How to Prepare for a Layoff

Right away, you may be thinking “why on earth am I reading an article on how to prepare for a layoff?” Yes, this is a good question. We are all encouraged to think positive about the job market, our careers, and the economy. That much easier said than done. Rarely does a day go by without the evening news mentioning a company closing down, laying off workers, or imposing a freeze on hiring. Will you be next? Honestly, you might be. You know the economy and job market is bad when both schools and hospitals are laying off workers. Aren’t teachers and healthcare workers essential? Yes, they are. That is what makes this whole ordeal scary.

As previously stated, companies, businesses, and all industries are impacted by the poor economy. Workers once considered essential components of a company are now left standing in the unemployment line. When it comes to preparing for a layoff, it is important to start out small. There is no need to get worked up and panic for nothing. With that said, it is always good to be prepared. Whether you know your company is losing money or hear layoff rumors floating around, now is the time to act.

So, how can you prepare for a layoff that may or may not come?

Update your resume. If you have worked at the same factory for ten or more years, you likely haven’t touched your resume in that same amount of time. In fact, do you even have a resume? If you hear rumors of layoffs, it will not hurt to be prepared. Brush off your resume or create a new one. You can hire a professional resume writer or use the internet to find free resume templates. Use these templates as a guide.

Take a few college classes or career training classes. When possibly facing layoffs, look at the big picture. How much job experience and training do you have in your field and how many jobs are available in that field? Right now, factory jobs are in trouble. Americans working in manufacturing plants are more likely to experience layoffs and find it harder to land a new job. Increase your chances by taking a couple of college classes at night or online or career training classes. They can open up new doors and also give you an advantage over other job seekers.

Start saving money. The biggest concern of Americans laid off and those who anticipate a layoff is with finances. Unemployment benefits rarely come close to what a working American was brining home each week. Since you will have less income coming in, you must spend less. This is not an easy transition. Get started now. Look at your phone, internet, and television packages. Opt for cheaper ones. Eliminate unnecessary purchases, use coupons at the grocery store, and so forth. If you get laid off from your job, you are prepared. If you are lucky and continue working as normal, you have extra money in your pocket.

Work on supplementing your income. With this step, you need to proceed with caution. There are many ways to make money online, but there are also scams. Although the internet is a tricky way to make money, it is usually one of your best options. When making extra money from home, you are usually classified as a contract worker, not an employee. If you walk into your local pizza joint and get a part-time job as a delivery person, you are an employee. Should you get laid off from your full-time job, unemployment benefits may be denied, as you are still technically employed. In addition to supplementing your income, work on raising extra money. Look around your home. Gather unused or unwanted items and host a yard sale or sell them on eBay. Find spare coins to take to the bank.

Have a game plan in place. Although there are no guarantees you will be laid off from your job, it is still important to consider the risk. If you hear rumors or know your company is in financial trouble, it will not hurt to be prepared or have a plan. What do you want to do? Will it be cheaper to find a low paying job or collect unemployment and take your time looking? Do you want to stay in your current industry or go back to school and try a new path? Ask yourself these questions in advance to be prepared.

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