Hey Folks, AshTech here!
With all the recent layoffs and having experienced it myself, I wanted to share what has helped me work through unemployment. We hope this helps you in your journey.
1. Terminology and Potential Benefits:
- The terminology used to describe job loss can impact potential benefits. For example, being laid off may make individuals eligible for unemployment benefits, while being fired for cause may disqualify them. Understanding and accurately communicating the circumstances of job loss is crucial for determining eligibility for benefits like unemployment insurance.
Be sure to ask HR for any official release documents acknowledging the ending of employment.
2. Focusing on Planning Next Actions:
- Techniques to focus attention on planning your next steps include setting clear goals, creating a structured daily routine, breaking down tasks into manageable steps, staying organized with to-do lists or calendars, seeking support from mentors or career coaches, and visualizing success to stay motivated and maintain a positive outlook for the best possible outcomes.
3. Legal Institutions Providing Free Services:
- Legal Aid organizations with pro bono programs at law schools, local bar associations, and non-profit legal clinics offer free legal services and consultations to individuals who have lost their jobs and need assistance with employment-related legal matters.
4. Negotiating Severance and Settlements:
- Effective negotiating tactics for discussing severance and settlements include researching industry standards for severance packages, remaining professional and respectful during negotiations, clearly outlining your contributions to the company, seeking advice from a lawyer or HR professional, focusing on mutual benefits, and being prepared to walk away if necessary.
Having quantifiable data to support your contributions will go a long way in these discussions. A tremendous professional habit is quarterly reviews of the tasks, projects, and training you are engaged in. This tracking keeps you prepared for your performance reviews and gives merit to why potential pay increases or bonuses should be awarded.
Stand up for yourself. Be confident, and be polite. If you don’t have your own back, who will?
5. Managing Finances After Job Loss:
- Steps to manage finances after losing a job include creating a budget, prioritizing essential expenses, exploring options for temporary financial assistance like unemployment benefits or severance pay, negotiating with creditors for payment plans or deferments, cutting unnecessary expenses, pausing student loans, exploring freelance or part-time work opportunities, and seeking financial counseling if needed.
Having a cash buffer has always been a successful strategy for me. Set enough money aside to cover at least 6-8 months of your regular expenses as you earn. Keep track of your monthly costs and increase the buffer as needed. The other benefit of having the buffer is when unexpected expenses come up.
If you don't have a buffer, you must stabilize and tighten your budget. Depending on when you leave and the current pay period, take into account what funds are coming in and what needs to be paid. Get the exact dates for the payouts, and make sure that nothing on your end will cause delays.
Above all, consulting a financial advisor is your best bet to help figure out a solution.
6. Updating Resume for 2024 Job Market:
- To update a resume for the 2024 job market, focus on highlighting relevant skills and experiences tailored to the specific job requirements, use keywords from job descriptions to optimize for applicant tracking systems (ATS), quantify achievements where possible, showcase continuous learning or certifications obtained, and consider using a modern and visually appealing format.
Check if your former employer offers any recruiting services. They can help with more than just your resume.
You can do a brain dump if you haven't updated your resume. This is just outlining what you did in your previous position. You can outline it in many ways, but if you have no clue, try this: Search the following: (job title + resume) or (job title + job description). After finding something you can use, Read through the information to distinguish what you did and did not do. After a few passes, you should have a solid outline on which to build.
Practice interviewing! Research the typical questions that might be used for the position you are seeking. Developing responses ahead of time will help you organize your thoughts and strengthen talking points.
7. Effective Networking Strategies:
- Effective networking strategies include attending industry events or conferences, joining professional organizations or online networking platforms like LinkedIn, reaching out to former colleagues or mentors for advice or referrals, offering help or expertise to others in your network, participating in informational interviews, and following up with contacts regularly to maintain relationships.
It’s not what you know but whom you know. Just as gravity is a law of the universe, that statement is a law of the professional world. Build those professional relationships. You never know when you’ll need them. The other side of that coin is being worthy of those relationships.
Keep your word. Do your job. Give support. Be observant. Know who to trust.
8. Self-Care Activities for Productivity:
- Self-care activities to stay productive and focused on finding new employment include maintaining a healthy routine with regular exercise and proper nutrition, practicing mindfulness or meditation to reduce stress, setting boundaries between job search activities and personal time, engaging in hobbies or activities that bring joy and relaxation, seeking emotional support from friends or support groups, and staying positive by celebrating small victories along the way.
Give yourself the time to process the separation and the loss. I was in my previous position for over a decade. And if I'm being honest, the shock to the system threw me for a loop. It took a little while to truly recognize everything I had accomplished, the people, our reciprocal impact, and all that I had become during that time.
If something around you is falling apart, try not to go with it. Be kind to yourself.
9. Finding Affordable Insurance:
- Steps to find affordable insurance after losing a job include exploring options like COBRA coverage for continued health insurance from your previous employer (if eligible), researching state-based health insurance exchanges under the Affordable Care Act (ACA), considering short-term health insurance plans as a temporary solution, exploring Medicaid eligibility based on income level, and comparing quotes from different insurance providers for cost-effective options.
Take your health seriously!
10. Filing for Unemployment Benefits:
- The process of filing for unemployment benefits typically involves visiting the website of your state's unemployment office or calling their hotline to initiate a claim. You must provide personal information such as your social security number and employment history, including recent employer details and reasons for separation from the job. Follow instructions carefully regarding the documentation required and be prepared to seek new employment opportunities while actively receiving benefits.
In the next article, we'll talk about job searching.
Sources: