How to Prepare for a Potential Job Loss

That Gut Feeling

What do you do when you have that gut feeling of impending doom about your job? Is the writing on the wall? Are you about to be laid off or fired? Is the company going under? Or is it going to come out of the blue that you no longer have a job?

If you have a bad feeling about your job, then now is the time to take action in order to soften the blow. You need to start today to get your affairs in order. If the ax falls, you will be in a much better position than your coworkers. If you follow these steps and nothing happens, you will still be much better off than you are now.

Update Your Resume

First off, is your resume up to date? If you have not updated it in a few years, now is the time. You may want to consider hiring a professional to do it for you. You need to put your best foot forward. You want to be able to start sending it out before or right after you become unemployed. Searching for a new job can be a full time job by itself.

Do your job skills need updating? While you are still working may be a good time to take a few classes and update your skills or start training for a new career. You may want to sign up with a temp agency now so they can place you later. Advantages of temp agencies are they pay well, they find a job for you, you won’t be competing for a position with dozens of others and you can usually start immediately.

Start Networking

Ask everyone you know if they know of any job openings. If you have not lost your job yet, explain to them you may be laid off and will be looking for a new job. Maybe they can give you a contact name within their company… someone to send your resume to, letting them know if they have any openings in the future that you would like to be considered.

Start the process now. It is not what you know, it is who you know.

Get Your Financial House in Order

This is always easier said than done. If you are like most people, you may already be living paycheck to paycheck and there is nothing extra. If you become unemployed, you need as much cash as possible to carry you through.

Most experts recommend 3-6 months cash to meet your living needs. But what if you can’t find a job for 8 months or a year? You need to gather all your cash reserves or sources for cash. Stash as much as possible to meet your needs.

If you are laid off, the next day you should start filling out any paperwork for unemployment benefits you may qualify for.