Laid Off? Here’s What to Do in the First 24 Hours

Fact checked by Vikki VelasquezReviewed by Katie MillerFact checked by Vikki VelasquezReviewed by Katie Miller

Getting laid off from work can be a shock and cause financial stress, and while it may not seem like it at the moment, it can present an opportunity to do something new. Before jumping into the job search, however, there are a few crucial steps to take to protect yourself and prepare for what’s next.

Key Takeaways

• Take a moment to process your emotions in order to maintain your mental health.
• Secure important work documents and contact information from colleagues and clients.
• Inform colleagues and clients about your layoff to maintain your professional relationships.
• Use your professional networks, like LinkedIn, to look for new opportunities.
• Understand and manage the financial aspects of the layoff, including severance and benefits.

Process Your Emotions 

Getting laid off can feel like a punch in the gut, stealing your breath, and washing over you with pain. That’s not uncommon. Take time to process these emotions and work through them. Don’t second guess what you could have done differently because a layoff is not about you. It’s about the company. But do let yourself feel the loss.

Allowing yourself to feel sad, angry, or upset is natural. Just don’t get lost in those emotions. While you may need time to process them, you don’t want them to overwhelm you. Give yourself time to deal with them, but then move on. Look ahead to what’s around the corner. You may surprise yourself with what’s next.  

If you do have trouble working through these emotions and moving on, don’t be afraid to seek advice or assistance from professionals. Everyone processes things differently, so asking for help could be a necessary step to assist you in moving forward.  

Secure Important Work, Digital Documents, and Contacts

Before leaving your workplace, collect documents and contacts you may want for your upcoming job search. This could include contacts for colleagues who may be able to help you find your next job. Or it could be projects to include in your portfolio, testimonials from coworkers or clients that speak to your job skills. Just make sure the files you want to take are not protected under a nondisclosure agreement or other confidentiality clauses in your contract. 

Communicate With Colleagues and Clients

When notifying colleagues and clients that you have been laid off, be matter of fact. Something along the lines of, “Please note that I have been laid off from {company} effective {date}. Going forward, please contact me at {contact info}. I look forward to staying in touch and, hopefully, working with you again.”  

This provides an opportunity for colleagues and clients to reach out once you have left the company. Remember to keep all communication professional. Don’t speak poorly about your former employer. Focus on how you can move forward and continue working together. 

Utilize LinkedIn and Other Professional Networks

As you start to look for your next job, take advantage of LinkedIn and other professional networks to stay connected and seek new opportunities. Some tips to leverage these include:

• Update your LinkedIn profile: Make sure your LinkedIn profile is up to date with your current skill set, information on the work you performed, and what you’re looking for in your next position. 
• Ask for testimonials on LinkedIn: Every LinkedIn profile has a “Recommendations” section, so ask your colleagues, clients, and managers to write a testimonial on your behalf.
• Post your ideal employment opportunity: Don’t be afraid to state what you’re looking for in your next job. You can post on your LinkedIn profile, on a networking board with your professional association, or in networking groups on social media.

Note

You never know who may see your posting on LinkedIn, social media, or your professional association’s networking board and have a lead on a new opportunity for you.  

Prepare a Financial Transition Plan

Finding yourself without a paycheck can be daunting and scary. After all, your bills won’t hit pause just because you got laid off. Therefore, it’s important to find out what type of financial assistance is available during this transition. 

First, find out what your unemployment options are with your state. If you are qualified to file for unemployment, do so right away. The earlier you do, the earlier you could start receiving unemployment benefits. 

Second, review your employee contract or handbook to see if you are eligible for a severance package. These benefits could provide much-needed income as you look for your next job. 

Third, review your finances to see where you can cut back expenses during your job search. This could range from skipping your morning coffee at the local coffeehouse to canceling a streaming subscription until you land your next job. 

Ask for Your Severance Package and Other Support

Check with your employer to find out what financial assistance is available to you. For instance, your contract or handbook may state that you are eligible for a severance package if you are laid off. Or you may be entitled to payment for unused vacation time or paid sick leave. 

Some companies also offer outplacement services to help you look for and land your next job. This may include funds to help cover expenses during your job search. 

If you have insurance and retirement benefits, ask your human resources manager about the steps to continue them. For instance, your health plan may continue your coverage through COBRA for a set period of time that will remain in effect until you secure insurance through a new employer. 

If you have retirement savings in a 401(k) plan, see what the parameters are for leaving the account where it is until you have a new job. You may be able to let it alone until you have a new employer, at which time you could roll it into the new plan. Or you might be able to move it into a personal retirement account right away. It’s important to keep an eye on it so you don’t lose track of your funds.

Leave on Good Terms

Although you are entitled to feel some ill will toward your company after getting laid off, it’s important to leave the company on good terms. Maintaining a professional attitude will reflect well on you. Thank your boss for the opportunity to work together at the company. Take this opportunity to ask for a letter of recommendation that you can use in your job search. Maintaining a professional demeanor should also help if you list your boss as a job reference on future employment applications. 

Check With Your State to File Unemployment Benefits

Every state manages its own unemployment insurance program, so find out what those benefits are and the eligibility requirements to receive them. You can start by searching online for your state and “unemployment benefits.” You also can find information on your state’s unemployment benefits at USA.gov.

If you do qualify, pay attention to timelines for filing so you don’t miss any deadlines. 

What’s the Difference Between Fired, Terminated, and Laid Off?

Being fired typically means you were at fault, such as not performing your job requirements or not showing up for work. Being laid off means the company no longer needs your services because it can no longer afford you, your position is no longer necessary, or for other reasons that are not your fault. Often, “terminated” is associated with being fired; however, HR professionals view termination as the end of the employee-employer relationship. It could be due to a layoff, being fired, or quitting.

Can I Negotiate My Severance Package?

It’s possible you could negotiate your severance package. You may want to consult an employment lawyer to discuss your options before talking with your employer. 

Should I Ask My Employer for a Recommendation Letter if I’ve Been Laid Off?

Yes, asking for and obtaining a recommendation letter could be helpful during your job search. 

What Happens With My Medical Insurance if I’m Laid Off?

Talk with your human resources manager to find out what options are available to continue your medical insurance. You may be eligible for temporary COBRA coverage while searching for your next job.

The Bottom Line

Getting laid off can be scary. Not only have you lost your income, but finding a new job can be daunting. But by taking the right steps following a layoff, you can position yourself to get through this transition with minimal disruption. It actually may be the opportunity you need to find something bigger and better. 

Read the original article on Investopedia.