Later On

A blog written for those whose interests more or less match mine.

Preparing for your layoff

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If you’ve not been laid off, just wait. It will probably happen sooner or later. I blogged earlier about how to prepare, and this morning I saw more advice—overlapping, but good to keep in mind:

  • Stay in the Game – First and foremost, never stop looking for new career opportunities – even if your current job feels comfortable and secure. You never know when your dream job might open up. Keep your résumé updated and make sure that the right recruiters have your phone number. You should always have a passive job search in progress. That way, you’ll always enjoy a steady stream of job leads and you’ll have a head start on landing your next position if you get laid off. This may sound like obvious advice, but few people truly take it seriously until it’s too late. Don’t allow yourself to be lulled into a false sense of security. When the layoff rumors start buzzing, goose your passive job search and get a little more active about exploring your options.
  • Demonstrate Your Value – To increase your odds of hanging onto your current position, do whatever you can to show your manager the value that you provide. This is no time to be modest. Make sure you document your contributions and ensure that your boss understands how much harder her job would be without you.
  • Don’t Take Any of It Personally – While it doesn’t hurt to demonstrate your value (see above), keep in mind that even the most valuable employees can be laid off. Layoff decisions are based on many factors. Sometimes, it’s about who was hired last. Sometimes, it’s about who makes the most money. Sometimes, there is no clear reason for who winds up on the chopping block. Don’t let rumors and speculation mess with your head. There’s only so much you can do to influence whether or not your name will show up on the layoff list. Don’t waste energy obsessing about what might happen. Channel your energy into figuring out your Plan B.
  • Build Your Emergency Fund – Cut back on discretionary purchases and put as much of your paycheck into your emergency savings fund as you can. Financial planners recommend that you should have enough in your emergency fund to cover your expenses for between three and six months. Hopefully, if you do get laid off, youll also have a severance package that will help you pay the bills. However, the more you can sock away, the more peace of mind you’ll have if the ax falls. [This free budget builder may help. – LG]

  • Do Your Research – Find out what kind of severance packages your company has offered in the past. Chances are that some of your colleagues have survived previous rounds of job cuts and can give you some general guidelines regarding what to expect. With a little luck, you might be pleasantly surprised at your company’s generosity and realize theres no reason to panic.
  • Do Your Housekeeping – Often, when layoffs are announced, employees are rushed out the door and given little time to pack up and say goodbye. This is generally to prevent unpleasant scenes. However, if you think you might be facing a quick heave ho in the near future, you’d be smart to pack up your important possessions in advance. Make copies of work samples, performance reviews, and other key documents. Make sure you transfer all of your contacts to your personal computer. Start lugging home your extra pairs of shoes and family photos.
  • Remember to Look on the Bright Side – At worst, getting laid off is a temporary trial (and you will get through it, I promise). At best, your layoff may be the kick in the pants you need to find a more fulfilling job. I interviewed dozens of successful career changers for my forthcoming book and many of them spoke of being thankful for their layoffs (some of them volunteered or even begged to be let go). Their severance packages gave them the time and opportunity to pursue the careers of their dreams. If youve been unhappy in your current career path, this layoff may be your chance to explore your options.

Written by Leisureguy

21 January 2008 at 9:38 am

Posted in Business, Daily life

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