How to Prepare for a Layoff

When it comes to layoffs, most people find it difficult to believe that it can happen to them. This is particularly true if you have worked within a company for years and have a record of performing quality work. Although those things should hold weight in helping you to retain your job, that isn't always the case and may not be enough to keep you employed. Whether there are rumors of impending layoffs at your job or you are just concerned about the possibilities, it is wise to prepare yourself in the event that it comes to pass.

Instructions

1. Talk with your spouse or partner about your concerns regarding layoffs. If you are married, layoffs can be difficult on your relationship and you both should be on the same page about how to cope. Together come up with a plan on how to best deal with the situation if it should arise.

2. Take a look at your resume and check when it was last updated. Make necessary changes by adding new skills, job positions, training or education. Save a copy on your computer so that it is easily accessed.

3. Look over your current skills as they are written on your revamped resume and assess if they are enough to enable you to quickly find new work. Consider what type of jobs you would have an interest in should you be laid off and how your current skills would help or hinder your future employment goals. Take advantage of any work-sponsored training that your current place of employment has to offer or consider taking night classes or online courses to learn something new.

4. Start networking with people who can help you to get another job. Expand your online network as well through the use of social media. According to MSNBC, having friends and contacts in your industry or your industry of interest can improve your chances of quickly obtaining work.

5. Look at your bank account and assess your current financial situation. According to financial advisor Suze Orman, you should have enough money saved to cover eight months of living costs. Set up an emergency account for this purpose or add to your current saving account.

6. Spend your money wisely and avoid bringing in new debt if you are concerned about being laid off. Refrain from using your credit cards as much as possible and when you do, pay them off quickly. Do not make any major purchases unless they are a necessity. When these purchases are made, pay in cash if possible to avoid the use of your cards.

7. Visit your doctor to ensure that you are in good health. Bring up any concerns that you may have at this time so that they can be addressed before any potential layoffs take place. If you currently have dental or vision care, have both your teeth and eyes checked. Purchase an updated pair of glasses if needed.

References

• MSNBC: Today Money: How to Prepare for a Layoff
• Oprah: Suze Orman: How to Prepare for Layoff
• Disney Family: Eight Steps to Prepare for a Layoff