Are You Prepared to Be Laid Off?

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If someone in your community is unemployed, that’s an economic slowdown. If your neighbor is unemployed, that’s a recession. If you’re unemployed, that’s a depression!

Call it what you will—a layoff, a reduction in force, a cutback, downsizing, a termination or plain old getting fired. The bottom line is you’ve lost your job. Losing your job is one of the major life-altering events we all dread—and with good reason.

Employment security has become increasingly rare. For years, employee dedication was rewarded with loyalty perks and protection from job loss. Not any more. Any long-standing “deal” has largely vanished. No amount of research tells us which employers are most likely to provide secure, uninterrupted employment.

You’ll never be totally sheltered from job loss. Odds are at some point in your professional career, you might be laid off.  So how can you prepare for that?

 Here are 12 points to consider:

1. Protect Your Job – Maintain high levels of personal contribution and maintain a positive working relationship with coworkers, particularly your boss (sometimes easier said than done).
2. Learning and Development – Always pursue additional learning and development, both from your employer and outside of work. Let it be known that you are a “continuous learner.”
3. Know Your Employer and Its Policies – Understand the nature of your employer’s business and what your employer’s financial situation is. Prepare yourself for other positions in the event your job is eliminated. Learn all you can about your employer’s performance-appraisal system, pay and benefit programs, and disciplinary procedures—especially those policies related to demotions and employment termination. Learn everything you can about your rights and protections.
4. Severance Arrangements – Learn about your company’s formal termination and severance arrangements. Many employers do not widely publicize their severance policies and will often handle individuals on a case-by-case basis. Larger employers will maintain and communicate policies, because they have to be concerned about consistency and claims of discriminatory practices. Specifically inquire about amount and timing of wage and salary payments; continuation of health benefits; payment of accumulated vacation and sick time; retirement plan treatment; recall and rehiring provisions; unemployment compensation eligibility; and outplacement services.
5. Health Benefits – Unless you could be covered under a spouse’s or partner’s health plan, one of your top priorities will be to continue your employer-sponsored health benefits as long as possible, even trading off severance pay for extended health coverage.
6. Your Physical and Emotional Health – Should you ever be laid off, you will likely experience a major physical and emotional hit. Stay prepared by eating well, exercising, and limiting or eliminating unhealthy habits like smoking and drinking to excess. Take advantage of your health benefits by getting a thorough physical and by treating any illnesses or conditions in advance. Job loss often results in major emotional upset. It is the rare and fortunate individual who is able to simply “let go” of the old and jump right in to a job search. Job loss is upsetting and is often accompanied by anger, frustration, and depression. Be ready for it with a supportive network of family and friends. The emotional component could be your biggest burden.
7. Career Alternatives and Preparation – If you’re open to a career change, start preparing now. Vocational and technical schools and community colleges offer practical occupational training to allow you to enter new fields. You may earn less than your primary career, but you may find work in a more secure area. Remember, every form of refuge has its price.
8. Consider Relocation – Relocating to an area with a more vibrant economy and strong labor market may be the best move for long-term employment security. There are plenty of “best places” lists that consider job availability, housing costs, general cost of living, and whether or not certain regions are age friendly.
9. Part-Time Work – Consider a part-time job in addition to your full-time employment. Part-time work gives you an immediate fallback if you are laid off, and it might offer the chance for converting to full-time work.
10. Compile a Work Portfolio – Collect examples of your work from your current job.  Waiting until you are laid off may be too late. You may not be able to access your files. A portfolio of your best work may be valuable during any subsequent job search.
11. Prepare Your Job Search – I know you’re still employed, but preparing for the possibility of a job search will allow you to begin the process in a more positive frame of mind. Target employers that are doing well and are in relatively safe industry sectors and look for employers who are on the AARP National Employer Team or are recognized by RetirementJobs.com as Age-Friendly Certified Employers.
12. Maintain Your Contacts and Networks – Don’t wait until you are laid off. Build your contact network. Join Linkedin and similar professional networking sites. Keep an organized list of names, addresses, e-mails, and phone numbers from people who you may want to contact during your job search.