“I got laid off, what should I do?” Jenny, my coaching client called me one day crying. She just got the news from her manager that due to Covid-19, they are cutting 15% headcount and she’s one of them.
No matter how experienced, mature, confident, and employable you are, layoffs can still be a highly stressful and scary situation.
It’s not just a loss in income, but the self-doubt, confusion, fear of future security that can be very overwhelming; not to mention the challenge of explaining the situation to your family, especially your children.
So what should you do if and when you receive a layoff notice? What’s the best way to overcome this?
Here is how you may head start your transition to overcome a layoff situation:
Know Where You Stand
Termination Package Despite the emotion and the shock, be sure to check and confirm your termination packages and payment terms (such as, but not limited to: severance pay, accrued vacation pay, group insurance coverage, career transition support services, if any, etc.) with your employer.
Personal Finances At the same time, take time to evaluate your finances - both from a savings and responsibilities standpoint. The goal is to estimate the financial runway you have, this is crucial in helping you decide on the next steps of your transition plan: a) How long can you wait till you find your next opportunity? b) Do you need to make any lifestyle changes in the interim?
Knowing where you stand means you are progressively regaining control of your future.
We know it is not easy because we were once in your shoes too.
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