#2: Your Ultimate Layoff Survival Guide 101
How to not freak out if you get laid off
I got my layoff cherry popped early into my career.
It’s very much like the breakup of a long-term relationship - except you’re not the bad guy, and nothing you could have done could have prevented it from happening.
I saw the storm clouds on LinkedIn for months before it happened…but you cross your fingers that the storm will pass and you’re spared of the rain. Still, I saw my recruiter friends and peers being laid off in waves, so I always knew in the back of my mind that it COULD happen. So me being the list-builder that I am, I jotted down a list in my phone of what I would do if it happened to me:
You might’ve noticed - I wrote that on May 1, 2022.
6 months later, I got laid off. But at least I was somewhat mentally prepared.
Don’t get me wrong, I still cried on my bed for 30 minutes and used up a quarter of a tissue box. It was still a huge shock.
I mourned the fact that I was at a job and company that I loved and now I had to start over.
I mourned the dream that I had to stay at the company for years, build my career, and get promoted (my manager had even told me that I would have a chance to be promoted the following year).
I mourned the fact that all of the contributions that my company matched into my 401k would disappear because I wasn’t employed long enough for them to vest.
But as you know, I still survived.
So with that being said, here is your layoff survival guide.
YOUR ULTIMATE LAYOFF SURVIVAL GUIDE:
Take a deep breath.
Share the news with close friends and family, but don’t feel the need to tell everyone immediately.
Think about your career: Do you want to stay in your current field or make a pivot? Do you want to try to start a business? You can always change this later but decide what you want to do first.
Update your resume.
Make a LinkedIn post announcing your layoff: You don’t have to make this the day of, but I also wouldn’t delay it for too long.
What to include in your post: the roles/titles you are looking for + what location (or remote/hybrid)
What to ask for: recommendations and skill endorsements for your LinkedIn profile
I would also recommend attaching a picture of yourself at the company office/with the logo in the background so people can quickly recognize the news
The reason I recommend updating your resume BEFORE making a LinkedIn post is so that you have your resume ready to go when leads come to you
Sign up for COBRA: Make sure to read all the documents that your employer sends you when you get laid off. Employers will give you an option to continue your health insurance for a few more months - it might be the same rate that you were previously paying, or it might be a lot more. If you find it to be too expensive, consider marketplace insurance (just Google it).
Sign up for unemployment benefits: Once your severance money runs out, that’s when you can sign up for unemployment benefits through your state government (free money to float you until you find another job). For my state, I found the signup process to be pretty tedious, but once I was approved, it was simple to get them each week - I just had to submit a form online with the information of 3 companies that I applied to that week.
If you are fortunate enough to have a few days before you are officially let go:
Send a thank you email to your colleagues with your contact info to stay in touch (feel free to ask for a LinkedIn recommendation or for people to make connections for you)
Wrap up your projects and delegate your uncompleted tasks
Back up any notes you have (and make note of any metrics you’ll need to add on your resume)
I know this might seem like a lot of steps, so take it at your own pace and don’t get too overwhelmed. The important thing is to have a plan, but make sure you also plan to enjoy the newfound freedom and time that you have!
This is the time to do that new hobby you’ve always wanted to try, find a workout regimen, and catch up on Netflix. I still look fondly upon the time I went to the movies in the middle of the day with a friend (gotta love matinee prices too), and the time I wandered leisurely in the mall on a weekday with no crowds.
Health & Wealth 💸
When you are laid off (or quit your job), you’ll most likely want to roll your 401k into an IRA. Couple reasons for this - there are extra fees that are taken out of 401k company accounts, and you probably don’t have as much flexibility with what funds are in your portfolio. Converting it into an IRA gives you more control.
I’ve been hearing good things on social media about Capitalize, a service that will take care of your 401k to IRA rollover for you for free, so I decided to try it (the process isn’t finished so I don’t have results to share yet). Feel free to try it out as well with my referral link below!
My Current Favorites 🍌
Looking for things to do when you’re laid off? Sharpening those skills in the kitchen and adding more recipes to your toolbox is always a good idea. This is perfect for any time you have a few bananas about to go bad.
My favorite banana bread recipe:
Trust me, I’ve tried 3+ different banana bread recipes and this one is the most moist and flavorful. Oh and did I mention that it’s vegan?
Sarena’s notes:
I’ve never used whole wheat flour in my baking recipes before and I never plan to 🤪. Feel free to use all-purpose flour instead.
For a little bonus, mix in a cup of chocolate chips to the batter before you pour it into the loaf pan. If you wanna get extra fancy, throw in some chopped walnuts too. You can thank me later :)
Career Inbox
Got a career question you’d like me to answer in a future post? (Ex. How do I do salary research? How do I negotiate an offer? What questions do I ask at the end of an interview? ) Drop them in my inbox below!
Thanks for reading! 😊
Hope you enjoyed my 2nd article of this newsletter! Thank you for coming along for my journey :)
If you have a friend who is currently going through a layoff, share this with them so they will know what to do!
Also, give this post a like if you’ve learned anything new
Didn’t get a chance to read my first post?
Until next time, stay healthy, wealthy, and wise!
Sincerely,
Sarena