What to do if you think you may be, or have been, laid off
NEW YORK — The job market in the United States remains strong overall, but recent high-profile layoffs at technology and media companies and predictions of a recession later this year may have you thinking about job security.
If you’re worried you could be laid off — or if you’ve already lost your job — here are recommendations from experts:
You may be laid off
■ Start saving: It’s crucial to start building an emergency fund even when you feel secure at your job but especially if you think you might lose it.
When you start thinking about saving, Jesse Mecham, founder of the money management app YNAB, recommends that you ask yourself this question: What do I want my money to do?
If you are aggressively paying off debt and it’s affecting your ability to save, Mecham recommends slowing down payments. You should still make at least the minimum payment, but you might want to consider temporarily using any money you’ve been paying over that to build an extra cash cushion so you have money available should you need it. It’s also crucial to avoid getting into further debt, Mecham said.
■ Update your résumé: It’s always a good idea to keep your résumé up to date but, most importantly, keep it customizable for several jobs, said Scott Dobrosky, career trends expert for Indeed. You can do this by leaving space in your résumé to include keywords that are specific to the job you are applying for.
If you keep your résumé updated and customizable, it could make things easier when you need to move on.
■ Upskill: Gaining new skills and adding certifications or courses to your résumé can be a good way to move up in your current job. If you think you might have to go somewhere else, look for the skills that will make you a stronger candidate, career coach Marlo Lyons said.
You have been laid off
■ Prioritize your mental health: Your mental health can be heavily affected after a job loss. Take a breath and let yourself feel the emotions. Prioritizing your mental health will allow you to approach your job search in a better way, Dobrosky said.
■ Maintain a routine: Keeping some structure in your day will help you with your mental health and with the right cadence of applying to jobs, Mecham said.
Planning your days so they include eating at your usual time, working out or going for a walk and applying for jobs for a certain amount of hours will keep you grounded, he said. Lyons recommends designating a time during the day to start and end applying for jobs.
■ Check your benefits: It’s crucial that you understand your compensation package and save any documentation that you need to understand your benefits after you’ve been laid off. Some especially important things to know are your health insurance and dental benefits, Dobrosky said.
■ Network: Reaching out to your professional and personal network can be helpful, and it’s useful to give some direction to friends and colleagues who want to help, Lyons said.
■ Apply for unemployment: It’s an option that everyone should utilize, Lyons said. While the amount you get for unemployment might not be as much as your salary, it can help you to stay afloat for some time.
“You’ve been paying into it your entire life, get some of that money back,” Lyons said. “Don’t be shy about it.”
■ Consider a temporary job: A temporary job is a good option if you can’t afford to be out of work, Dobrosky said. Lyons also recommends temporary jobs and says you should include them in your résumé if they showcase skills that match your desired full-time job, such as leadership or organizational skills.