Preparing for a Layoff - Mothering Forums
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#1 of 6 Old 04-17-2013, 04:31 PM - Thread Starter
 
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There is a real chance I will be laid off in the next month and after working at company for 15 years. What should I do to prepare? What kinds of things should I be thinking about?

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#2 of 6 Old 04-18-2013, 03:43 PM
 
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I would say cut spending now. Stop cable. Stay away from credit cards. That is where I would start.

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#3 of 6 Old 04-18-2013, 04:54 PM
 
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SAVE SAVE SAVE!!

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#4 of 6 Old 04-18-2013, 07:29 PM
 
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Sorry to hear! That must be at least somewhat of a surprise after 15 years. We have been through multiple lay-offs at our house, though most of them sort of came with the territory and were expected. My advice--get a game plan, and keep the bigger pieces in mind. Start first with the big-ticket items, things that will take more time to put into play. Research your healthcare options in case of a layoff. How would Cobra work for your case? If you don't have health insurance with the company, is it possible/advantageous for you to sign up now? Open enrollment usually happens one month a year, does it happen to be that month at your company? Are there any medical exams/procedures/dental work that would be financially better to do now? Will you be very bad off in case of a layoff--living paycheck to paycheck? If so, it is a good idea to see how you might be able to address this--taking in a roommate/renting out part of the house? Do you have a hobby or other idea for a small business you could make some money at? Do you know how unemployment benefits work in your state? Look up all the details so you'll be able to qualify and apply as soon as you're eligible. Even if the layoff doesn't come--this time--it may be a good idea to look into all these ideas, just in case. Meanwhile, would it be best to start looking for another job now? For instance, will there be lots of people laid off, and competing with you for any positions locally? The early bird probably gets the worm! Do you need to borrow from your retirement accounts? Look into this--it might take some time of researching, requesting, and waiting. You might be pleasantly surprised that your retirement account can be borrowed from for any good reason. Work politics may be key right now too--don't burn bridges if you can help it--you never know who will help you out later to get you another job! Stay in good graces with the company and you might get rehired, perhaps to a completely different position--even several months or a year from now. If you struggle along with a not so great job and then are happy to get rehired with your old company, you'll be glad you stayed positive, kept in touch, and kept applying for jobs with them. Also, very important, keep strong, you might do best if you have the energy and organization to do some of these planning and preparation tasks every day. You are already showing that initiative and spark by starting this thread. Keep it up--best wishes to you!
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#5 of 6 Old 04-19-2013, 04:28 AM
 
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Is this question about  finances or a change of life?  Do you have an emergency fund?  Does UI cover your expenses? Is there a severance package? Do you have time to evaluate what you want...do you have to start applying to jobs right away or can you take a month or two to figure out a new direction in your life or perhaps 6 mths off? ... whether that has to do with looking for same kind of job or a different path?  15 years is a long time at a job you may be feeling all sorts of things - it could be exciting or stressful?


Sara - Mum to C (10/02) ; m/c 10/07; 7/08; 3/09; Lucy Olive Feb 28, 2010 !
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#6 of 6 Old 04-20-2013, 05:02 AM
 
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So my question filled response above was due to the fact that I'm in the same position and I did indeed get notice yesterday; downsized and partial work until June. I knew this may happen (depending on a contract coming through) so I was semi prepared, but it still is shocking to hear.

 

In preparation, create a 2nd budget (I have 3, regular, reduced and bare bones). The reduced budget consists of dropping "unnecessary" expenses (for me it was reducing health insurance (sliding scale), day care expenses and reducing savings (which are all significant amounts and reduce my expenses to half)), but still allows for some extra curricular activities - the idea being not altering life too much, but being more careful)   Perhaps making minimum payments on loans instead of trying to pay one off. Smaller things like cable and cell phone plans ... I never had. Depending on your situation, choose carefully about what to keep and what to drop.  Maybe you don't have to nor want to.  Bare bones budget, is covering expenses (mortgage, utilities, food)

 

Not working after 15 years could be terrifying or fun; you may have a long list of things you have wanted to do, but not the time. You may feel scattered and unfocused with all the hours in a day ... In preparation, figure out what you might like to accomplish. Create a new routine for yourself; perhaps spend a few hours on personal (train for 5k?, crochet?), a few on home projects (paint walls, deep clean, garden) & family and a few hours on career (updating resume, checking out job ops, starting a class).  Take advantage of free things to do, (spring is finally here), biking, hiking, swimming - focus more on family outings and bonding.


Sara - Mum to C (10/02) ; m/c 10/07; 7/08; 3/09; Lucy Olive Feb 28, 2010 !
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