Being laid off sucks. It’s a huge knock to your confidence and self-esteem. Trust me; I know how it feels. But, that feeling doesn’t last forever. You can and will pick yourself back up, start applying for more jobs, and find a job that best suits you, your wants, and your needs. If you’ve recently been laid off for the first time in your adult career, keep reading for ways to deal with this situation.
Allow Yourself to Feel All the Feelings
I don’t remember the exact moment I felt like “I’m not really happy, and I don’t think I can see myself working here for a long period of time”, but when I felt it, I knew I had to just look at my options and find another job that better suited my needs. By the time that happened, I was already getting laid off, and let me tell you, I did not see that coming. I was confused, anxious, and upset.
Pro tip: If you’ve just been laid off, allow yourself to feel all the feelings, whether it’s relief, anger, sadness, or anxiety.
Maybe you really loved that job, and you liked everyone you worked with. Maybe you had an amazing boss. Maybe you had great benefits. Maybe you made a five year plan, and staying at that job and moving up the ladder was part of that plan. Give yourself some time to be emotional.
Maybe you didn’t like that job. Maybe you weren’t a huge fan of your boss. Maybe the benefits weren’t that great, you were underpaid and overworked, and you only liked the coworkers in your department. Maybe you were already applying to other places because you weren’t happy there anymore. Allow yourself the time to feel that relief. Appreciate the fact that nothing is holding you back anymore at that job, and you can finally move forward.
What’s done is done. If you can, give yourself some time to relax and deal with your emotions.
Can You Afford to Not Immediately Look for Another Job?
Look at your finances such as your savings account, checking account, consumer debt, and student loan debt and answer the following questions:
How much money do you have in your savings, and can you afford to not immediately look for another job?
Do you have enough money readily available to take some time off before you start applying for a new job?
Did your job offer you a decent severance package that will allow you some time to figure things out (e.g. finding a new job, looking for insurance plans)?
If your answer is yes to all of these questions, file for unemployment anyway. It's better to have that safety net just in case you need it.
If you answered "no" to any of these questions, file for unemployment immediately, update your LinkedIn profile and resume, and start applying for jobs.
Note: If you were laid off due to COVID-19, your process might be a little different. I'd suggest doing some research on what benefits you can apply for.
Pro tip: It's also likely that if you apply for unemployment benefits, you will have to prove that you've been applying to jobs in the meantime. Keep an up-to-date list of all the places you've applied to. Not only will you be able to keep track of where and when you've applied to different companies for the sake of keeping your unemployment benefits, but it's also great way to remember where you've already applied.
What About Severance, Insurance, and My Retirement Plan?
Severance
If you’ve been working at your job long enough, and you were laid off, you should receive a severance package. According to Investopedia, a severance package is “a bundle of pay and benefits offered to an employee upon being laid off from a company”. Part of your severance package may include:
Keeping your insurance for a set period of time
A lump sum of money that includes pay for a certain period of time plus PTO you have not yet taken
A recommendation letter
When you receive your severance package, you do not have to immediately accept it. Find out if you can work with an attorney to see if you can negotiate more money, an extension of your insurance benefits, and a recommendation letter from the person of your choosing.
Insurance
Insurance is expensive. If possible, ask your employer if they can keep you on their insurance plan until you’ve found another job. If this is not possible, tally up how much your medication is out of pocket (without insurance) and whether you have any necessary doctor or dentist appointments. Can you go without insurance for a while? Does your state offer affordable health care plans? What are the tax implications of not having health care for a while? Make sure you can answer all of these questions.
Note: Do your research when it comes to insurance. How will Biden being in office affect your ability to find affordable health care coverage?
Your Retirement Plan
Make sure you have all the documents, usernames, and passwords for your retirement plan and account. Your employer will no longer contribute to it, so ensure you have all the information you need to keep your retirement plan.
If your next employer offers a retirement plan, you can rollover the money from your previous retirement account to your new one.
What to Do When Looking For Another Job
If you’ve been at your job for years, there’s probably a chance that your LinkedIn profile, resume, and digital portfolio could use an update. Before you go looking for another job, do the following:
Update your LinkedIn profile. This includes your tagline, the positions you’ve held at your company, start and end dates for those positions, tasks you were assigned in that position, and certifications.
You can also toggle the “Open to” feature on your LinkedIn profile to let recruiters know you’re looking for a new job.
Don’t forget to upload your resume to your profile. Ensure your phone number and address are not displayed.
Update your resume. Update your Objective, job positions (including dates and tasks), any certifications you’ve completed, and new skills you’ve learned.
Create or update your digital portfolio. Digital portfolios are a great way to showcase any designs you’ve created or content you’ve written and going into detail about the duties you had at your previous jobs. They provide future employers and recruiters a peek into who you are and what you’ve accomplished throughout your career. Looking for an example? Here’s my digital portfolio. Feel free to reach out via my online form if you’d like assistance creating yours!
Find out if you want to stay in your field or venture off to something different.
Look at salaries for your previous position. If you made less than the average salary for someone with your job title and experience, take note and remember to negotiate your salary when you find a new job.
Network! If you know someone who works at a company you’d be interested in working for, reach out to them! Let them know you’re looking for a new job, and ask them if they’d be willing to refer you. Reach out to friends, family, and even old classmates. You never know who might be able to open a door or two for you.
How to Answer “Why did you leave your job?”
Interviewers will ask why you left your previous job. They may even call your previous job and ask about your performance and why you left. Keep the following in mind when this question comes up:
Be honest. Your interviewer can easily call your previous employer and find out the truth.
Keep it simple. You don’t need to over-explain the situation. If it was as simple as budget cuts, say that.
Explain what you’ve done in the meantime. Did you get any certifications? Were you staying up-to-date on industry news? Were there any skills you’ve strengthened?
Explain how you demonstrated your value during your employment.
Next Steps
So, you were laid off for the first time. Your life isn’t over. Your career isn’t over. Take this moment as a stepping stone and lay the foundation for your next job opportunity.
Remember:
When you get a new job, immediately start contributing to your emergency fund. Have enough saved for one month’s expenses, then three months, then six months, then 12 months.
Create a digital portfolio.
Update your resume. Fill out my online form if you need help.
File for unemployment.
Start job hunting again, and don’t forget to network!
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