Losing your job can be a crushing situation.
Job cuts are made for a wide variety of reasons, from performance measures to budgetary concerns. But regardless of the reason, or whether others were let go at the same time, it can be a blow to your ego, not to mention your finances.
After you get the news that you are now unemployed, you might be wondering what your next move should be. Your routine is suddenly broken, and it’s not always clear what you should do.
You may become concerned about your financial situation, health insurance and how quickly you can find another job. But it’s important not to panic.
Follow these three tips on how to handle a job loss gracefully and as painlessly as possible.
1. Be Sure You’re Being Treated Fairly
When someone gets laid off, the company may provide you with a severance package. They may ask you to sign a document explaining what the package entails, but don’t feel pressured to sign right away.
Make sure you’re being treated fairly during this situation. At this point, it’s important that you do what is right for you.
Business Insider suggested hiring a lawyer to double-check everything. The severance package may look pretty straightforward, but once you sign it, you won’t be able to ask for amendments.
2. Consider Your Finances
A job loss, regardless of cause or situation, always entails a period of lower cash flow. Don’t let this stress you out. The first thing you’ll have to do is look at your savings.
If you have been contributing to an emergency savings account, you’re probably in good shape. This is exactly the type of situation that you have been preparing for.
Take a look at how much you have saved up and determine how to budget it. You’ll have to figure out all of your recurring monthly expenses, like rent or a mortgage, food and utilities.
You’ll also have to pinpoint how you can decrease your spending.
Begin cutting coupons to save on groceries and pay attention to leaving lights and electronics on when they’re not being used, or lowering the heat in your home slightly.
Also, find your spending weaknesses and come up with a plan to avoid these. For instance, if you have a habit of making impulse purchases at certain stores, avoid going there for a while.
You will want to file for unemployment as well. Business Insider explained you should be able to learn about the laws regarding unemployment benefits and insurance online, as well as how to file for it.
3. Get Ready For The Hunt
Job hunting is a full-time job in itself.
Before you start the search, though, you’ll have to make sure you’re prepared. You will no longer have access to the email address your previous job provided you, so make sure you have a professional-sounding email address.
You’ll also need to get your resume up to date. Include your most recent jobs and accomplishments. According to Time, many hiring managers will only spend six seconds reviewing a resume.
Here are a few things you should consider when putting together your resume:
- Make your contact information easy to find
- Add some color, but not too much
- Use formatting to make it easy to read and find information
- Triple-check for spelling and grammar
- Don’t over-crowd information
Once your resume is ready to go, be sure your LinkedIn profile is also up to date. This professional networking platform can prove to be useful when searching for job prospects.
Forbes suggested reaching out to all your professional contacts letting them know you are searching for your next opportunity. If you have a LinkedIn account, this is made even easier.
Losing your job puts you in a tough situation.
Oftentimes, it may not be clear what you should do next, or what your responsibilities are. The best thing you can do is accept the situation, and do your best to continue moving forward.