Laid-Off! What’s next?

As Chicken Littles had warned, the stock market collapsed and many are rendered job less. Not only the realtors and home builders are facing this problem but workers across the board the feeling the pinch.
‘Laid off’ severely impacts on your finance, future and career. It is a traumatic experience to deal with. Finding a new job and getting back into workforce becomes heavily confusing and frustrating.
Here are few effective ways to get back in gear and stay afloat in economic tempest.

Stay Calm

First of all, even in the face of adversity do not lose hope and start panic. Be positive no matter how much ever hopeless the situation looks like. Though losing a job is devastating yet it has certain benefits. Now you have plenty of time to do all the things you wished to do but could not due limited time. You can go for a vacation, get some exercise, call your family and friends who had always complained that you don’t call and use the time to reevaluate your life and your career. Take your time and plan out your next moves.

Severance Package and/or Unemployment Benefits

Though not compulsory yet many employers offer severance packages to laid-off employees. These packages are paid for a limited amount of time and are based on the length of service. Sometimes unused leaves can also be encashed. So, ensure that you know your employer’s policy well before you leave.
Even though you are receiving a severance package from your employer, you’re still entitled to unemployment benefits. File for them immediately as the approval takes a lot of time.

Sharpen your Skills

Now you have enough time to update your skills to keep you get going with the fast-paced IT world. This updating is also required to generate job interviews, also ensure that your resume reflects recently learned skills, projects you have worked on, or certifications you have earned.

Hunt for Job

Sooner or later, you need a job to pay off your bills. Once you have recovered yourself from the trauma of being severed from the job get ready to give your career a fresh start and start job hunting. Spend time over the internet to search for new job prospects and then visit them the next morning. There are jobs still available but it is better to hit the iron when it is hot. Don’t apply for a job until and unless you have your updated resume with you.

Networking

Local classified ads and internet job sites are not enough to get you a job. Never underestimate the power of networking. Send a quick e-mail to all your contacts as they can catalyze your job hunting. Briefly let them know that you were unfortunately laid off from your previous job and now looking for a new opportunity. Send them your resume and ask them to put a word for you wherever it is possible.
Never doubt your ability and lose self-confidence due to lay-off. Remember that losing the job was not your fault. You are not the only one to be sacked. Talk to others in the same condition and find out how they are coping up with it. Focus on your skills, brush up your resume and start job search with a positive frame of mind.
Apart from all the Do’s mentioned above there are certain Don’ts which you should keep in mind.

• Never tap into your 401(k) or other retirement plans. That should be your last resource as retirement plans are your backup plans.
• Never take loan against your home. When you do not have a job it will be bad idea to jeopardize your home.
• Do not overuse your credit card.

Only the person who goes through a lay-off truly knows the pain. But it’s no time to panic. Gather yourself and channel that anxiety towards doing things that are more productive.