What to Do if You Get Laid Off: The 1 Month Survival Guide

Have you ever experienced a rug unexpectedly being ripped from under your feet? That immediate feeling of dread, the pit in your stomach, and the fear of uncertainty can quickly make it feel like the world you know is falling away, or at least the one you have known up to this point. Unexpectedly losing your job can feel like that. Have you ever wondered what to do if you get laid off when you are not prepared for it? It isn’t just about losing a mere paycheck; it can mean a loss of security, community, and purpose. It leaves you to navigate on unfamiliar ground.??

Often one of the most stressful parts of a sudden job loss is the financial component. Imagining the bills stacking up like a game of Jenga can send your mind spiraling, wondering which one will topple first. Being laid off from your job is becoming more and more of a common occurrence in the lifecycle of most people’s careers. Despite the frequency in which it occurs, suddenly losing your job can?be quite unsettling when it happens to you. It forces you to ask the question, where do you go from here??

Week 1: Assess Your Situation and Give Yourself Grace?

Day 1-3: Emotional Recovery?

Losing a job can feel like a punch in the gut. It’s okay to let yourself feel the weight of it. You’re not made of stone, after all. Embrace the emotions—anger, frustration, disappointment. These are not foes; they’re just visitors. Allow them in, but don’t let them set up camp. Losing a job can leave you wondering what to do if you get laid off, but remember, it’s okay to seek support. When dealing with the emotions of losing your job, it can be easy to turn inward and even hide what is going on from your community. Instead, seeking support from your people—friends, family, or even your money mentor can help you navigate the upheaval more smoothly than going it alone.??

On that note, it is important to prioritize self-care. It isn’t just a trendy hashtag. It’s your survival kit. Picture it as your emotional first aid. Take long walks, binge-watch your favorite series, or indulge in a tub of ice cream. Whatever floats your boat and helps you reset.?

Day 4-7: Financial Assessment?

Alright, let’s tackle the green monster lurking in the corner—money. First, review that severance package. It’s not just legal mumbo-jumbo; it’s your lifeline for the next few weeks. Know what benefits are headed your way and how long your severance will be. Assessing your severance package is crucial in determining what to do if you get laid off and securing your financial stability.?On the subject of benefits, take a look at what benefits you will be losing with this job loss. Consider finding a temporary health insurance replacement and make sure you have all the information you need to switch over your 401K or equivalent account to a new employer. ?

Next, plan out your budget. If you have an emergency savings fund, it is important to take this into account while still leaving enough to supplement an emergency. Budgeting is like being the captain of your financial ship. Plot your course carefully. What’s coming in? What’s going out? Trim the sails, but don’t capsize. For help figuring out how to budget and make your income last in the interim, meet with your Money Mentor to come up with a plan of action. You can create a healthy budget using Mentoro’s tools that will help you adjust to losing the consistent paycheck, and the system will help you stay accountable to your goals. And hey, Uncle Sam might have a lifeline too. Explore those government assistance programs—they’re not just for other people. Remember, money might be tight, but your grip on it shouldn’t be. Stay in control, don’t let your money control you.?

Week 2: Evaluate Skills and Set Priorities?

Day 8-10: Skill Inventory?

Before diving into a job search, take stock of your skills. This step is essential in understanding what to do if you get laid off and how to leverage your strengths. What are you good at? What makes you stand out in a sea of job seekers? What skills did you gain from your previous employer that you can leverage in conversations with your next one??

Pinpointing your strengths goes beyond crafting a mere list of qualifications; it’s about understanding the depth of your abilities as a well-rounded individual and offering valuable assets to potential employers. Additionally, it’s worthwhile to identify areas for self-improvement. Enrolling in online courses and workshops with your extra time provides an opportunity to enhance your skill set. While it may require an investment of time, the experience gained can add significant value in your pursuit of a better position.?

Day 11-14: Prioritize Career Goals?

One potential upside of facing a job transition is you get to re-evaluate if what you were doing was in line with your career goals. This can be an opportunity to pursue your passions more seriously and be in a place that provides you with the earning potential, professional development, and job satisfaction you deserve. It might even be prudent to consider what would happen if you got laid off again and if your previous job aligned with your aspirations. To evaluate this, take some time to ask yourself questions like, where do you see yourself in five years? Was your previous job fulfilling your needs? What would your ideal job look like, both in job description and company culture? Narrow your list down to your “Must-Haves”, your “Wants,” and your “Absolutely Nots.” For example, some people may prefer working from home on Fridays, but it is not a “must have” but they need to stay in a certain city. Another example could be if the company mandates a work-from-home structure, asking for a Wi-Fi stipend to help supplement the cost. Taking this important step to identify your needs will allow you to go into your interviews more confidently and be able to narrow down your search upfront rather than spending time on applications that will not be a fit. ??

Week 3: Revise and Optimize Professional Branding?

Day 15-17: Update Resume and LinkedIn Profile?

Time to dust off that LinkedIn profile. Using your professional network as a resource to find a new job is a great option. However, you don’t have to explicitly advertise that you have been laid off if you don’t want to. Although being laid off is highly common and often due to economic factors far out of your control, it is a vulnerable time, and you may not feel comfortable sharing on your social media. If you do choose to share or simply update your profile as #OpenToWork, this signals to your network and recruiters who come across your profile that you are looking for a new opportunity. Specific areas to update would be your skills, headline, new contact information, and make sure to put an end date on your current job. Other things to consider would be adding your volunteer experiences or side hustles to your LinkedIn, and it may be a good time to request recommendations or endorsements from former coworkers or colleagues. The same goes for updating your resume, make sure put all the relevant positions and skills you added to your roster during your past work experience.?Use your profile to highlight your skills and achievements. Let employers know you’re not just another face in the crowd.?

Day 18-21: Networking and Informational Interviews?

Networking isn’t just a buzzword; it’s a strategic move in your job-seeking journey. Leverage your professional network to explore opportunities, gather insights, and seek support. Informal informational interviews can be invaluable during this phase. Reach out to connections in your industry, express your interest in their work, and request a virtual coffee chat or a brief phone call. These conversations serve dual purposes: expanding your network and providing valuable information about potential employers or industries. Be genuine, ask thoughtful questions, and express gratitude for their time. You’d be surprised how often such interactions can lead to unexpected job openings or valuable advice on navigating the current job market.?

Week 4: Develop a Targeted Job Search Strategy?

Day 22-24: Research and Identify Opportunities?

Armed with a polished professional brand and a network of valuable connections, it’s time to delve into a targeted job search. Research potential employers, industries, and roles that align with your skills, values, and career goals. Look beyond job boards; explore company websites, industry forums, and professional associations.?

Identify organizations that resonate with you and align with your career aspirations. Understand their company culture, values, and recent achievements. This knowledge will not only help you tailor your application but also empower you during interviews, demonstrating your genuine interest and proactive approach.?

Day 29-30: Launch the Job Search?

The final stretch of your 1 Month Survival Guide is about taking decisive action. Submit your tailored resumes and cover letters, leveraging the insights gained from your networking and research efforts. Ensure your application materials are not only accurate but also compelling. Tailor each submission to highlight how your skills and experiences uniquely qualify you for the role.?

Simultaneously, keep your network informed of your job search. Update your LinkedIn profile to signal your active pursuit of opportunities. Leverage your contacts for additional leads and recommendations. Stay resilient, as job searching can be a marathon rather than a sprint. The seeds you plant during this phase may take time to blossom, but with persistence and strategic planning, you’re on your way to a successful career transition.?