Facing a layoff? Here are some things you should be thinking of
First off recognize that you’re among thousands who will be facing the same. I’m not trying to be trite here, I’m just making sure you stay tuned in to reality. The job market will be flooded. Competition will be tough. When you’re offered another position it might be a lateral move. It could be for the same job you were doing before or it could be a job with bigger responsibilities or a lot less. You could be paid the same. Your earnings could drop 25%. By keeping these variables in mind you give yourself a better advantage over other job seekers. If you expect to be laid off in the near future here are some definite things you should be thinking of now.
Q Do I have enough funds to tie me over for 6 months?
Suggestion: It could take that long to find a job. If your emergency savings plan is near empty, start your new job search immediately.
Q Is my resume in shape?
Suggestion: Think of your resume as a sales tool because it’s your ticket to getting you in front of people who could hire you. Make sure your resume shows what you can do and indicates why you’re right for the job. If writing your resume causes you to stress out, then hire a professional to write it for you. Just get your resume updated and start submitting it.
Q What expenses can I cut out?
Suggestion: Don’t buy anything that’s not essential to your basic survival needs: this includes going to movies, ordering take out, bar hoping, and shopping for items such as trendy clothing, shoes, and jewelry. I’d tell you to cut out buying your coffee at coffee shops, but if that’s one thing that will keep you going, then just cut back.
Q Can I take on another part time job?
Suggestions: If it doesn’t conflict with your current job or put your family in more of financial stress in terms of child care, go for it. Consider applying for retail positions over the holidays. Telemarketing jobs are popular second incomes, so are positions such as weekend receptionists, hostess, concierges, and baristas.
Q Should I borrow from my retirement fund or liquidate money market accounts or CDs.
Suggestion: No way! Make this your absolute last alternative. You want to keep retirement savings going even if you can’t afford to make any contributions for a while. Also if you have an emergency that requires a lot of money up front, you’ll have somewhere to turn.
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Tags: job cuts, job layoff
This entry was posted on Tuesday, November 11, 2008 at 8:37 am and is filed under Career. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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