| You and your co-workers have seen all the | | | | Some of the items you will need to ask about |
| tell-tale signs: Closed door meetings, elimination of | | | | are: Health Insurance- How much does COBRA |
| overtime hours, senior management meetings | | | | cost and how long does it last? |
| with HR and so on. You can feel that change is in | | | | Other Insurances - Are they portable? What |
| the air and you work in a department that is not | | | | forms do you need to implement? |
| an income producer. What should you do? What if | | | | 401(k) - Ask for rollover forms and any |
| you are laid off? | | | | documents with the steps to complete this action. |
| BEFORE THE LAYOFF | | | | Get the name and phone number of the person in |
| SAVE FOR A RAINY DAY: | | | | HR that handles this for your financial institution's |
| It's time to batten down the hatches and start | | | | point of contact. |
| saving for a rainy day if you haven't done so | | | | Stock - Can you sell shares? How do you notify |
| already. If you already have a direct deposit | | | | the company handling stock that you are no |
| dedicated to a savings account, increase it. You | | | | longer employed? |
| may want to stop voluntary contributions such as | | | | Severance- Can you choose the method of |
| 401(k), charitable contributions, stock purchase, | | | | payout? Can you apply for Unemployment |
| etc. to help increase your savings contribution. | | | | benefits while recieving severance? How long will it |
| After all, paying bills while unemployed is more | | | | last? |
| important than buying company stock. | | | | When do you recieve your last paycheck? Will |
| UPDATE YOUR RESUME: | | | | automatic deductions such as health insurance be |
| Update it while you still employed. Be sure to | | | | deducted from the check? |
| mention all software packages and skill sets you | | | | Does your HR department have your correct |
| have and start sending it out to employment | | | | address and phone number? |
| agencies or network with friends outside the | | | | AFTER THE LAYOFF: |
| company. If the layoff has been announced and is | | | | IF you have a safety net of savings to rely on, |
| public knowledge, ask your supervisor for a letter | | | | take a breather. Take long walks, network with |
| of reference. | | | | friends and enjoy yourself. Consider it a vacation |
| BILLS: | | | | and consider new opportunities that you would like |
| Evaluate any "non-essential" bills such as excessive | | | | to explore. If you would like to try a new field, |
| cable bills, phone bills with loaded features, | | | | such as sales, admin, accounting or IT, peruse the |
| frivolous spending such as dining out, etc. Cut it | | | | newspaper for low cost seminars or free |
| down to the bare bones so you know exactly | | | | networking meetings. |
| what it takes financially to live month to month | | | | Be open to new ideas and opportunities! Not sure |
| should you become unemployed. | | | | you know what you want to do? Try working |
| DURING THE LAYOFF: | | | | temporary. Agencies now offer temporary |
| Maintain a gracious attitude toward your employer. | | | | employees benefit packages as well as flexible |
| Remember, you want good references once your | | | | work schedules. This also allows you to get your |
| employment has ended. Continue your work ethic | | | | foot in the door of various companies as well as |
| and do your best. You still have a job to do. | | | | hone your skills. |
| ASK TO MEET WITH HR: | | | | A layoff doesn't mean the end of the world, but |
| Bring a pad and pen with you to ask questions. | | | | it CAN mean new opportunities! |