How to Survive Downsizing

Losing a job is one of life's most stressful experiences. As more and more companies get 'lean and mean,' you may find yourself laid off'but you will survive.

Difficulty: Challenging

Instructions

Things You'll Need:

• Business Card Holders
• Career Counseling
• Personal Financial Software

1. Leave your place of work immediately. Even if you saw it coming, you are likely to be too upset to answer co-workers' questions. You can come back later for your coffee mug.

2. Discuss your situation with your spouse and other family members who will be affected. Will your partner have to work overtime for a while? Can your son or daughter get a part-time job to help with college tuition?

3. Review your financial situation. You may have set aside what seemed like a reasonable amount for a 'rainy day,' but if your unemployment goes beyond a month or two, you may need to make some lifestyle adjustments.

4. Request a meeting with your company's human resources representative. Find out if you're entitled to severance pay or compensation for unused vacation or personal days, and how to continue your benefits and roll over your 401(k). Find out how vested you are in the company's pension plan, if applicable.

5. Take advantage of any outplacement services your employer offers. Many companies now provide career assessment and counseling as well as use of company facilities such as personal computers, copiers and fax machines to aid laid-off employees in their job searches.

6. File for unemployment compensation if you qualify. This may be a blow to your self-esteem, but you and your family are entitled to such benefits, and meeting basic needs must come before pride.

Tips & Warnings

• Get references in writing from your supervisor, co-workers and company personnel representative. Be sure the latter states clearly that your termination was due to a workforce reduction.
• Handle the paperwork to continue your benefits and roll over your retirement-plan money. There are strict time limits for these things; you snooze, you lose.
• Losing a job, even through no fault of your own, can be devastating. If your feelings of anger, sadness or helplessness persist beyond a few weeks, consider getting short-term therapy for depression.

Who Can Help Sponsored

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[blindsquirrel]

on 8/3/2009 Well written advice. We've experienced this first hand more than once. Never easy to do. Try to remain positive and resist the urge to write an ugly exit email.

[efficientparent]

on 8/1/2009 Hopefully my family won't have to use any of your tips about how to survive downsizing, but I'll keep them in mind just in case...you just never know!

[bznuts]

on 6/16/2009 Keeping your COBRA benefits helps a bit, too...

[eliandra]

on 4/21/2009 Great article!

[rmaryscabin]

on 3/15/2009 Good advice. So many people need this right now!