Surviving a Layoff

A reduction in work-force and an unexpected lay-off cause quite an emotional blow. Expect to feel a wide range of emotions including disbelief, shock, anger, anxiety, fear, and depression. All of these are normal and are to be expected at various times as you deal with and accept what has happened. Initially you may find yourself "paralyzed" and unable to make a move. You might feel as if everything is surreal and this isn't happening. Once reality sets in, you have to come up with a plan to cope and to once again find gainful employment.

If your resume is not up-to-date, take the time to update it and add any polishing touches that might be needed. Print out 10-15 copies on quality resume paper to have on hand; you might also want to start brushing up on your letter-writing skills and about what needs to go into a cover letter to send with your resume. Have quality paper on hand, ready to go, for your letters as well. Start considering your contacts and options, and mail out resumes and cover letters explaining your availability to as many potential employers as possible. Be sure to check the ads online for your local area as well as ads posted on Federal and State employment sites. If you respond to an add online, remember to copy and paste your resume and send it with a cover letter; most companies will not open a resume that is sent as an attachment because of the danger of computer viruses. Follow up with phone calls inquiring about the status of interviews if you do not hear from employers after answering an ad.

You will also need to apply for unemployment benefits with your state. Even though unemployment is not a lot of money, it helps and you wouldn't want to be without it. Be sure to follow the rules when filing and claiming your benefits, and cooperate with any requests to meet with the counsellors at the unemployment office; you don't want to risk having your benefits suspended.

In the beginning, pay ahead on your major bills such as mortgage, car payments, and loan payments with any severance pay or back vacation pay that you receive. If you have a balance on your credit card, pay the minimum amount due and do not add more to it. Take any remaining money from your last paychecks and stock up on some common household items such as toilet paper, laundry supplies, paper towels, deodorant, toothpaste, and cat or dog food; use coupons and take advantage of sales.

Use your unemployment checks to pay the essential bills first; you should be sure that your mortgage, car payment, and basic utilities are covered. If you are unable to pay on credit cards, loans, or other debts from your benefits or from savings, be sure to notify your creditors in advance of the due date of your financial difficulties; most creditors will gladly suspend payments for a brief period or work out a new payment plan temporarily. Do not even consider taking an early withdrawal or a loan against your retirement savings unless it is an absolute last resort; the tax penalties alone are prohibitive.

Keep a good attitude, and keep busy. It helps to keep a consistent schedule; get up every morning and have a plan and goals for the day. Don't waste time lying in bed or watching TV day after day. Take advantage of the extra time to get jobs done around the house or to spend with family. Family and friends will help to keep your spirits up.

As you start to get calls for job interviews, be sure that you have an appropriate outfit to wear, including comfortable shoes. There are many good resources online to help you to prepare for an interview; monster.com is an excellent resource. Stay focused, keep your spirits up, and remain confident that you will soon have an opportunity that is even better than the one that you just lost.