Experiencing a layoff can be jarring, from career setbacks and losing benefits to navigating the next steps of an unexpected job search. It’s a tough situation and often unchartered territory. Use this guide to help direct your next steps after a layoff and consult the appropriate organizations for advice specific to your situation.
Details to Discuss
- If provided, review your severance package. You may be able to negotiate the terms.
- If you’re asked to sign any paperwork, read it thoroughly, ask questions, and ask for time to review it rather than signing on the spot. Seek legal advice if needed.
- Clarify when you’ll receive your last paycheck and if any sick time or PTO balances will be paid out.
- You may request a layoff letter for documentation, but your employer isn’t legally required to provide one.
Benefits to Update
- Unemployment: You may be eligible for unemployment benefits, which temporarily replaces a portion of your regular income. Research benefits offered by your state or country’s government and apply for benefits as soon as possible.
- Health insurance: If you were insured through the company’s plan or had supplemental insurance through your employer, your coverage will end; the end date will be determined by the company and provider. Options for coverage may include extended coverage options, purchasing personal insurance coverage, or joining a spouse’s medical plan via a qualified event, if available.
- Retirement account: If you have a retirement plan, the money you’ve put in, and any funds vested by your company, are yours. Often, retirement accounts can be left untouched, but check if there are fees associated with keeping your account open without active deposits being made. You can also open a new retirement account to roll the funds into; rollovers are typically not taxed.
Steps to Move Forward
- Make a plan: Determine how quickly you need to get back to work based on your budget, insurance, and other needs. For financial concerns, research assistance for bills, mortgage, rent, or other expenses that may help ease stress.
- Create a schedule: A daily routine and dedicating time to your job search can help prevent burnout and improve focus. Block time for updating your resume, cover letter, and LinkedIn profile, and applying to jobs. Invest time in personal care and hobbies that can get your mind off your situation.
- Take breaks: Layoffs are taxing mentally, emotionally, and physically. Find a balance between hustling to find your next role and taking time to rest. It’s okay to enjoy some of your free time while looking for your next venture.
The job market is tough, but working with a staffing expert can make the search easier. If you experience a job loss, layoff, or furlough, contact your local Express Employment Professionals, Express Healthcare Staffing, or Specialized Recruiting Group office to learn how we can support you in finding your next role.
