Millennials find bumps on road to success

Kids & Money

Itwould be nice to think that our kids have settled into their jobs and are even advancing up the corporate ladder after graduating fromcollege just a short year or two ago.

But it doesn’t always happen thatway for millennials, the generation tagged with amake-it-happen-nowattitude about work. In our fast-paced global economy, there are bound to be disappointments, often more than just a bump in the road.

I’ve heard fromyoungworkers who were let go after a year because a new product idea didn’t pan out. I’ve also talked to others whowere counting on a promotion to a position thatwound up being eliminated. And there are countless stories aboutworkers whowere the last hired and the first to be fired in corporate downsizingmoves.

Rather thanmoving up, many young workers are going through exit interviews in the human resources department. And instead of bonuses and raises, they’re getting a quick education in severance policies and COBRA, the federal lawthat mandates continuation of health insurance coverage for manyworkers after leaving a job.

Regardless of whether the office rumor mill is on full tilt about pending job cuts, it always pays to be prepared for bad news and its after-shocks. Here’s some advice youngworkers might not hear fromthe human resources specialist that might help them get through a tough experience and relaunch in another job.

Find a friend: Your mind is likely to be on overdrive once you receive the packet of information covering your final paycheck, the 401(k), health insurance and other benefits that will be going away.

That’s why it’s critical to ask a friend or family member to act as a second set of eyes on the severance information and even join you in a meeting with human resources, if permissible, so all your questions get covered.

My point: The people in human resources have the severance speeches down pat and can be very fast in getting you out the door. It is up to you ask the questions and knowthe right questions to ask, down to the last details.

Knowyour rights undercobra: For most youngworkers, health care is probably the last thing theywant to deal with. But it should go to the top of the list, which means they need toget familiar WITHCOBRA eligibility and coverage.

COBRA, short for the Consolidated Omnibus Budget Reconciliation Act of 1985, is a federal lawthat requires many, but not all, employers to continue offering health insurance benefits for up to 18 months after aworker leaves a job.

Depending on the severance plan, the companymay continue to subsidize the premiums for the first three months; after that, theworker is on the hook for the entire amount, which can be expensive.

While it is hard to knowwhat will happen with Obamacare, the good news is that for nowsomeone already enrolled in an insurance plan can add children to that plan until they turn 26. Another option: shop for health coverage on the open market.

Don’t expect the transition fromthe office cubicle to the unemployment line to be seamless. There are bound to be glitches, and when there are, keep a log of every phone call and take notes. Get the name of the person you talked to and their direct phone line.

Don’t get caught in the automated calling trees— sometimes, but rarely, the Hrspecialist will give you a direct number that cuts right through the telephone wait time.

Document, document:

Have a Plan B: This may be standard procedure for millennials, but it bears emphasizing: Keep your resume up to date and your network of contacts going. You never knowwhen disappointment might land at your office door.

Questions, comments, column ideas? Send an email to sbrosen1030@gmail.com.