What Should You Do After Getting Laid Off?

Immediate Plan of Action after Layoff

Within the First 24 Hours

You should file for unemployment and begin the process of receiving benefits.

Immediately discontinue any work-related expenses (i.e. metro card, parking costs, commuting costs, etc.). Still within the first 24 hours, you should make sure you have your personal finances in order and evaluate your income and expenses and any rainy day/emergency funds you may have set aside. Some may think this to be a waste of time but it absolutely isn’t!

Doing this will allow you to fully assess your financial situation and prioritize based on the hierarchy of importance/urgency of your bills. If you fear you may not be able to handle all your debt obligations and remain current on your bills, you should reach out to your banks, credit card companies, etc. and immediately ask for them to provide whatever assistance in possible. In order to reduce your liabilities, you can reach out to your car insurer and any similar monthly expenditures you may have and ask for a break in your payments. Some utility and service providers have programs set aside for consumers that are unemployed or experiencing financial hardships. Regardless, there are programs and assistance out there for you, you just need to be informed about what options will help for your particular situation. You should also look towards tapping and evaluating your layoff fund if you have one setup.

Within the First Week

You should make the best use of your time and prioritize reaching out to your network to look into open positions and begin establishing a plan of action for the future. Reach out to close friends and explain your situation! Whether it is via LinkedIn or just through personal outreach, people are often very willing to help, given the opportunity. All you have to do is ask for help! Family and friends are often very willing to help out in times of need. Don't assume you'll be viewed as at like a charity case.

Otherwise, make note of the changes in the economic landscape. Will your industry be permanently impacted in the future? If so, it would be prudent to adapt based on your skills and experience. If possible, always try to make use of your free time be bolstering your resume with any opportunities for personal development.

Many people also forget to cancel their employee benefits! You should look to remove and close out any employer benefits you were receiving that you may still be paying for. A good example of this is an employee sponsored discount on your gym membership. If you no longer work in the area and will be going to the gym by your job, make sure you cancel the membership. There have been many cases in which people were still actually charged for employee sponsored benefits after you have been laid off.

Within the First Month

Adapt and set a course of action for the future!

The absolute best thing you can do is analyze why you were laid off and take an unbiased viewpoint of what you think your position and industry will look like in the future. Now is a perfect time to reflect. Are there ways for you to adapt? Are there other opportunities or industries which make use of the same set of skills you have but aren’t impacted by the change in economic landscape? Now is the time to think about where you want to go and formulate a plan of action. Without one you're sure to just wander aimlessly.

All in all, it's not easy losing a job but if you stick with it and try your best to focus on your future, things will pan out hopefully for the better. We never know what lies ahead of us, but we still need to move forward with our best foot forward either way.