A recent PricewaterhouseCoopers study showed that 50% of employers expect a reduction in workforce in the next 12 to 18 months. That’s a staggering statistic, especially in the midst of a bear market, rising interest rates, and a possible recession. However, this knowledge shouldn’t entirely sour you. It should jump-start your plans for anticipating the near future. By learning how to prepare for a layoff, you can reduce stress, have a contingency plan, and ultimately, weather the storm until the next great opportunity comes along. Here’s how to do it.
Don’t Panic
Losing your job is a frightening affair, regardless of your financial situation. Whether you live paycheck to paycheck or you have a nice nest egg saved up, losing your income is downright terrifying. As such, panic will almost immediately set in when you’re laid off. And while it’s easy to say “don’t panic,” actually doing it is something totally different.
However, you can do a few things to prepare for a layoff and stave off panic:
- Practice self-care: While the idea may seem counterintuitive, don’t immediately hop into your next job search. Between getting laid off and attempting a job search, you’re going to stress, panic, and drive yourself crazy. So instead, treat yourself to something you enjoy. Do yoga, catch up with friends, eat a good meal, or meditate.
- Talk it out: Another way to avoid panic and prepare for a layoff is to talk to someone you trust. Friends, family members, or your spouse can lend an ear and provide the empathy you need at a tough point in your life.
- Take it as a godsend: Okay, so you’re losing your job and income. But is it necessarily a bad thing? Instead of closing one door, think of a layoff as opening several doors at once. That basic idea should help you maintain your sanity.
- Count down from 100: If all else fails, just count backward from 100 to zero. You might be surprised that most of your negative thoughts disappear in just this small time frame.
- Don’t overthink it: Are you actually getting laid off? Or is it just a rumor? Before you know for sure, use this idea as a way to keep panic at bay.
Know the Right Questions to Ask Your Employer
After you calm yourself, start to prepare for a layoff by getting your affairs in order in terms of questions to ask your boss. The details are super important to your success and the ability to rebound post-layoff. If you’ve never been laid off before, start by asking a few questions:
- Will I get a severance package? What will the severance package include?
- How long will you continue to provide health insurance coverage? Does this include basic health insurance, or does it also include dental, vision, etc.?
- What’s going to happen to my 401(k) or retirement funds? Do I need to roll it over? Will you automatically vest it so I can do what I want with it?
- Can I get a recommendation from you when I start applying for new jobs?
- Can I apply for other internal jobs within the company?
- When is my last day?
- What happens to my paid time off (PTO), sick days, commissions, and bonuses?
- When can I expect to receive my last direct deposit or paycheck?
Learning to prepare for a layoff isn’t just about asking questions, it’s about asking the right questions. So beyond the questions listed above, compile a list of your concerns so you can get a satisfactory answer.
Request to Be Laid Off If It Makes Sense
Depending on the reason that your employer is showing you the door, you may be able to request a layoff. This may seem like the opposite approach you should take, but rest assured, it could bring you a better severance package in the long run or help you gain some focus on your future.
In most cases, you can request to be laid off if your company is relocating, restructuring, or going through tough financial times. When companies do any of these, you’re the one who actually has the leverage in negotiations, especially as the company looks to cut expenses. If it makes sense, you can preemptively prepare for a layoff by asking for one ahead of time. For those who want to start a career in a new industry or forge their own business, it might be the best move you can make.
Understand Your Legal Rights When You’re Laid Off
Employers in the United States are allowed to terminate employment for any reason at any time, provided it doesn’t infringe on civil rights or discriminate. This is known as an at-will employment arrangement. As a result, you don’t have any legal recourse to get your job back. But you may have the ability to negotiate a severance package; this will be outlined in your original employment contract.
Whether or not you get a severance, you still have a legal right to unemployment pay. When you’re laid off, you should immediately head to the unemployment office and file. You’ll get a percentage based on your original salary. While it won’t be much, it should help you weather the storm until you find your next position.
Use These Tips to Help You Get Laid Off Gracefully
Getting laid off can stir up all types of animosity and anger toward your employer. But if you want to prepare for a layoff, it’s all about doing it gracefully. Burning bridges with employers doesn’t help the situation. It may ruin your chance for future recommendations. What’s worse, even get you fired — meaning you’re no longer eligible for severance or unemployment.
So if you want to appear graceful around an impending layoff, here are some tips to help you along:
- Keep your emotions in check, especially around bosses and employees. Make goodbyes quick, don’t say anything you’ll regret to coworkers or employers, and walk out with your head held high.
- If you have to train a new person, don’t bad-mouth the company or anyone in it. Burning bridges is a horrible way to deal with your emotions, and you’re going to regret it later. So do everything you can to avoid burning bridges with your employer and keep at least a semblance of professionalism.
- Offer your assistance. While you’re getting laid off, staying around a few extra days to help train new people or just keep projects humming along can help you negotiate a better exit deal or severance package.
Start Your Next Job Search
Are you worried about getting laid off? One of the things you can do is search for potential jobs on the Virtual Vocations job board. With either a free or low-priced membership, you can search for thousands of jobs that appeal to your career aspirations and utilize your specific skill set. Moreover, you can get added peace of mind by knowing many employers need workers just like you. While you may not be able to avoid a layoff, you can at least prepare for a layoff in a way that sets you up for success in the future. In worst-case scenarios, a little effort goes a long way.
Have you ever been laid off? What helped you deal with it and bounce back? Connect with Virtual Vocations on Facebook, Twitter, LinkedIn, Instagram, and YouTube to share your thoughts and tips. We’d love to hear from you!
Join Virtual Vocations
Joining Virtual Vocations grants you access to our hand-picked remote jobs database. Learn how our service works, browse job leads by location and career category, or search hundreds of hand-screened remote jobs to find legitimate work-at-home job leads that match your skills and background. Register for free or contact us for more information on our service guarantee.
Check out our menu of Career Services provided by our team of certified professionals, including resume and career coaching services for remote jobseekers. Resume assessments and writing, LinkedIn profile enhancement, and cover letter writing are available to maximize the success of your remote job applications. Discounts on all services available to subscription members, become one now.
