What to do if you fear potential job loss or have been recently unemployed

In light of recent mass layoffs from prominent technology and media companies such as eBay, Riot Games, and the Los Angeles Times, many individuals may find themselves grappling with concerns about their job security.

Whether you are apprehensive about the possibility of being laid off or have already experienced a job loss, financial experts and career advisors offer valuable recommendations for navigating these uncertain times.

Their suggestions encompass a wide spectrum, ranging from the importance of establishing an emergency fund to gaining a comprehensive understanding of your severance package.

The significance of creating an emergency fund cannot be overstated, as it serves as a crucial safety net, particularly during periods of job instability.

Even if it seems daunting to save enough to cover the entire duration of potential unemployment, even a modest amount can go a long way in alleviating the stress associated with such circumstances.

As you embark on the journey of saving, Jesse Mecham, the visionary behind the money management app YNAB, advocates for introspection, urging individuals to contemplate the question: What do I want my money to do?

This shift in perspective allows for a reevaluation of financial priorities, recognizing that while a year ago the focus might have been on saving for an overseas adventure, the current objective may be to accrue funds to sustain oneself during a potential six-month period of unemployment.

When faced with the challenge of aggressively paying off debt at the expense of saving, financial expert Mecham advises individuals to consider adjusting their payment strategy.

While it is essential to meet the minimum payment requirements, Mecham suggests allocating any additional funds towards building a financial safety net.

This approach ensures that individuals have readily available funds in case of unforeseen circumstances. Furthermore, Mecham emphasizes the importance of avoiding incurring further debt to maintain financial stability.

In addition to managing financial obligations, it is prudent to keep one’s resume updated and tailored to different job opportunities.

Scott Dobroski, a career trends expert at Indeed, recommends customizing resumes to include specific keywords relevant to the desired position.

Given that job requirements may vary within the same industry or across different fields, maintaining a versatile and updated resume can streamline the job application process.

The significance of resume upkeep and customization was underscored by the experience of Etienne Lupine, a 46-year-old software engineer at Keysight.

Upon learning about her impending layoff, Lupine promptly embarked on revising her resume and LinkedIn profile.

Despite the emotional impact of the news, Lupine found a sense of empowerment in presenting herself in the best possible light, recognizing that while she couldn’t control the job loss, she could control how she presented herself to potential employers.

Moreover, career coach Marlo Lyons advocates for leveraging professional networks during such transitional periods.

Engaging with industry connections and seeking information about potential job openings can provide individuals with a valuable head start in their job search.

By activating their network, individuals can gain insights into new opportunities and potentially secure employment more efficiently.

In the pursuit of professional growth, augmenting one’s skill set through the acquisition of new skills and certifications is a strategic move, whether aiming for advancement within a current role or preparing for a transition to a new position.

According to Lyons, it is essential to identify and cultivate skills that enhance one’s candidacy. This can be achieved through various means, including enrolling in courses or obtaining specific licenses.

Platforms like Coursera and edX provide access to a wide array of courses and certifications, some of which are available at no cost.

However, in the event of a layoff, it is crucial to prioritize mental well-being. Dobroski emphasizes the importance of acknowledging and addressing the emotional impact of job loss.

Lupine, for instance, focuses on the positive aspects of her new chapter rather than dwelling on the challenges of leaving a beloved job.

Establishing a routine, maintaining physical activity, and allocating dedicated time for job applications can contribute to mental well-being during this period, as suggested by Mecham and Lyons.

Engaging in activities that bring joy and maintaining a healthy lifestyle, as exemplified by Lupine’s dedication to baking and cooking, can also alleviate stress.

Understanding post-employment benefits and securing necessary documentation, particularly related to health insurance and prescriptions, is essential, as highlighted by Dobroski and Lupine.

Additionally, leveraging personal and professional networks, sharing experiences, and seeking unemployment benefits can provide crucial support during this time of transition.

Temporary job opportunities are also recommended, not only to sustain financial stability but also to demonstrate resilience and commitment, as outlined by Dobroski and Lyons.