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How to Handle an Unexpected Job Loss
Thinking about what you should do when you find yourself unexpectedly unemployed is scary. Nobody wants to hear the words, “you’re fired” or “your services are no longer needed.” More likely than not, you will hear these words at least one time during your working years. When most people find out they have been laid off, their next question is, “what should I do now.”
Below are the steps that I advise my clients to take when they are faced with an unexpected loss of income.
Apply for unemployment
If you are a W-2 employee, there is a good chance you may qualify for unemployment. Your former employer pays unemployment insurance to the state just for cases like this. I recommend applying for benefits as soon as you can because, in most cases, if approved, your benefit will be backdated to the next week of the date you applied.
Here is a video on how to file for unemployment in the state of Georgia – https://youtu.be/zgGeXEeQAys
Take a 48-hour break and assess the situation
The emotions of losing a job are like losing a loved one. We put so much time and energy into our work life that we are vested in so many ways. When we are told our services are no longer necessary at a job, it can be heartbreaking. I think it is always important to give yourself some time to grieve and think about what happened and why it happened. You do not want to take the baggage from your previous job into your new job.
Understand your liquid asset position
What you need to survive a temporary pause in income are liquid assets. These are assets you can liquidate for cash if you need to. Liquid assets can include money in your checking and savings accounts. But in extreme cases, you may have to consider your investments even if they are in a retirement account. Take inventory of your liquid asset position and compare that to your essential monthly expenses.
Understand your essential monthly expenses
Your essential monthly expenses are the bills you must pay monthly to satisfy your obligations and to fund your efforts to search for a new job. First, take your average monthly spending and then deduct the leisure activities you will not be performing because of the decrease in your income. Second, add the expenses of job hunting like resume paper, a new suit, or networking lunches. This is your essential monthly expenses. Compare this amount with how much liquid assets you have. This will give you an idea of how much time you have until you run out of money.
Update your resume and LinkedIn profile
The way employers are looking for candidates is always changing. Make sure your resume and LinkedIn profile display the skills employers are looking for. Allow time for friends and people in your industry to review your final product to make suggestions or improvements you may have missed.
Reach out to old colleagues and recruiters
You should always keep in contact with old colleagues, but since you are not employed, it is even more critical for you to stay in touch. Some jobs are never posted or posted but are already accounted for. This is because insiders have a strong say so on who the company should hire next.
Next, you should always keep a good recruiter close. Creating a level of trust with a recruiter can be a win-win for both individuals. Some companies do not keep large recruiting departments and rely on recruiters to do a lot of the heavy lifting. You should make it easy for them to lift you into your next job by allowing them to get to know you.
Create a shopping list of companies you would like to work for
Knowing who the employers are that can create your dream job is important. Whether you like working for a Fortune 500 company or a mom and pop establishment, create a list of those companies you would like to work for. Think about the type of company culture that brings out the best of your talents and abilities. Continually find ways to know when jobs that meet your skill sets are available and who the primary contact is for that position.
Apply, Apply, Apply & Interview, Interview, Interview
I tell all my clients; interviewing for your dream job is not the time to be on your first interview in 3 years. Also, you may have an incorrect assumption of a role or an organization. Apply to as many jobs as you can, and when there is the slightest chance that the job is a good fit, you should take the interview.
If you feel like job hunting is turning into a numbers game, then you are playing the game in the right way. Just put yourself in front of as many people as possible to increase your chances of getting hired.
I have found these eight steps as key tenets of overcoming an unexpected job loss. If you have any questions or need help navigating a recent job loss, please use my contact information below.
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Randall Avery
Financial Advisor │ Author │ Public Speaker
R.S.A. Deasil Advisors, LLC
Office: 531-333-2745
Email: Deasil@rsadeasil.com
Website: www.rsadeasil.com
P.S. If you would like me to speak at your next event, please click HERE
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While working with clients, Randall realized there was a missing process that individuals were not performing when choosing to use their money. Motivated to fill this gap, Randall developed three models to ‘Hack The System’ and allow individuals to Create Your Own System (CYOS). Randall hopes effectively using these models will help individuals identify the best moral and ethical use of their money.
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