5 Things You Need To Do After Getting Laid Off

July 9, 2020 Christina O'Handley

getting-laid-off

Getting laid off from your job can be one of the most stressful experiences you can go through. Not only may you be struggling financially, but losing your job can also be emotionally draining and be a hit to your self-esteem. Although you may want to wallow after you get laid off, you’ll need to do certain things to ensure your stability and success moving forward. But where to start? Below are a few things you’ll need to do if you want to bounce back from a lay-off.

Look over your finances

After getting laid off, the first thing you’ll need to do is conduct a financial assessment. If you have a severance package, make sure to get all the information you need about this package from your previous employer. If you haven’t already, now is the time to create a budget and see how long you can go without earning a salary. Setting up a financial plan will determine the timeframe you have before you need to find a new job.

Figure out how you’ll explain a lay-off

Getting laid off can take an emotional toll on you. Especially if you keep getting questions about your lay-off from your family and friends. That’s why you’ll want to consider crafting a simple explanation about the situation. This will make your conversations surrounding your lay-off less draining.  Remember to keep your explanation upbeat. This will not only allow you to use this explanation with your friends and family. It will also help you explain getting laid off during future interviews.

Take the time to think about what you want

If you seem to have a good amount of money saved up before you need to find your next role, now is the time to really think about what you truly want from your career, especially if you’ve been unsatisfied with your previous role. Usually, projects and work goals may get in the way and deter you from truly thinking about what you want from your career. With the extra time you may have, you can really think about what you liked and disliked about your last role and research new career opportunities. If you’ve been meaning to make a career change, now is the time to set up a plan of action.

Consider contract work

If you don’t have the financial leeway to take time off in between roles but are unsure where you want your career to go, you may want to consider contract work after getting laid off. Contract work can provide you with the flexibility you need as you consider where you want your career to go. Taking on contract roles can also give you experience in different industries and job functions that will allow you to determine what you truly want from your next career step.

Remember that it isn’t personal

Getting laid off and being fired are two very different things. While being fired is a consequence of your performance, being laid off surrounds your company’s performance or structuring. A lay-off typically has nothing to do with your individual performance. This is important to remember to boost your self-esteem and help you get the confidence you need once you start interviewing for new roles.

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