Daily Note: Surviving Company Layoffs with This Simple Guide

Monday, February 16, 2009

Surviving Company Layoffs with This Simple Guide

In a somewhat surprising move, half of the employees at the facility where my wife works at is being laid off. My wife’s job is still safe, but it definitely doesn’t bold well for confidence and moral.

There were rumors circulating ever since the merge with another company began a few months ago. People were estimating that within a few years, the facility will eventually be shut down as it made more sense to have the whole operation in Florida (where the other, bigger company is located). It was just that no one thought about the laid offs to be so soon and massive. After the change, all of finance, supply chain and hourly workers will all be let go.

Looking Past This Layoff

Now that the first wave of layoffs are behind us, it really seems inevitable that everyone will eventually be relocated or let go in the short to medium term. This means that even though my wife’s job is safe now, we must come up with a solid plan.

How to Line up the Ducks and Survive a Possible Layoff

Below, I’ve come up with a few tips to guide everyone if they are afraid of being laid off:

Come Up with a Plan - Always plan for the worst. You don’t want something like losing your job (which can happen to anyone even in the best of times) to be a catastrophic event financially.
Emergency Funds - That’s why an emergency fund is so crucial. Don’t have one yet? Start one by opening an online savings account and making sure that you regular put money into it with every paycheck. It’s never too late to start and some money is always better than no money.
Resume - It’s always a good idea to keep your resume updated since it’s much easier to write down accomplishment as they happen than trying to remember them 5 years down the road.Another great resume tip my friend told me is to save all the resumes that you receive when you are hiring. Highlight the statements that you like in each one and make notes so they can become your inspiration when you write your own.
Know Your Options - It wouldn’t hurt to sit down and brainstorm on possible alternatives if you lose your primary source of income. Is passive income streams possible? What about working part time?
Stay Positive - This is so hard to do when you get laid off, but how do you think your potential employer will feel when you walk in and sound so pessimistic? Would you hire someone if he/she always sound negative?Whether it’s your resume or your tone and outlook in the interview, stay positive! As my dad once told me when I just got out of college without a job, “don’t believe for one second that you will be so lucky that you don’t have to work for the rest of your life”.

Layoffs Are No One’s Fault

No one likes layoffs (even the general manager that announced it). Instead of blaming someone, why not use the energy to do something fun and productive? How about trying something new like golf or photography? Or maybe go to your community and inquire about teaching something you love?

Even if the inevitable does happen, think of it as a vacation for your soul after years of hard work. You deserve it.

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