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How to Prepare For Job Loss

You're Fired! Are You Prepared?

We're taught to keep a first-aid kit in our car's glove box and jugs of water in our cabinets in case of emergencies, but preparing for a job loss isn't something that's a given when thinking about disaster prevention. Unlike buying canned items in bulk, there isn't anything that we can pick up at the store when we're setting ourselves up for success after potential job loss.

Even the most realistic person may find themselves uncharacteristically optimistic when reviewing their work situation because getting fired is just not something any of us like to think about. Learn some job-loss preparation tips when you

.

Here's a quick list of things you should do while you're still employed. Job loss can be overwhelming, so do yourself a favor by taking some steps to get a few necessary things in order before the ax drops.

  • Keep an up-to-date résumé. If you lose your job, you'll be ready to start applying for new ones immediately without skipping a beat.
  • Consider creating a LinkedIn profile or joining another professional networking site that caters to your field.
  • Reconnect with old colleagues. If you had great working relationships with colleagues from a past job but haven't had contact in a while, don't lose touch! Send an email, pick up the phone, meet for coffee, but don't let these valuable connections slip through your fingers just because you don't see them every day.
  • Hold on to the business cards given to you at your friend's Friday night cocktail party. Networking is the best way to build a collection of valuable contacts.
  • Build your emergency fund so you're not panicking when you realize that next paycheck won't be coming, after all.

Photo courtesy of NBC

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TheStyleElite TheStyleElite 7 years
best advised i have seen online
graduatedsqueaks graduatedsqueaks 7 years
All very good points! I started thinking about getting in touch with people a few months before I got laid off, as I had an inkling that it was coming. Having a good emergency fund stashed away is really great; I'm a lot less stressed about finding a job when I'm not down to my last penny. And that makes it easier to look for a job, and will make you more willing to consider the offers you get (as opposed to just jumping at the first one you see). And networking is definitely key! Keeping in touch with people, connecting with them through LinkedIn, and meeting new people is really important. It's especially important to stay in touch when you're at your current job, because if something happens to your job, you wont just be showing up out of the blue to beg for a job!
chicagojlo chicagojlo 7 years
Sorry ladies - I can't wait to get fired! I'm working as a temp masquerading as a consultant. I love my team and all but I've been here over a year, my job is very boring, I don't have nearly enough work to keep me occupied, I don't get sick pay or nearly enough vacation days, and the whole time I am stuck here I can't get a 'real' job with any decent benefits or a future. The problem is I committed to staying as long as they need me, which may be for another 18 months. In the meantime I don't even get a pay rise and there's no chance of being hired by the client full time as they are closing down the business. Gah!
bellaressa bellaressa 7 years
H*ll no, I was there six months ago and I am now recouping. It’s the worse after you are laid off or fired – the unemployment is not enough so it is key to save an EF to help. It’s also a good thing to reach out to others you know and network like crazy and really look for a job, even taking pt work (which is good but then unemployment will minus that from your benefits depending on how much you’re making). It’s scary for people out there to lose their jobs and then is not even an ounce prepared. I know a lot of people who never had to face this thought unemployment would float them only to be SOL. I am so happy I found this job right before my benefits exhausted and my EF was dry. Great advice Savvy.
bellaressa bellaressa 7 years
H*ll no, I was there six months ago and I am now recouping. It’s the worse after you are laid off or fired – the unemployment is not enough so it is key to save an EF to help. It’s also a good thing to reach out to others you know and network like crazy and really look for a job, even taking pt work (which is good but then unemployment will minus that from your benefits depending on how much you’re making). It’s scary for people out there to lose their jobs and then is not even an ounce prepared. I know a lot of people who never had to face this thought unemployment would float them only to be SOL.I am so happy I found this job right before my benefits exhausted and my EF was dry. Great advice Savvy.
Martini-Rossi Martini-Rossi 7 years
No matter how crappy your job may seem, being fired right now is not good. I agree, an emergency fund it needed, updated resume and good networking. For every complaint I have about my job - there are 15 ppl who would do illegal things to have it. Though I could use some major improvements from my current employer; I am VERY grateful Im still here.
Martini-Rossi Martini-Rossi 7 years
No matter how crappy your job may seem, being fired right now is not good. I agree, an emergency fund it needed, updated resume and good networking. For every complaint I have about my job - there are 15 ppl who would do illegal things to have it.Though I could use some major improvements from my current employer; I am VERY grateful Im still here.
LadyAngel89 LadyAngel89 7 years
This is something that is becoming a much harsher reality for too many people. I work for a small company as it is and we've already had to lay off three of our workers. We've been working hard to cover the loss of manpower and hoping that tomorrow they don't come in and say they can't afford us either. I've been trying to keep a buffer of cash just in case, but when you barely make ends meet to start with that proves very difficult.
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