What do you do if you're facing financial challenges after a layoff?

All jobs today are temporary you never know when a pink slip will be issued. Always have the habit of saving 60% of your income and creating a 3 year safety net of your ctc is a must so that it can support you in these kind of situations.

If you are facing a financial situation after a layoff, my best advice is that you start by taking an inventory before taking any further actions. Begin by taking a blank paper and write down your skills and abilities. You'll be surprised to find out that there are some areas where you can leverage your skills to improve your financial situation with low effort and investment.

Le monde, devenu VUCA, réclame une réelle adaptation §1-Préventive (anticiper les soucis financiers) 1.Se former chaque jour (Gandhi) assure un énorme atout face aux risques professionnels 2.Rester attentif aux signaux faibles 3.Sans attendre, cultiver un Personal Branding & un réseau relationnel fort sera toujours bénéfique, tout au long de la vie 4.Veiller à cultiver un Etat d'Esprit constructif & agile pour rebondir face à toute situation 5.Lutter face aux croyances limitantes (désancrage) & veiller à des ancrages positifs 6.Sécuriser une enveloppe prudente (fourmi plut?t que cigale). §2-Réactive (penser au process J. Kotter) 1-Conscience de l'urgence de s'adapter 2-Lister les 1er Alliés 3-Créer une Vision claire 4-Communiquer pr Agir

On this subject: "dismissal from work, loss of job", the best thing to do is to take precautions and not wait for the day you are laid off... Many professionals know the word “preventive”, but many are not cautious with their own finances. Mainly because we live in uncertainty in the Job Market, a reflection of economic instability in much of the world. So, I advise you to save a percentage of your salary, even if it is little, it will become essential in times of crisis. If you are careless with Finance, I suggest you try studying Financial Education.

Prioritize spending less and investing more from the beginning of your career. Direct resources towards income-generating assets, building skills, and networking. Individuals who diversify their income sources and invest in their skill sets recover faster from financial setbacks. Remember --- "The best investment you can make is in your abilities." - Warren Buffet. If you start today, the future will thank you!

Find subscriptions, entertainment, and other nice-to-haves and decide whether you can cancel services or reduce your spending while you recover. Be careful when considering cutting costs by putting loans in deferment or forbearance. Some mortgages have forbearance options which will reduce your monthly payment to as low as $100, but you will owe the amount at the end of the forbearance as a lump sum, which most people could not afford. Any type of modification to a mortgage will negatively impact your credit. Prioritize home, utilities, food, and the essentials in your planning.

Be sure to register for unemployment benefits as soon as possible. When you register for unemployment benefits, your state likely has job-finding resources. For instance, in Illinois, we have Illinois JobLink and Illinois WorkNet. Reach out to recruiters who serve the industries or job types you see. If you see job fairs, sign up and attend them whether they are online or in-person. If you belong to any associations, community groups, religious communities, etc., connect with the members of those communities. Also, if you can, consider volunteering for events or projects.

Certainly, take the time to learn new skills via online courses, webinars, etc. However, be careful. Your training and education should not interfere with your job search. If you collect unemployment benefits and mark that you took training, the unemployment office can challenge your benefits eligibility. You may need to show that your training did not conflict with your ability to apply and interview for jobs.

I strongly recommend taking this time to commit to a healthy lifestyle. Cut back on alcohol, stop smoking, and reduce your consumption of take-out and packaged food. Not only will you save money, but adopting a whole-food diet where you eat more fresh vegetables, fruits, complex carbohydrates, and proteins will help you feel better. Cutting out sugar was a life changer for me, personally. You can also begin a workout program (I enjoy DDP Yoga which I've done since 2015), start walking, or do something to get some exercise. Finally, seek mental health resources. If you have access to counseling, set an appointment. If you find yourself in crisis, several resources exist such as National Mental Health Hotline: 866-903-3787.

How the mighty falls, book by Jim collins is a must read for all start ups to top corporate. Business diversification is very important to ensure that even at times of layoffs, sufficient financial is available from other business units. In case it's a single unit, review the company's budgets and start reducing cost from every head with priorities, especially business priorities, operational priorities etc. Ensure that the least important budget items are put on the top of the list first. Secondly come up with innovative ideas and ways of doing things, use of technology etc

Looking for potential sources of income is important during the transition. This will keep you active and energetic to prepare for the next career step. Be realistic in relation with the timing you have to seek for a new job and try to keep your salary expectations as much as you can because this is the right price of your talent.