You Got Laid Off: Now What?

So you got laid off. Now what? Here are some do’s and don’ts that will set you on the right path:

Do’s

• Contact your company’s HR department to find out about your health insurance benefits continuation under COBRA. This year, the federal government is providing subsidies for continuation coverage under COBRA.
• Study the severance agreement if your employer has provided one to you, and see if the terms are satisfactory to you
• Apply for unemployment benefits, which can run for up to one year in some states, depending on your circumstances. The payments will not equal your salary, but they will be something to help you pay your rent or mortgage and keep the lights on.
• Connect with your network to let them know you were laid off and are looking for a position, even one that is part time
• Check the online job boards daily to apply for jobs. There are many job boards that list new jobs daily.
• Have hope, and find something to do every day that gives you hope: go to networking group, volunteer at a worthwhile organization. See my article “The Importance and Magic of Hope at The Importance and Magic of Hope.

Don’ts

• Lose hope. This is the main rule. Don’t ever forget this rule. It is easy to ask oneself “what was it all for, all those years of dedicated, hard work, studies, saving, being a good citizen, etc.” Just accept that there is an important reality to be dealt with immediately, and that is maintaining a healthy attitude about life, and finding a new job.
• Immediately sign the severance agreement offered by your employer. Review it. You can even ask if they could do a bit better, but be careful not to reject the offer. A counteroffer is a rejection so do not make a counter offer. You could ask if it might be possible to get a little more in the offer, or to keep your laptop, or to get a little more vesting of your stock, etc.
• Wait too long in accepting the severance agreement. If you wait too long, your employer may revoke the offer, or might change the terms, or might run out of money.
• Overlook any pay you are due for unused vacation time
• Sleep in in the morning. Consider your job every day is to get a job. Get up, go the library to use the computer if you do not have one at home.
• Let your skills deteriorate: if you are a marketing person, volunteer to market some events for the YMCA, your church, synagogue, mosque, or temple, a new company just starting up, etc. If you do sales, maybe you can arrange a commission arrangement even in a new specialty so you can devote part of your days at the library researching your industry and selling for a few hours per day.
• Let inactivity set in. Do not stop exercising. Being healthy and fit allows you to tackle your challenges with vigor.

Good luck to you. I’m rooting for you!