How to Deal with Layoff Anxiety, Secure Your Finances

The fear of losing your job can be debilitating and affect every aspect of your life. As a country, we’re smack in the middle of waves of loss and uncertainty. Money writes that, “U.S. workers are starting off the year feeling pretty glum about their job security.” That may be putting it lightly. Right now you may be feeling anxious and incredibly vulnerable about your and your family’s well-being. What can you do?

Strategies to Manage Layoff Anxiety

Talk to Your Supervisor:

Make sure you’re getting the whole story. Ask for candid, forthright conversations about the financial health and possible security/insecurity of your job.

Process Your Emotions:

Acknowledge and accept your feelings. Allowing yourself to experience and understand your emotions is a crucial step toward managing anxiety.

Maintain Consistency:

Establishing a routine can provide a sense of control and stability. Consistency in daily activities helps mitigate feelings of uncertainty.

Be Intentional:

Set clear goals and take proactive steps toward career development. Engaging in professional growth activities can enhance your resilience and adaptability.

Leverage Support Systems:

Seek support from colleagues, mentors, or professional networks. Sharing experiences and seeking advice can provide comfort and practical insights.

Don’t panic:

Unless your company has announced layoffs or shown clear signs, like job buyouts or restructuring, worrying about potential cuts isn’t worth the emotional energy. Plus, it could lead you to make hasty decisions.

How to Safeguard Your Finances:

Make a budget:

It’s time to sit down and parse through your earnings and expenses. Today. This way you can start reigning in those small and sneaky expenses (called petty expenses) like getting coffee, buying lunch, bottled water, and more. Make coffee at home, pack a lunch, and have a thermos, and save thousands of dollars each year. By understanding your budget, you can create a rainy day savings account.

Prioritize Those Debts:

You don’t want to be paying $600.00 for a hamburger. Prioritizing debts like credit card debt or personal loans – debts with the highest interest rates – should be paid off first. Make your student loan payments on time, as well as house payments. Look into any programs lenders might provide debtors during financial stress. There are many! This might include waiving late fees (for partial payments), forbearance programs, and more.

Be Prepared:

Update your resume. Pay attention to job openings in your industry. Go to conferences, workshops, and other networking opportunities. Get known, make connections, and use them when needed.

Steps to Take After Being Laid Off:

Hopefully, you don’t have to read this section, but if you do, we want to provide you with key steps you can take to keep you and your family safe after a layoff.

Request a ‘layoff letter’ from HR:

If layoffs are due to cuts, restructuring, and anything outside your control, you should get a ‘layoff letter’ from HR stipulating the circumstances.

Get your final paycheck.

This might include paid vacation. Review your 401K contributions. Ask about a severance package and review it. Don’t rush into signing anything until you’re sure you’re getting all you have earned.

Review insurance benefits:

Be clear about which insurance benefits will be removed and the timeframe. Don’t be shy about asking your employer to clarify any doubts. This is important.

File for unemployment.

File a claim with the unemployment insurance program in the state where you worked.

Write down your accomplishments:

Layoffs often have nothing to do with your skillset (especially of late). So inhale, exhale, and write down what you have accomplished in your career. Use those active verbs, and add those to your resume. A potential employer is always interested in what you have done well.

Create a schedule:

Hunting for a job is a job in and of itself. This includes looking into online platforms like LinkedIn and Indeed. Scour through online job boards, go to job fairs, check out company websites, and consider a career counseling service.

Volunteer:

Staying busy and relevant is key. If you haven’t found a job, take time to volunteer at one of your community programs, offering your expertise. This is a great way to meet people and feel great about who you are. This last part matters, as job hunting can be hard. And, by providing an organization with your skills, you are showcasing your work and networking.

Right now everything may feel daunting and overwhelming. Don’t panic! With some forethought and calm, you can weather this storm and come through it.

How to Deal With Layoff Anxiety