Executive Chronicles| What to Do If you Get Laid off in a Recession |Due to the 2020 pandemic commonly referred to as the Coronavirus has caused a serious economic recession which like all recessions has resulted in layoffs and furloughs. There are many people who have never been in this type of circumstance before who now find themselves right in the middle of it. This can be very stressful and difficult to navigate. In this situation and in the future recessions to come, there are a few things you can do that will make all the difference.
Filling Unemployment
One of the most common answers that people are quick to jump to is filing for unemployment. There is a lot of shame and guilt around this topic, but it is perfectly normal and common. More than 38 million people have reportedly filed for unemployment in the US. When you get laid off, you can file for unemployment insurance. How much is paid and for how long depends on which state you live in. Find out what it is like for you. This usually entail a weekly check for a set amount of time. There are even stimulus checks that come to every American within the average income brackets. A second stimulus check is expected to be in the works as well.
Extensions and Leniency
There are a few benefits afforded people during difficult times which include tax extensions, mortgage and car loan payment deferments, affordable personal loans, Paycheck Protection Program Loans. This is also the time to review your company policy on layoffs and severance. You could be owed a decent amount of money which you would otherwise be leaving on the table. This could come in the form of payment from unused vacation days so schedule an appointment with your HR department.
New Income
There are a few simple things that are easy first steps to make it easy to start quickly making back some of your losses. None of these are a sure-fire way but they are have a decent chance of making at least some of a difference. One of the main and most obvious things that you can do is obviously get back onto indeed and other job placement sites. Those do truly make a difference and will help you find a job. It also makes a huge difference to pull your network and see who knows people who could have needs for your skills.
One of the other things you can do is that you should ask your employer if there is an opportunity for you to work as a contractor or consultant even part-time. In many cases, layoffs are simply a case of numbers. Your job may not bring in as much the cost of keeping that job on. If you lower your jobs cost to maintain some of the value could really save you. If the layoff is permanent, check if they see any chance of being re-hired in the future. If not see if they will give you a recommendation on LinkedIn and if they will be willing to be a reference for you. In addition to that ask for any connections or referrals to other similar organizations for possible jobs. That simple conversation can lead you to a great opportunity or at least in a general right direction. There is something to be said for starting freelancing online or picking up temporary income opportunities like Uber or Lyft. Most companies have a couple primary competitors, if you get laid off, you should start looking there first because you have some of the similar skills that they will need from where you were. It is difficult to know what exactly will work but these things will definitely help you to make the biggest difference.
