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You Got Laid Off. Now What?

Ashley Feinstein Gerstley, The Fiscal Femme

This year there have been significant layoffs in government, retail, tech, finance, and other sectors. And recession worries have us thinking about our careers more strategically. 

Whether you’ve already been laid off and are looking for your next move, or are feeling nervous about what’s to come, former WithIt conference speaker and author of “The 30-Day Money Cleanse” Ashley Feinstein Gerstley has 8 helpful tips!

• Negotiate your severance. Many don’t realize that severance is negotiable. Before you sign on the dotted line, review the offer, do some research on what’s typical for your industry, consult with an attorney (there may be legal claims), and make a counter offer.. While it’s great to increase your pay, you can also negotiate for extended benefits or coverage for COBRA. 
• Invest in your network. Depending on your industry and job market, it may take more or less time to find a new gig. Invest time into reconnecting (or connecting deeper) with your network. Attend events, have calls to catch up, and don’t be afraid to ask for favors like intros and recommendations. 
• Update your resume (and LinkedIn).  Get your resume up to speed so you can begin the application process. While you are at it, spend some time on your LinkedIn profile too. It’s a place where a lot of your network and potential employers will look to learn more about you. 
• Revisit your spending plan. It’s also a great time to look at your spending and make a plan (if needed) to reduce it. Depending on your severance and current finances, you may decide not to make any changes for a while but I’ve found you can gain a lot of peace of mind just knowing what levers you would pull if needed. 
• Check-in on and start using your rainy-day fund (strategically). If you’ve spent most of your career building your savings it can feel counterintuitive and even difficult to start using it. But that’s what it’s there for. Decide strategically to use your rainy-day fund when needed. I recommend a monthly proactive transfer so you don’t feel the pain of a constant drip. If you don’t have one or it’s running out, look into hardship programs for the bills you are paying. 
• Understand your health insurance options. Understand how long your health insurance benefits will continue (if applicable) and make a plan for what you will do when they run out. If you have hit your deductible and expect more medical expenses for the remainder of the year COBRA can make a lot of sense despite the additional cost. Make sure to run the numbers. 
• File for unemployment. This may sound like a no brainer but it can easily get lost in the shuffle. In order to receive unemployment, you have to file for it. Many states have waiting periods but filing right away makes sure you get your benefits as soon as possible. 
• Take care of yourself. This one is a biggie. Looking for a new job is a full time gig that often comes with many rejections, unknowns and stress. Make sure to take care of your health and well-being during that time. Check in with how you are feeling. Make sure to build in things that fill your cup and bring you joy, whatever they are.