How to Prepare for Company Layoffs

It is scary and stressful to think that the job you have today may be gone tomorrow. Layoffs happen whenever a company struggles financially. Some planning can help you to remain calm and to ease the transition should you lose your job. Here's how to prepare if you think your job is in jeopardy.

Difficulty: Moderate

Instructions

1. Update your resume. This is your chance to add any skills that you've acquired on your current job that are marketable to other potential employers. It's also a good time to update any network contacts that you have in case you need some job leads.

2. Start a new job search. Look on the Internet and in newspapers. Apply for job openings by distributing your resume with a cover letter.

3. Save your money by putting it into a savings or a money market account. Store up to six months worth of savings for living expenses in case of a layoff or other emergency. Also, find out how you can protect your 401K or pension plan if you're laid off.

4. Check your insurance coverage. You have 60 days to sign up for COBRA coverage if you get laid off. This plan allows you to continue your health care coverage for up to 18 months. See if you'll be able to convert your group life insurance policy to an individual one. Or, shop around on the Internet for other life insurance plans.

Tips & Warnings

• Sometimes when one door closes, another one opens. If you are laid off, use the time to evaluate your career. Find out what else you'd like to do or what other skills you have, such as working with computers or helping others. This may be an opportunity for a career change, especially if you weren't completely satisfied with your job in the first place.
• Never do a job search while you are at work. Your employer can monitor what you are doing on company time. Visiting various job websites or emailing resumes from your office computer can get you fired. It's better to be employed while looking for another job.

Resources

• Find articles on job searching and preparing for layoffs
• Search for jobs and find career advice
• Learn more about COBRA health care coverage

Who Can Help Sponsored

• Earn your degree from industry experts at University of Phoenix. Take the next step in your career.

[trvlarrngr]

on 10/7/2009 Great article on how to prepare for company layoffs. In this economy we all need to be on the watch. 5 stars