Since your personal finances affect so much of your life, not only during times of stress, we look at the big picture and help you get your life in focus. When you are confident about your financial plan, you will have the ability to seize this opportunity to pursue the perfect job, open your own business or retire altogether!
We’ve compiled a short list of things you should do now, so that you can relax and think about what you’d like to do next!
- Get all that is due you – ask about severance pay and unused benefits (vacation pay) and find out what outplacement benefits there are. Oftentimes, you can sign up for career coaching, resume writing assistance, online support, etc. There is generally a standard package offered but you may be in a position to negotiate for more…worth a try!
- Get a copy of your official personnel file, if possible and request a “laid-off employee letter” from HR
- Collect written recommendations from your supervisors now, before everyone scatters
- Update your LinkedIn
- Put together a list of people who serve as references – get their non-work contact information
- Be a reference for others. This will help in post-employment networking.
- Find out about continuing your health insurance coverage. Employers pay all of most of your health insurance costs and it can be sobering to find out just how much they paid in monthly benefit for your health insurance. It is important to find out what other insurance options are out there before you sign up for COBRA – many have lower premiums but can have lower benefits too. Luckily, you have at least 60 days to elect this coverage option!
- Register for unemployment compensation with your local state employment office now! Even with a severance package, you may qualify down the road but you must register now to qualify.
- Have personal business cards made – perfect for networking and handing out to potential employers.
- Evaluate your financial picture and if you don’t have a monthly budget, work on it now. You may want to consider how you can lower your monthly expenditures until you find a job. If your bills are still greater then what you’re getting in severance benefits we can help you determine the best place to get that money.
- Let us analyze your investments and 401k. Don’t be tempted to borrow blindly from your retirement account – this could cost you 40-50% of the balance in taxes and fees!
- Evaluate your options, stock options that is! We can help!
- Don’t hide the fact that you’ve been laid off – let everyone you know that you are available!
- Take a few moments each day to be thankful for all you do have! Sometimes we focus on what we don’t have and we’re usually too busy to notice and appreciate all that we do have. A positive focus will not only serve you well day to day, but it will helpful in maintaining a positive outlook during the interviewing process.
