If you think a layoff is coming, review your company’s policies now to be prepared with the right questions and information should the worst happen. What other employee benefits are included with the severance? Sometimes this may include a release from a nondisclosure agreement, continued health benefits or outplacement services.Does the severance package reflect and respect your time committed to the company?.Give yourself time to think through the next few months and arrive at the answers to these critical questions: Plan ahead!)ĭuring the termination meeting, take notes, ask questions and don’t sign anything immediately. (Also, don’t forget that severance pay is taxable. You may feel relieved to get any continuation of pay, but take the time allotted to you to review your contract so you can read the fine print. However, many employers will offer severance pay or a limited continuation of your pay when terminating your employment. Getting laid off can be a very emotional time. Step 1: Keep a cool head and read the fine print If you’re an employee who has been laid off or are just worried you’re about to be, take a deep breath. Successfully navigating the job market requires skills and strategies that don’t always come naturally, and when you’re navigating with a level of fear, it can make the next step in front of you even harder to find.īut it’s not impossible. There’s the stress of paying the bills and the emotional tug of feeling expendable. It's been a tough few years when it comes to career certainty, and if you're worried about joining the ranks of the laid-off, you're not alone. Explore free, downloadable resources for workers, including resumé templates and guides, at University of Phoenix.Prepare against a future layoff by building an emergency savings account, keeping track of worthwhile work accomplishments to share during job interviews and maintaining an up-to-date resumé.Then, dive into the job market with updated application materials and a strong networking game.
First, ensure you have a budget in place to make every dollar go further.
If you’re an employee who has been laid off, it’s important to stay calm and be strategic about your next move.
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