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Layoff survival -- top six things you should do after being downsized
Nimish Thakkar
The
pressure and confusion stemming from a layoff may not be easy, but
this is not the time to empathize or play the blame game. The momentum
gained during the first few weeks after a layoff will set the tone for
your entire job search campaign, so play this time carefully.
In this article, I have outlined my pick of top six things you should
do after being downsized.
1. Ask for severance pay
Most employers will provide some form of severance to downsized
employees. This could be either cash or outplacement assistance or a
combination of both. Even if your employer doesn’t have a formal
policy in place, try to negotiate a severance package. You will be
surprised how many employers will accede, if only you take the
initiative to ask. So, ask!
2. Get creative; save
more
Develop a budget and cut down on all non-essential items. Get a
roommate, hold a garage sale, car pool, take the subway -- do anything
you can to save money every month. These small steps can often buy you
a few extra months of breathing space, should the job search take
longer than expected.
3. Arrange for the
bills
The Department of Labor (DOL) estimates the average job search time to
be around four to five months. This is an average, though, and
depending on the local economy and your background, the number could
be higher or lower. In my experience, senior executives take longer
than DOL’s estimates.
Do you have enough savings? Even if you do, the first thing you must
do is file for unemployment benefits. Check with your local DOL office
for policies and procedures.
[Caveat: Most DOL offices will cease paying benefits after a few
months so you must be very aggressive with your job search.]
If you are not eligible for unemployment benefits, a part time or temp
position should be your next best alternative. The arrangement should
not take away too much time from your
job search campaign, though.
4. Update your resume
Create a standout
resume, one that will catapult your
name to the file of “must have” candidates. Provide plenty of
career accomplishments and a solid
value proposition. Every inch of resume space must be used to
demonstrate how you will deliver a solid ROI on your
salary.
5. Connect and
reconnect
Active
networking is absolutely critical for
anyone desirous of
career success, but if you haven’t
been networking aggressively, it is time to connect with your contacts
now. Get the word out that you are looking for work and don’t
underestimate anyone’s ability to help you out. Even if someone you
know may not have a say in the hiring decision she may know someone
else (or that someone’s friend) who does. You will be surprised how
helpful people are, if only you approach them in the right way. Take
active steps to
grow your network by asking each
individual to introduce you to a few others (and then follow the same
process over and over).
6. Launch an aggressive
-- and I mean, aggressive -- job search campaign
Utilize a combination of
job search strategies to launch an
aggressive campaign. Prepare a list of activities you will undertake
on a daily basis -- and stick to them. If you use the right strategies
and network effectively, you should be able to apply to at least 25 to
30 job openings every day. This may sound like a lot, but it is
absolutely necessary. Looking for work can often be a full time job by
itself.
Related Articles:
Almost 75% of jobs are never advertised -- how
can you tap into this hidden job market
Step out of your comfort zone to shorten job
search time
Job Search Strategies and Tips
Online Job Search: Job Searching In The Digital
Age
Common
Job Search Mistakes
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