How to deal with potential layoff?

[shaynaatl]

Our company is struggling and will apparently be going through multiple rounds of layoffs this year. We are hearing the first round will be next month.

I love my job so this is giving me a lot of stress. I know one school of thought says not to ruin your present by stressing about the future, and to deal with it if/when it comes. The other school of thought says to act like it's going to happen, so you are more prepared and won't feel blindsided.

What tips have you used to deal with job security stress?

I will say I'm not worried about financial ramifications. Due to my years of service, I would be due a generous severance package. So if it happens, I'd plan to take some time off before looking for a new job. I finally joined LinkedIn and working to build up my number of connections.

[mrsd2006]

First thing I would do is update the resume.

[mpm]

Make copies of personal records you’d want to retain and take them home - such as your annual evaluations, your most recent paystub, contact info for benefits. If you have personal sentimental items at the office such that you’d be upset if they weren’t returned to you immediately, take those home too. Sometimes in a layoff employees are walked out quickly, so prepare for that just in case.

Update the resume and start looking for another job. That doesn’t necessarily mean you’re leaving. But you should always strive to give yourself more options than you need.

Financially, I’d start cutting back on unnecessary spending and would build up savings. And I’d start thinking about worst case scenarios, where we’d pull money or what we’d cut if unemployment lasted longer than anticipated. Again, just giving yourself options.

[mpm]

And if you think you might be included in a layoff for illegal reasons, start looking for an attorney now. You’ll need someone to review severance paperwork and advise whether you should sign it.

[bee20]

If you're not worried about finances, love your job, and want to take a break before looking if you are laid off there isn't much to do. You could update your resume since you have access to notes from current projects now, but that's about it.

When I was worried about finances I dropped my 401k contributions down to the minimum for company match, got things like eye exams and dental exams done, and started looking for a new job. I was able to find something before the layoffs hit my team. I liked but didn't love my job so it made me feel good that someone else could stay that wasn't able to move at that time. In retrospect, I would have listed my house sooner, before the background check for my new job cleared. It took longer to sell than expected and that was stressful.

I always want to take more time off between jobs but in my experience companies that are hiring don't want to wait months to give you a break, so if that's something you want I agree you'll need to plan to job hunt after a few months.

[simpsongal]

The Washington Post had an article on this yesterday: www.washingtonpost.com/technology/2022/11/08/workers-guide-to-layoffs/

I hope you can view it and I'm sorry you're dealing with this uncertainty!

[midwestmama]

When I was in this situation about 1.5 years ago, I did what many have suggested - update my resume and review/update my LinkedIn profile, save any important personal work documents, review my budget and possibly cut back on a few things or identify what will need to be cut in the event of a layoff. I also put feelers out to my personal network in case I needed to start looking. (And honestly, I prayed a lot! (I'm a religious person.))

You could look into the unemployment income application process in your state.

I also made a list of places I could apply to work if I needed a short-term job (e.g., grocery store) to help get us through until I found a full-time job.

Hoping for the best outcome for you!

[Pom]

Everyone gave great advice but I just wanted to say I will hope for no layoff since you love your job. Hang in there.

[sadlebred]

Unemployment (insurance that is) in Georgia is beyond bad. I wouldn't expect much or soon if you can apply. Sometimes in GA you cannot apply until your severance period runs out. It sounds like that would not be an issue. I'm sorry you are going through this. I worry about this at my job this year, too.

For health stuff I'll add-stock up on prescription medications, use all of your FSA money. You can do that even though you haven't contributed the full amount. FSAStore.com is a good place to use any monies if you don't/can't use them on healthcare of prescriptions.

Others have excellent recommendations.

[Wallflower]

If you're comfortable with it, reach out now and ask people to write a recommendation and post it to LinkedIn, and be doing the same for others. It is good to be willing to reciprocate but also, I believe that thinking about others, helping them, will help your stress levels.

I really hope you prepare for something that doesn't happen!!!