Getting laid off from your job can be extremely stressful. Not only may you be worried about the financial repercussions, but you could also be struggling with the emotional impact of losing your job. While you may want to wallow after getting laid off, you’ll need to take the steps to ensure your stability and success moving forward. Where should you start? Here are five things you need to do if you’ve just been laid off.
Look over your finances
After getting laid off, the first thing to do is conduct a financial assessment. If you’ve been given a severance package, make sure to get all the information you need about this package from your previous employer. If you haven’t already, create a budget and see how long you can go without earning a salary. Taking these steps will allow you to determine the timeframe you have before you need to find a new job.
Figure out how you’ll explain a lay-off
Getting laid off can be an overwhelming and stressful experience, and constantly fielding questions from family and friends about it can exacerbate this. To keep yourself from feeling burned out, take some time to craft a simple explanation about your situation. Being open with your family and friends about what you are going through can help you process your feelings and help you figure out how to navigate this conversation with future employers. Read also: Addressing A Layoff In A Job Interview.
Take the time to think about what you want
If you have enough money saved up, use this time to think about what you truly want from your career, especially if you felt unsatisfied in your previous role. Usually, projects and work goals may get in the way and deter you from thinking about what you want from your career. With the extra time you may have, think about what you liked and disliked about your last role and research new career opportunities. If you’ve been meaning to make a career change, now is the time to set up a plan of action.
Consider contract work
If you don’t have the financial leeway to take time off in between roles, but are unsure of your next career move, you may want to consider contract work after getting laid off. Contract assignments can help you earn additional income and keep your skills sharp while you explore new roles. They can also help you gain experience in different industries and job functions that will allow you to determine what you want from your next career step.
Remember that getting laid off it isn’t personal
Getting laid off and being fired are two very different things. While being fired is a consequence of your performance, being laid off is about your company’s performance or structuring; it typically has little to do with your individual performance. Keeping this in mind will help boost your self-esteem and give you some added confidence as you start interviewing for new roles.