About to Lose Your Job? Three Dead Simple Ways You Can Prepare
In these uncertain times, everyone feels relatively powerless and unable to change their circumstances. Folks are losing their homes, the jobs, their retirement, their life savings. All you hear on the news are bad tidings regarding the housing slump, bank failures, and general economic turmoil. Things are bleak and now you’re wondering how you can feed your family. Here are three simple things you can do to prepare.
#1 – Get the Most Out of Your Job – NOW
Take advantage of all the offerings your job provides before you lose it. Stop taking vacation days and let them accrue. For 99% of people, cashing out your vacation/paid time off days when you’re laid off is the only “severance” package they’ll get.
If you have seniority or have put in many years with your company, appeal to management or the owner for some additional severance – it never hurts to ask. Offer to help wrap things up for as long as you can manage after everyone has been laid off. Even squeezing a single extra paycheck out will help a great deal.
Schedule all medical visits, procedures, and dental work while your benefits are still valid. Refill prescriptions, get new glasses. All this stuff will cost money when you lose your benefits.
If your company is performing a lot of layoffs, try asking if you can keep some of your equipment – such as the desktop PC or laptop thats been assigned to you. This is especially helpful if you don’t own a computer of your own – you’re going to need something to do your job hunting on.
If your company pays for training and/or certifications, take advantage of that perk now. Getitng additional certifications can only help you land your next job.
#2 – Network Inside The Company
Your group or business unit isn’t doing very well, but that may not be true of other parts of your organization. Make some contacts, do a few favors. Maybe you’ll find other openings or a sympathetic manager that has use for someone with your skills. Even if it involves a pay cut, making an inter-organizational move can save your bacon in the long run.
#3 – Stop the Bleeding ASAP
If you’re certain you’re about to get the axe, don’t wait until it happens before you cut down on your spending. Cancel cable or satellite TV. Cancel any planned vacations or trips. Sell extra vehicles you don’t need (or won’t be needing) to get cash in your pocket now and cut back on monthly payments. When the time comes, you’re going to want to have as much cash on hand as possible.
Unemployment is scary. Having to compete with hundreds of other people much like you for a single job is downright petrifying. Tighten your belt and think outside the box. It’s going to be a bumpy ride.
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