Tuesday, June 30, 2009

THINGS TO DO AFTER A LAYOFF

Your company just let you go. This can be a confusing and stressful time, and sometimes, well-meaning friends don't know what to say or how to help. Don't worry! Here are some easy things you can do to get back on track quickly and make the best of a situation that was out of your control.

Actions to take NOW

1. Take a deep breath, and remember that the layoff does not mean anything about you at all.

2. Your work files are company property, period. This means that you should leave these files alone. However, if your employer gives you some time to transition your role or tidy up business, you can likely copy your contact list, because those are relationships that you carry with you, in order to let people know that you're leaving.

3. Apply for state unemployment, which you can easily do online. Each week you delay, the less money you'll receive from the government before your time period is up. When I was laid off in the dot-com crash, I used my unemployment insurance -- and its first extension -- to supplement my travel budget before I focused again on job-hunting. It was great. Employers are not legally obligated to provide a severance package, so don't count on this option.

4. Review changes to your HR and other benefits. Some deadlines are extremely important and can affect what happens to your health or retirement plans. In addition, you may need to transition your retirement account. All of this is relatively easy to do; it just requires paying attention to key details.

5. Check all your spending habits and bring your monthly expenses down quickly. Calculate how much cash you have, or can have, available to you for at least the next two months. This is smart planning. Unless you have another source of funding, such as a trust fund, I suggest temporarily canceling those extra perks -- such as gym memberships, spa treatments, etc.

Actions to prepare you for the career search

1. Reassess your career path. One of the best ways to do this is to write down the 10 things you loved the most about your previous job experience. You can then integrate these points into your new resume.

    As a side note, if there is a hobby that you enjoy or for which you are well known in your circle, why not deploy that skill to start up a new or supplemental career? It will be your call whether you want to continue with it or call it a day once you have found your new position.

2. Utilize the information from #5 in the previous section to identify how quickly or leisurely you might have to find your next position.

3. Create a career search plan detailing your efforts as well as your metrics. Be specific. Like how much time a day will you spend on your job search, etc. This will shape your days/ weeks for the next couple weeks. Remember that career search requires conscientious and proactive efforts. Every little bit helps.

4. Prepare your resume. It is quite easy to forget some of the work you may have done in your previous job. The important thing is to get a good list of ALL the projects/work that you may have done. Later, you can pick and choose which one is worth mentioning in your resume (or prioritize your experience based on the job for which you are applying).

5. Put out the word that you are on the job hunt online and offline.

    a. Online: Ensure that your LinkedIn/Doostang/other professional networks are up-to-date. Don't be shy about reaching out to a contact even if you have not maintained contact in a while. Even contacting strangers on these networks is just as helpful. I once had someone (a complete stranger) call me from Spain (I was in Chicago then) because I had requested time to speak with him about his company.

    b. Offline: Talk, talk, and talk. It doesn't matter to whom to you talk, but do snatch every opportunity you get to let someone know that you are in the market, up for grabs. You never know... that friendly person chatting you up on the train might be hiring.

      1) Use your networks. This might be a good time also to have that coffee with those friends that you have been unable to meet due to other commitments. A low-down on their organization and the hiring situation for the department in which you are interested might be a very handy tool to have (given that it comes from an insider as wells as someone interested in helping you find your next job).

      2) Cold calling works! This comes from personal experience. ID a job that interests you. Some companies post their HR team's phone numbers on their site. If you can spot this, call and leave a message that is good enough to just tease their interest. This will not only give you the potential opportunity to speak to a live person in the company, but will also set you apart from other candidates because you've gone a step further in attempting to reach the company.

6. Keep yourself open. A job that seems unlikely to match your expectations or skills might end up being 'the one'. When I was in touch with a potential hiring manager for my current company, I had convinced myself that (a) this wasn't the industry for me, and (b) I wasn't qualified enough for the job. The truth was quite different. As much as you may have loved your previous job/industry/responsibilities, you never know what adventures await you in the next one.


7. Go shopping for a suit. As silly as this might seem, if you have been in a job for a while, and your position did not require wearing formal clothes to work, you might find yourself called for an interview tomorrow without a good/comfortably fitting suit. When I got an interview call once, I realized that I had to either lose 5 lbs in one day or buy a new suit.

8. Reconnect with your support community, which means family, friends, and even friends of friends. These folks can help review your resume, keep an ear out for possible job opportunities, and help celebrate and commiserate when you need it.

9. Make it fun for you. For me, that means a yummy cup of joe/ chai and my fab music of course.

Other actions to pursue during this down time


1. Get out of the house! Continue to be involved in helping your local community, non-profits, and any other organizations you’re part of. The more you give, the more you’ll get back. The more new people you meet, the more connections and possible job leads you might find.

2. Learn from others and adopt their survival tips, where it makes sense. You may find it helpful to check out a recently published book called Rebound: A Proven Plan for Starting Over After Job Loss (FT Press). There are many resources out there.

3. Consider retraining. Some folks like to escape to business school or other programs. For the right reasons, a layoff may be a great trigger to learn new skills and expertise. If this is something on your mind, consider reading about http://www.geekmba360.com/?p=319 to help you decide.

4. Enjoy your free time, whatever this means for you. This could be reading, hiking, practicing new food recipes, or anything inexpensive. Once you start your next job (or school), your vacation is over. Make sure you maintain the trusty positive attitude that has served you well in the past. If you're let go, keep in mind that a large portion of the country (and the world) is facing this situation. Consider this a great opportunity that is letting you explore other possibilities. Whatever happens happens for the best. :)

No comments: