A job loss can be stressful and challenging to handle. While you’re worried about when you’ll find another job and when your next paycheck will come, you’re also trying to think about how to update your resume, where to look for another job, and preparing yourself for the interview process. You are not alone, according to an article in the Washington Post, The country has about 2.9 million fewer jobs than it had before the pandemic.
Taking some time to think and plan after a job loss can help you recover faster, leading to a little less stress while you figure out your next move.
Steps to Take After a Job Loss
1. Decide How You Will Leave
If the option to resign or be fired is offered, or the writing is on the wall and, you know that being fired is a real possibility, you may want to take steps to protect yourself. Resigning voluntarily may make it easier to find your next job and make the interview process a little less uncomfortable. But resigning can also forfeit your right to any unemployment benefits. This is something you will need to consider.
2. File an Unemployment Claim
If you were fired, you’re most likely eligible for unemployment. Unless you’ve been fired for a cause, such as let go for illegal or unethical behavior, then you won’t qualify for unemployment. If you’re eligible, you’ll need to file a claim through your state’s employment commission. The amount of your benefit will vary based on your income, but it will be significantly less than your previous income. There may also be a waiting period before your first claim is paid, and you may not receive any payment for a few weeks. You will also be required to report your work searches each week to continue receiving benefits.
3. Reach Out to Creditors
If there are any payments you won’t be able to make or make in full during your time of unemployment; you will need to be proactive. Reach out to your creditors and discuss your payment options. They may be able to offer you a reduced payment or defer your payments for a few months, which can ease your financial worries.
4. Know Your Healthcare Options
You’ll most likely want to maintain your health insurance during your unemployment, but accepting the COBRA option from your employer can be expensive. It’s worth the time to make a few phone calls and try to find a more affordable plan.
5. Review Your Finances
What bills do you owe? How much do you have in savings? Where can you make some budget cuts, even if just for a short time? Figure out where you stand financially and how you will manage to pay your bills so there are no big financial surprises during this time and you know exactly how long you have to find another job.
6. Get Ready to Find a New Job
Take some time to update your resume and your LinkedIn account, then do some research on employers you might want to work for. Start reaching out to various companies to see what job openings are available and send your resume. This will be a time-consuming project so plan to work on your job search a few hours a day during what would have been your regular work schedule.
7. Don’t Forget Self-Care
Being unemployed can be extremely stressful, so make sure you care for yourself. Spend time with friends and family, continue spending time on your hobbies, get some exercise and fresh air. These things will help you feel more confident and less stressed while you’re looking for a new job.
A job loss can be a challenging time, but by spending a little time setting yourself up for success, it can become a little easier.
If You Need Help With Your Career
If you find yourself in a situation where you need career advice and want to talk about navigating it and planning for your future, reach out to Rachel Schneider with CareerFind for a free Intro Call.