplishments or notable projects. Then, reach out to your LinkedIn connections and let them know about your situation. And also, read the article on how to expand networking after being laid off.

5. Ask for references on LinkedIn.

When searching for a new job after a layoff, it’s important to have strong references from your past managers and colleagues. Reach out to these individuals on LinkedIn and ask if they’d be willing to serve as a reference for you. Personalize your message and remind them of your accomplishments together. Having a variety of references who can speak to your different skills and experiences can be beneficial in your job search.

6. Discuss the layoff situation with the Family.

This can help everyone understand the situation and work together to come up with a plan. Consider discussing your feelings and concerns, as well as any potential job leads or steps you’re taking to find a new position. It may also be helpful to create a budget and discuss any financial implications of the layoff. By communicating with your family, you can navigate this difficult time together.

7. Keep meditating

In stressful and uncertain times,  it is important to maintain mental health after a layoff. Remember, ups and downs are part of life. It can be helpful to incorporate regular meditation into your routine. Meditation can help reduce anxiety and improve overall mental well-being. It can also increase focus and clarity, which can be useful when job searching. 

8. Invest in yourself and new skills 

It can be a challenging time, but it can also be an opportunity to invest in yourself. Consider taking online courses or training programs to improve your skills and increase your value as a job candidate. You can also invest in networking opportunities and connecting with others in your industry.

9. Manage your 401k

It’s important to carefully consider your options for managing your 401k. This may include leaving the funds in your former employer’s plan, rolling the funds over into a new employer’s plan or an individual retirement account (IRA), or taking a distribution. Each option has its own pros and cons, so it’s important to carefully weigh your options and seek financial advice if necessary. By making informed decisions about your 401k, you can help ensure that your retirement savings are protected.

10. Register for Unemployment Benefits 

These benefits can provide temporary financial assistance while you search for a new job. To apply for unemployment, you’ll need to file a claim with your state’s unemployment insurance program. You’ll need to provide information about your former employer and your employment history. It’s important to file your claim as soon as possible to ensure that you receive benefits as quickly as possible.

The Bottom line

A sudden layoff might impact you and your family. Just remember, you are still a valuable source for yourself and your family. So, relax and start working on the next step of finding a job after reviewing the above 10 things you need to take care of at a personal level. This is the time to reinvent yourself with new skills in your life. Now, ready steady and go for a new job.

You can read the next post: Part 2