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What to do if you think you might be laid off

BY ADRIANA MORGA

NEW YORK • The job market in the U.S. remains strong overall, but recent high-profile layoffs at technology and media companies and predictions of a recession later this year may have you thinking about job security.

If you’re worried you could be laid off — or if you’ve lost your job — here are recommendations from experts:

If you might be laid off

Start saving. It’s crucial to start building an emergency fund even when you feel secure at your job but especially if you think you might lose it.

You might not be able to save enough to cover the whole time you’ll be out of work, but even a small amount can reduce your stress.

When you start thinking about saving, Jesse Mecham, founder of the money management app YNAB, recommends that you ask yourself: What do I want my money to do?

Maybe a year ago, you wanted to save for a large trip abroad, while now you want to have money in case you are out of work for six months.

People “would have a very different answer now than they might have had a year ago when they thought that their job was extremely secure,” Mecham said.

If you are aggressively paying off debt and it’s affecting your ability to save, Mecham recommends slowing down payments. You should still make at least the minimum payment, but you might want to consider temporarily using any money you’re been paying over that to build an extra cash cushion so you have money available should you need it. It’s also crucial to avoid getting into further debt, Mecham said.

Update your resume. It’s a good idea to keep your resume up to date but, most importantly, keep it customizable for several jobs, said Scott Dobroski, career trends expert for Indeed. You can do this by leaving space in your resume to include keywords that are specific to the job you are applying for.

Jobs might require slightly different skills if you are planning to stay in the same industry or completely different skills if you move to another field. If you keep your resume updated and customizable, it could make things easier when you need to move on.

Anna Gallo, 33, a tech worker from Middletown, Conn., who was recently laid off, found updating her resume was more emotional than she expected.

“Updating my resume after not looking at it since I got my job was surprisingly sad. I had to take time and respect that sadness and wait until I was feeling better so I could do it,” Gallo said.

Activate your network. Tapping into connections in your industry now is a good idea, said career coach Marlo Lyons. Talking with your friends about possible job openings elsewhere could give you a head start.

Upskill. Gaining new skills and adding certifications or courses to your resume can be a good way to move up in your current job. If you think you might have to go somewhere else, look for the skills that will make you a stronger candidate, Lyons said. Whether it’s taking a free online course or signing up to get a specific license, upskilling your resume will have positive impacts whether you stay in your current job or have to look for another one.

Popular course websites include Coursera and edX, which offer courses and certifications from universities around the country.

If you have been laid off

Prioritize your mental health. Your mental health can be heavily affected after a job loss. Take a breath and let yourself feel the emotions. Prioritizing your mental health will allow you to approach your job search in a better way, Dobroski said.

For Gallo, putting her mental health first meant that she gave herself time to feel sad.

Maintain a routine. Keeping structure in your day will help you with your mental health and with the right cadence of applying to jobs, Mecham said.

Planning your days so they include eating at your usual time, working out or going for a walk and applying for jobs for a certain amount of hours will keep you grounded, he said. Lyons recommends designating a time during the day to start and end applying for jobs.

“Do not over-exhaust yourself with applying to jobs,” Lyons said. “Take time to do activities that make you feel good.”

Check your benefits. It’s crucial that you understand your compensation package and save any documentation that you need to understand your benefits after you’ve been laid off. Some especially important things to know are your health insurance and dental benefits, Dobroski said.

Network. Reaching out to your professional and personal network can be helpful, and it’s useful to give some direction to friends and colleagues who want to help, Lyons said.

Share your experience. It can be hard to talk about losing your job, and you should only share if you feel comfortable. But sharing can benefit you.

When Gallo shared on social media that she had lost her job, she did it so everyone she knew would find out at the same time. She didn’t expect hundreds of people to reach out offering help.

Apply for unemployment. Applying for unemployment is an option that everyone should utilize, Lyons said. While the amount you get for unemployment might not be as much as your salary, it can help you to stay afloat for some time.

“You’ve been paying into it your entire life, get some of that money back,” Lyons said. “Don’t be shy about it.”

Consider a temporary job. A temporary job is a good option if you can’t afford to be out of work, Dobroski said. Lyons also recommends temporary jobs and says you should include them in your resume if they showcase skills that match your desired full-time job, such as leadership or organizational skills.

PERSONAL FINANCE

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2023-03-26T07:00:00.0000000Z

2023-03-26T07:00:00.0000000Z

https://daily.gazette.com/article/284550182283626

The Gazette, Colorado Springs