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Preparing For a Layoff – Steps To Take

Layoffs frequently occur in a range of workplaces and can have a variety of causes. There’s a good chance that you or someone you know has gone through a layoff. No matter how secure and safe your employment may appear, anyone can receive the dreaded “pink slip,” sometimes without their own fault. An increase in competition, a slowdown in the economy, or a natural calamity can all result in employment loss. All these contributing factors encourage one to prepare for a layoff.

Although some industries may be less susceptible to the financial effects of the epidemic, it is still a good idea to be ready for a layoff even when the economy is doing well. It would be prudent to utilize this time to consider how you can be ready for unemployment if you were caught unprepared. 

It can be useful to know how to get ready if your company is planning to lay off employees or if your boss has already informed you that you will be a part of a layoff. In this post, we explore some preparation strategies and discuss why it’s critical to be ready for a layoff.

Related Article: How to Deal With Losing Job or Unemployment – Steps to Take

Is it Important to Prepare for A Layoff?

Even in times of economic weakness, the economy always recovers, and this recovery often happens quickly. Just like that, the economy may take a turn for the worse, leading to layoffs. You may know about your last day months in advance for certain layoffs. While it may be more immediate for others. It can be advantageous for both you and your company if you have time to prepare for a layoff. Because of this, it’s critical to get ready for a layoff so that you are aware of all of your options and can decide how to move forward.

You’ll be able to have a reliable plan in place if you prepare for a layoff. You could wish to transition into a new position fast for a variety of reasons, such as wanting to save money, not wanting to disrupt your career ambitions, or expecting to avoid a protracted period of unemployment, even if your company pays you a sizable sum of severance compensation.

Related Article: Steps to Take After Layoffs or Being Let Go

Steps to Prepare for a Layoff

Even though layoffs are nothing new, they have recently received a lot of media attention. Given that businesses are experiencing slower growth and the imminent possibility of a recession, it is not surprising. That is why using preparation techniques will pay off. The actions you can take to get ready for a layoff are as follows:

Preparing for a Layoff - Steps to Take

1. Disregard office rumors
Try not to join the conversation if you see employees spreading misinformation. Try to change the subject by saying something uplifting in its place. Avoiding “energy vampires” and being cautious about who you put your trust in is another strategy.

2. Prioritize things you are certain about
It’s crucial to concentrate on what you know for certain when dealing with a layoff and avoid dwelling on rumors you’ve heard. Concentrate on those factors if you already know you’re going out of business and have to think about an end date and severance arrangement. Postpone taking action until you get more information. If you are hearing rumors about the organization’s plans but are unsure of the situation.

3. Record professional achievements 
The key is to be proactive while preparing for possible layoffs. Your achievements set you apart from the competitors. That also applies to any accolades or other forms of acknowledgment you may have earned. Quantify your accomplishments as well to show that you are results-driven on your resume.

4. Update your cover letter and resume
As soon as you learn that layoffs are looming, revise your cover letter and resume. Include any additional tasks and abilities that could aid in your search for the ideal new position. You may determine what keywords you should use on your resume by consulting job descriptions in your field. Every day, devote 30 minutes to one section of your CV.

Related Articles:
Writing a Cover Letter Post Layoff – Tips & Samples
How To Write a Resignation Letter – Tips & Samples

5. Employ your network 
Networking is important whether you are prepare for a layoff or not. Utilizing your network can assist you in finding a new job whenever you prepare looking for positions. Start by asking your friends, colleagues, and family members if they know of any positions for which you would be a good candidate. This may introduce you to chances you were previously unaware of, such unlisted positions.

6. Set aside money 
Save as much money as you can if you’re getting ready for a layoff, even though it’s not always simple. It’s a good idea to save some cash if your last working date is in the future or you’re receiving a severance. This is crucial if you can’t land a new job before your last day at your current one. Ideally, you’ll find a new position before that occurs. You’ll need some funds to fall back on, though, if it doesn’t.

7. Don’t worry 
It might be difficult to lose your job. Take deep breaths, don’t panic, and keep in mind that things will get better. These are some of the most crucial things to keep in mind. Make a schedule for yourself so that you don’t feel lost throughout the day, keep active networking and applying for employment, and take a moment to remind yourself that something will come along as long as you are looking for work.

Related Article: Getting Laid Off: What to Do & What it Means?

Conclusion

Circumstances are unpredictable right now, but it’s even more so if you’re getting ready to be laid off. Just keep in mind that being fired versus being laid off are two distinct events. It’s crucial to keep in mind that the former isn’t the result of poor performance. One of the most stressful life events is to get fired from your job. But there are things you can do to make the transition a little easier. Make sure you have some money, keep your resume current, get in touch with your contacts, and, if at all possible, negotiate severance pay. Keep in mind that to prepare for a layoff is an excellent opportunity to reflect on your life and pursue your passions.

Related Article: How To Bounce Back After a Layoff

FAQs

1. What to enquire about while being let go? 
Here are some questions to ask:

  • When is my last day? 
  • When will I receive my last paycheck? 
  • Will I get paid for my unused vacation time? 
  • Will I get a severance package? 
  • What happens to my bonuses or commissions? 
  • How long will I receive healthcare coverage?

2. Which is preferable: resignation or layoff? 
There are some benefits to job resignation that need consideration. The fact that it appears better on your CV than being let go is one of the main advantages. If you willingly leave a job while being aware of impending layoffs, you have more control over your story. You can present your leaving to potential employers in a more favorable way.

3. What to do if you are being let go? 
Even if it becomes obvious that a layoff is imminent, keep producing your best work. Your resume should contain your most recent employment details, professional experience, and accomplishments. Get back in touch with your network contacts. You never know who could be able to provide you a recommendation or a lead on a job.

Related Articles:
How To Write a Resignation Letter – Tips & Samples
Writing a Cover Letter Post Layoff – Tips & Samples

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