You don’t want to perpetually ruminate over the possibility of losing your job, but no matter where you are in your career, there are several things you can do to ensure you’re prepared if you do get the ax. If you sense your company is about to go under or you hear whispers about possible job cuts, take action now to protect yourself from financial distress.
Here are seven ways to prepare for a layoff.
1. Update your resume. If you’ve been working at the job for several years, you may not have even looked at your resume since you interviewed for the position. Now would be a great time to revisit it. Make sure to add all the responsibilities of your current position, the new skills you’ve acquired and any other details that will make you more attractive to a prospective employer.
[See: Answers to 7 Burning Tax Questions.]
2. Update your LinkedIn profile. Your LinkedIn profile may be one of the first things a prospective employer looks at when screening candidates. Make sure it complements your resume and includes samples, links and other relevant materials that prospective employers can review without prompting. Connect with any colleagues and managers from other departments via LinkedIn in the event that you do end up leaving the company abruptly and do not have access to emails or contact information. These contacts may be able to help you find your next job, or at least offer a recommendation.
3. Beef up your money reserves. Hopefully, you’ve been building up your emergency fund during your tenure with the company. If you think you’re still a few paychecks away from being laid off, you can start reorganizing your budget now so you have a cushion to fall back on when you no longer have the job. Do what you can to contribute more to your savings account each month and make sure you are not taking on more credit card debt or loans that would increase your monthly payment obligations. Adding more debt to your financial load now could mean you have a hard time keeping up with the monthly bills in a few short months. Postpone any major purchases until you have some stability.
[See: How to Live on $13,000 a Year.]
4. Build up your skill set. If you didn’t have a chance to complete any certifications or skills-training programs in your current position, now may be the perfect time to focus some of your time and energy on those. Building up your skills and having added certifications under your belt can make you more attractive to a prospective employer and open you up to more opportunities in the job market.
5. Maintain a positive attitude. Even though your job may be on the line, continue to do good work and keep a high level of professionalism until the very end. You never know who may take notice, and you may need references from your employer to secure a future position. Stay positive, cooperative and productive until the company makes the call on letting you go.
6. Be prepared to negotiate. Revisit the employee handbook and any contracts or agreements you signed when onboarding to find the company’s policy on severance pay. You may be in a position to negotiate a severance package when the company does let you go, so you need to be prepared to negotiate terms when you have that opportunity. If the company is doing a mass layoff because of financial problems, you may not have much to work with. Still, it doesn’t hurt to ask for even a partial paycheck so you can get back on your feet soon after the layoff.
[See: What to Do If You’ve Fallen (Way) Behind on Your Credit Card Payments.]
7. Stay positive on the job search. Losing a job can be stressful and you may find yourself panicking or even feeling down about the loss. Give yourself some time to mourn the loss, but put together a plan to pick yourself back up — and fast. Stay positive and focus on a better future. Create a schedule for yourself so you can spend a good amount of your day searching for the next opportunity and preparing for interviews.
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7 Ways to Prepare for a Layoff originally appeared on usnews.com
