I’ve been there. It can happen to anyone, at any time, during any stage of their career. On my second day of employment after college I lost my job due to a mass layoff, because the entire company shut down. On top of losing my job, this happened after the Internet bubble burst and great jobs were very difficult to find.
It’s probably one of the best things that ever happened to me, because it showed me that employment stability is an illusion and it’s important to build this risk into your future plans.
Here are some tips I could share with you on how to cope with this situation.
1. Don’t panic!
It’s easy to panic, especially if you’re living paycheck to paycheck. As long as you have your health and are willing and able to work, you’ll be okay. US unemployment rate is at its all time low. There is plenty of work available. Don’t just limit yourself to US jobs though, think globally. For example, after I lost my job, I moved to the United Kingdom for a new gig.
2. Evaluate your current situation
Look at your current personal P&L and Balance Sheet and the runway you have to survive without an income. Do you qualify for unemployment benefits? If yes, this may help to offset the loss of income and give you more time to maneuver into your next opportunity.
3. Asks your employer for outplacement services
Most people do not know what this is and that it's a key benefit employers offer during layoffs. Outplacement services are offered by employers going through a layoff. Employers pay for the service to help you with your resume, job interviewing and finding your next job. VelvetJobs outplacement is used by some of the world’s leading companies as well as smaller companies during layoffs. It is in your employer's best interest for you to land on your feet as fast as possible. The faster you find a new job, the lower their unemployment tax rate is, which translates into significant financial savings. Some employers may offer you outdated outplacement services that originated tens of years ago and haven't caught up with the times. Not only are they outdated, but they are also more expensive for your employer. You could always ask them to switch to VelvetJobs outplacement.
Share this link with your HR to see if they would get you VelvetJobs outplacement:
https://www.velvetjobs.com/outplacement
4. Figure out what you want
It may be a forced change on you, but every problem is an opportunity in disguise. Take this as an opportunity to grow and evolve into the direction you want. To do so, you really need to figure out what you want first. So take some time to think about it.
5. Set the goal to get it
Once you know what you want, set it as your goal. If you don’t set it as your goal, you’ll never achieve it.
6. Get your resume ready and start interviewing or start a company
You always have options. You can get your resume ready and start interviewing or you could consider starting your own company.
7. Find your next job that will help you reach that goal
If you do decide to find another job, make sure it’s the job that will help you achieve the goal you set for yourself.
