Survival Advice for Those Laid Off This Holiday Season

Having survived the last three layoffs at my software company and watching the shock encumber those with 20+ years being eliminated from the company they've called home for most of their careers, there is a right way and wrong way to handle a lay off. The holidays make it really difficult to find any Christmas spirit when you're wondering how to make the next house payment. This article is for those folks that didn't "save for a rainy day" or have a "back up plan."

For those that receive a severance you are among the lucky ones and need to really budget the funds you receive. I have two friends laid off from Microsoft at the same time. The first one was there 20 years and receives two weeks of severance for each year of service. Doing the math that means 40 weeks or about 10 months of paid leave. He also received a bonus to pay for his cobra insurance for medical. He is what I call the "smart" friend as immediately went out and used his networking to locate a new job as soon as possible. Most of us in his shoes might have enjoyed a few months off and decided to take our time easing back into the job hunt. He also was able to get on the new company's insurance in 90 days, thus using his cobra fund for the "rainy day fund" he didn't have before. Though the benefits aren't as extravagant they get the job done and putting those funds away in savings will benefit his family in the long run.

My second friend from Microsoft was not so smart. She had about the same time served in her career so she has a nice severance package and decided to go on vacation to another state for two months to "wait out" the unemployment nightmare and get back in the game in March. While she waits, thousands of other employees are being laid off as well and they aren't taking their time to find new jobs. She will be sorry that she didn't get a jump on the search much earlier and may actually run out of funds due to procrastination.

For those that don't have a severance package to fall back on it is critical to take any bonus, vacation funds, or other money due to you and put it away to utilize for income during your time off. If you were planning to have a fun Christmas with your bonus you need to scale back and maybe promise a family trip once Mommy or Daddy finds a new job and basically delay the gifts for something even more exciting at a point in the future. Another good friend offered a cruise to the family for being patient and understanding during the tough times of unemployment and that the reward would be worth the delayed gratification. Her kids are excited and also patient about all the time away from home with interviewing and job searching their Mom is having to do.

Finally I would utilize every social networking site possible to get the word out that you are in the market for a new career. Facebook, My Space, Career Builder, Monster, and Craigslist are great sites to look for work. Utilize your warm market (friends) a well. My old friend from college that I haven't spoken to in about five years emailed me today that he was laid off from Franklin Covey. He's a CPA and has a great personality and relevant skills. I'm calling all of my friends and vendors in Utah to pass along his resume and see if they might know of any companies hiring. He has probably cut his search time in half by emailing me and asking for help. Though it might seem demeaning at times, asking for help and networking is always acceptable and expected when it comes to job hunting so get yourself out there and work every angle to get back to that steady paycheck.