What do you do if your finances are impacted by a layoff in the Higher Education sector?

If impacted by a layoff in the Higher Education sector, take immediate steps to reassess your financial situation. File for unemployment benefits promptly. Create a revised budget to manage expenses effectively. Explore temporary employment opportunities or freelance work to generate income. Utilize any available resources, such as emergency funds or assistance programs. Consider updating your resume and networking to find new job opportunities. Additionally, seek financial counseling or advice to develop a long-term financial plan. Stay proactive, resilient, and open to new opportunities during this transition period. Remember the adage...One door closes...100 OPEN...BELIEVE and FEEL IT.

Navigating Financial Challenges After a Layoff in Higher Education Experiencing a layoff in higher education can be daunting, but there are steps to cushion the blow. First, assess your financial situation by creating a budget and identifying essential expenses. Explore unemployment benefits and severance packages offered by your institution. Consider temporary gigs or freelance work to supplement income. Utilize community resources like food banks or assistance programs. Additionally, leverage networking contacts for job leads and professional support. Remember, resilience and adaptability are your greatest assets during this transition.

If your finances are impacted by a layoff in the Higher Education sector, take proactive steps to manage your financial situation. Evaluate your expenses, prioritize essential needs, explore available financial assistance options, such as unemployment benefits or severance packages, seek guidance from financial advisors or counselors, consider alternative sources of income or part-time work opportunities, and develop a budgeting plan to effectively manage your finances during this challenging time.

All other mentioned discussion points are applicable. However starting afresh for younger professionals is likely and highly probable. Obviously a budget review is a given to adjust to diminished income. A scale down on spending and reduction of debts is a must. A financial expert or broker may be necessary for some. Job hunt is obviously the next step for younger professionals. A start-up business (same line) or totally different on entrepreneurial basis is a proposed probability.

After the shock has worn off after losing your job from either a college closure, non-renewal of contract, failure to get tenure, or program exigency, you have to figure out what to do next. 1. cut expenses; it is easier to decrease expenses that it is to increase income; 2. refinance any expense that you can; 3. if you own a home, get a realtor; 4. on your home loan, see what your equity is; 5. on the job market, do not worry about how you will be paid, worry about getting the job because you cannot make any money not having a job; 6. your personal financial situation is unique to you and there are one-size-fits all solution; 7. if non-renewal, hopefully you have an income stream for 12 months instead of 9-months.

Draw a clear distinction between your needs and wants. We all need food, but at a particular time you may want a steak. Crirically differentiate between the two. Remember that if you spend too much on the 'nice to haves', soon will have to cut down on the 'must haves' as well.

As a former education manager in higher education, I can definitely say there are other opportunities out there for you. Make a list of your strengths and weaknesses. Find out what opportunities exist that align with your strengths, such as developing online learning materials, offering online courses in your subject area, freelance writing, and so on. If one of your weaknesses impedes you from pursuing one of these areas (such as writing for digital media or online audiences), then learn as much as you can about the subject. There are tons of free resources available online. The main objective is to get out of your comfort zone and explore new opportunities.

The Higher Education sector is changing fast. There is a lot of new ways to work in this area that are not necessarily teaching: recording classes to edtechs, writing books used by universities, making exams and so on.

Online teaching is one very feasible option to pursue. You could approach it by yourself (find a programme/course where students turn to online tutoring support and build your own online presence for that program) or work through an already established online platform like Cousera. Either way this is a very feasible option to pursue

Most professionals have options to embark on entrepreneurial activities should this happen. Partnership, starting a private practice or rendering ad-hoc services are some possibilities to pursue. If allowed, holding dual or multiple income generating activities may help. The problem, one has to be attuned to these or be professionally inclined or driven even, to embark on this.

On a more personal note, I will go crazy. Fir a young person, there a few recourse which I shared somewhere on this discussion platform. Having worked so many years and doing what I term professional inventory and securing financial security, it will be a disaster of epidemic proportions and terribly unfair to be struck by such. A reasonable well-deserved and individual payment package is the most plausible plan or solution. For a much younger professional, entering other favourable finance generating endeavours is highly possible.

In my opinion, networking is only valid as "letters of recommendation". Job leads can be easily found on higher ed job sites. If you have been complacent and thought you were safe from job loss, you need to figure out the industry trends and modify your background and experience to fit the next potential job. If you need professional help in the form of counseling, get it. Your most important network is your immediate family and yourself. You, are your most important network as the network will not get you the next job because "you" get the next job; you have to demonstrate competence and qualifications and the people interviewing you have to be convinced that you are indeed their choice.

If your Income is affected you need to be more careful now about your expenses. Write down your expenses. This will help you to figure out where you can cut down to survive this difficult period.

Having experienced this first hand, a layoff or non-renewal of contract is like getting a diagnosis of cancer. You will go through all the emotions no different than a trauma. Realize that people are not looking at you embarrassed or disappointed in you (unless it was due to removal "for cause") but that these people are nervous about their own situation. Get advice and encouragement from people who have experienced a non-renewal or been a casualty of a program elimination or college closure; and find out what they did and/or got through it. Be willing to relocate, polish your vita, highlight you and what you can do for a new position.