Facing Layoff? How to Pick Up the Pieces

Being told you are you are being let go from your job is never a nice moment. Even when the writing has been on the wall for some time and you think you are prepared, the news still comes as a shock.

Suddenly the future looks bleak and the voices inside your head start clamoring away. Can I find another job, how will I pay the bills, and if you are older, will another employer want to take me on? It is a scary time. Luckily all is not lost and you may eventually come to the realization that things happen for a reason.

A Time for Reflection

Being let go calls for a time of reflection. To get your head around things, think about what has happened and why, and whether there was anything you could have done differently to change the outlook. For example, if your company is downsizing or liquidating, nothing you could have done would have made a difference, but if the reason you have been earmarked for layoff is because your work performance is poor or you have a questionable attendance record, these are things you should address before looking for another job.

Check Your Entitlement

The second thing to do when you are told you no longer have a job is to find out what you are entitled to. Depending on how long you have worked for the company, you may be entitled to compensation for being terminated. Speak to your HR department or union – they are there to advise you. You should also look at applying for unemployment to help cover the costs until you are able to find another job.

Sort Your Finances Out

Money is likely to be tight for a while, so sort your finances out and reduce spending where possible. Ditch the gym membership, quit going out for dinner, and see if you can get better deals on your fixed household expenses.

Write a Resume

You may already have a resume, but the information is likely to be well out of date, so clean it up, add your best achievements and skills, and make sure it includes any recent work experience or training.

What’s Next?

The most obvious thing to do now is start looking for a job, but if you are feeling disillusioned and ready for a change, losing your job is a chance to strike out in a different direction. Think about what your skills are and what you enjoy doing. There are lots of home business opportunities out there, many of which require very little previous experience.
For example, you could dip a toe into the world of e-commerce and build a website to sell products. Perhaps you are great at making things, or you have a skill other people need – selling your products or services online is easy to do and a low-cost business venture. Think of a business name, set up an e-commerce website, and away you go!
Losing a job needn’t be the end. Instead, stay positive and see this hiccup as the start of a better and more exciting chapter in your life. It can only get better from hereon in.