5 Tips for Dealing with Job Loss

Thinking about the possibility of losing your job is scary. In fact, the prospect of being unemployed can be so unsettling that many people go to great lengths to avoid thinking about it. Unfortunately, avoiding the issue won’t make it go away.

At some point, most workers will experience job loss as a result of company downsizing, outsourcing, natural disaster or other unforeseen circumstances. The question is not if you will lose your job but when and how prepared are you?

Fortunately, there are several things you can do to increase your chances of surviving a period of unemployment. Whether it’s ramping up your resume writing skills or making sure your insurance coverage is updated – planning ahead will help ease the burden when the time comes.

Practice Resume Writing

One of the best ways to prepare for job loss is by honing your resume writing skills. Regardless of the circumstances surrounding your dismissal, you want to make sure you have a kick-ass resume to fall back on. If you’re currently employed, this is a great opportunity to help out friends and colleagues who are also looking for work. Get feedback from experts and tweak your resume until you’re confident it’s the best it can be.

You should also start building a network of connections that can help you land a new job. A large part of any job search comes down to who you know. The best way to start is by joining professional associations, attending job fairs and volunteering in your community.

Network Like Crazy

Networking is a crucial part of any job search, but it’s essential when you’re in the midst of a layoff. While you’re still employed, you can make a few connections here and there, but a large-scale effort is out of the question. However, once you’re out of a job, you can take networking to the next level.

There are tons of ways to network, but a great way to get started is by tapping into your existing network. Make a list of everyone you know, and then ask yourself if any of these people could help you get a new job. If the answer is yes, move that person to the top of your list. Next, determine how you can help the people on your list. This will make asking for help a lot easier.

Review Your Benefits

There is a chance that you could be entitled to unemployment benefits. This varies depending on the state in which you reside as well as your employment history. Typically, you must have worked a minimum of six months before you are eligible for unemployment. There are also factors that can impact your eligibility, such as the reason for your termination and how many hours you were working each week.

In addition to unemployment, there are a number of other benefits you should take advantage of while you are out of work. These include COBRA benefits, health insurance benefits and retirement plan funding. If you have dependents, you will definitely want to take advantage of health insurance benefits.
As for retirement plan funding, check to see if your former employer has a continuation plan.

Develop New Skills

There is a good chance you will be out of work for a little while. Therefore, it’s a great time to look into expanding your skill set. You might consider taking classes or online courses to develop new skills. There are plenty of options available, including language courses, computer training, yoga and more.

When you have more to offer potential employers, they will be more apt to hire you. You might also consider volunteering with organizations that need your expertise. Not only will you be helping others, you will also be strengthening your resume.

Stay Healthy

General health is important at all stages of life, but it’s even more critical when you’re out of work. First, if you are receiving unemployment insurance, you will want to make sure you are receiving the full amount. A loss of income can make it more difficult to pay your medical bills.
This is also the perfect opportunity to get your health in order. If you’re currently dealing with an existing condition, it’s easy to let it slide during a period of unemployment. However, taking care of yourself now will help you avoid complications down the road.

Hopefully, these tips will help you survive the next time you lose your job. Remember, you don’t have to go through it alone. There are tons of organizations that specialize in helping those who have lost their jobs. Make sure you know your rights and are taking advantage of all the benefits available to you.

These include unemployment benefits, health insurance benefits and retirement plan funding. You may also want to consider taking out a small loan to help you get through the difficult times. In most cases, you can repay the loan within a couple of months. This should give you the extra financial breathing room you need until you land a new job.

Finally, try not to get too caught up in the stress of job loss. Remember, these things happen, and there is a lot you can do to survive.