What To Do When You're Laid Off | Putting A Challenging Period Into Perspective

If you've been working at an organization for some time, it can be difficult to know what to do when you're laid off. The fact is a job is a big part of our identity, and when that is taken away, it can often feel overwhelming. Your ability to provide for yourself, and your career goals become uncertain.

For many people, the post-layoff period can be a time of uncertainty and confusion. Many people struggle with career-related questions. This includes whether they’ll be able to find work. The experience can be a stressful and emotional one.

If you're currently in this situation, don't worry. There are steps you can take to navigate this difficult time. You can set yourself up for Career Success even after a layoff. In this post, we'll outline what to do when you're laid off. We know for a fact that you can move forward and make the most of this unexpected opportunity. Even if you feel lost and don’t know what to do when you’re laid off, there is still hope.

Hit Pause on Life for a Moment

A common mistake that many people make after a layoff is to rush into their next career move. Pause to take stock of what happened.

Job loss is a difficult thing to face. It can feel like a huge loss, and you might feel grief. Take some time to breathe and adjust to the change. This might mean taking a break from your job search. If you have the ability to financially, it's okay to slow down!

During this reflective period, reconnect with what's most important to you in life. What makes you happy? Try not to limit yourself to what you think you "should" do or what other people expect of you. Instead, take some time to explore what would bring you joy and fulfillment in your next job.

There are many reflective and independent activities that can help you find clarity, such as…

• Journaling
• Reading books that are pertinent to your situation
• Meditating
• Trying a new hobby
• Taking a vacation — or even a staycation!

Once you feel like you're in a good place mentally, you can begin to think about your next career move. There's time to heal first.

Reach Out to Your Loved Ones for Support

Don't go through this tough time alone. Be sure to reach out to your loved ones and tell them what's going on. Chances are, they'll be more than happy to lend a listening ear. Find support and encouragement during this difficult time.

While you may be feeling a sense of shame or guilt following your lay-off, try to remember that it's not your fault. Most of the time, these things are out of our control.

Reach out to the people in your life who are important to you. That includes family members, friends, or even professional contacts. Let them know how they can best support you. Whether they can help connect you with job opportunities through their networks, or listen to you, any support is valuable.

Seeking the support of people who care for you is an important step. This can help change your mindset and start over with optimism.

Take Time to Organize Your Finances

As soon as you feel ready, take some time to get organized and assess your financial situation. That's because your finances will be where you see a noticeable change after a layoff. It's important to try and mitigate any further challenges as much as possible with the loss of income.

Create a Budget and Track Your Expenses

The first and most important step in getting your finances under control is to create a budget. Your monthly budget should include all your income and expenses. Include savings goals you're working towards as well. Remember that creating a budget doesn’t always mean that you'll follow it. In fact, 73% of Americans report not regularly sticking to their budgets. This is a discipline you'll need to cultivate, especially given that you no longer have a job.

This may also be the ideal time to evaluate your current expenses. Are there any areas where you can cut back or reduce what you're spending money on? Do you need that premium cable package, or could you downgrade to a less expensive plan?

Evaluate Your Emergency Savings Fund

Your emergency savings fund is the money you set aside for unexpected expenses. In an ideal world, you should have three to six months' worth of living expenses saved up. But if you don't, now is the time to start working on building that fund back up.

One simple way to start building up your emergency savings is to look for any expenses that you can cut back on. For example, consider reducing the money you're spending on eating out. If shopping is your thing, cut it out or cut down. Look for non-essential items in your budget and adjust as necessary.

Look Into Unemployment Benefits

If you've lost your job, you may be eligible for unemployment benefits. These benefits can help you make ends meet as you look for a new job. Each state or province has its own process and requirements for applying. Be sure to research what's required in your area.

Keep in mind that unemployment benefits are not intended to replace a salary. They're meant to help you with basic living expenses as you search for a new job.

If you're not sure if you're eligible, contact the unemployment office in your area. They can help you determine if you qualify and walk you through the application process.

Assess Your Debt Situation

Do you have any debt, such as credit card debt, student loans, or a mortgage? If so, now is the time to take a close look at your debt situation and develop a plan for how you'll repay what you owe.

If you're struggling to make your minimums, reach out to your lenders and explain. Many lenders are willing to work with borrowers who have lost their jobs. They may be able to offer you a lower interest rate. You might find opportunities for a reduced monthly payment. A deferment or forbearance on your loans might also be a possibility.

Think About a Side Hustle or Freelance Work

Generating income from a side hustle or freelance work can help you make ends meet as you look for a new job. It can also give you a much-needed sense of financial stability and independence.

There are many ways to get started with side hustling or freelance work. You can start by reaching out to your network of contacts. See if anyone has any leads on gigs or projects you can work on.

There are also many online platforms that can connect you with potential clients. Look at Fiverr and Upwork to start. Don't forget to market yourself and let people know you're available for work.

Look for New Opportunities

Update Your Resume and LinkedIn Profile

As you start the job search process, you'll need to make sure your resume and LinkedIn are up-to-date. Highlight your skills and experience. Be sure to include any relevant projects or accomplishments.

State transferable skills on your resume. These are skills that can are applicable to a variety of jobs and industries. For example, if you have excellent communication skills, that's a transferable skill. It will be valuable in a wide range of jobs.

Explore New Career Options

Many times, the end of one job is the opportunity for a career change. Take some time to think about what kind of career options might be a good fit for you right now. If you enjoyed your work in customer service, consider breaking into a career in tech sales. Not knowing what to do when you’re laid off can feel like a dead-end road. But when one door opens, and all that!

Don't be afraid to explore new options and think outside the box. A career change can be a great way to find a job you enjoy and make a fresh start.

Build Your Network

A strong network is one of the most important things you can have when looking for a new job. If you don't already have a solid network, start building one now.

Reach out to your friends and family and let them know you're looking for work. Attend networking events in your industry or city. Get active on LinkedIn and connect with people in your field.

The more people you know, the more likely you are to hear about job openings that might be a good fit for you.

Consider Training Opportunities

To make yourself more marketable and attractive to employers, consider taking some courses. Training in a new skill can change the game.

There are many ways to gain new skills and insight…

• Take an online course
• Attend a workshop
• Working with a career coach
• Listen to a podcast or read a book

Stay Positive and Be Patient

It's natural to feel frustrated, stressed, or even angry about what happened. Try your best to keep things in perspective and stay focused on what's next. Remember that it's not what happens to you that matters most. It's what you make of what happens that determines your success. It’s not what to do when you’re laid off, it’s that you do something with this next chapter.

Continue to take steps each day towards finding new opportunities. Use this new challenge to move forward with your career.

Now You Know What to Do When You're Laid Off

Being laid off can feel like a blow to your sense of security and well-being. It's important not to let this hold you back from pursuing what comes next.

Sure, navigating this period can be difficult, but it is not impossible. Take the time to get organized, consider what resources are available to you, and look for new opportunities. You'll be well on your way toward rebuilding your life after a layoff.

If you were recently laid off, consider getting in touch with Uvaro for help. Our experts can help you upskill, restart, and achieve Career Success.

If you'd like to know our advice on what to do when you're laid off, we suggest downloading our Career Success Catalog and starting your journey to the better career you deserve!