NEW YORK (AP) — Recent mass layoffs at technology and media companies including eBay, Riot Games and the Los Angeles Times may have you thinking about your job security.
If you’re worried you might be laid off or have lost your job, personal finance professionals and career counselors have advice on how to cope. They range from preparing an emergency fund to understanding your severance package.
IF YOU ARE WORRIED YOU MAY BE FIRED
START THE RESCUE
Once you feel secure in your job, it’s crucial to start building an emergency fund, especially when you think you might lose it.
You may not be able to save enough to cover your entire period of unemployment, but even a small amount can reduce your stress.
Jesse Mecham, founder of the money management app YNAB, suggests asking yourself this question when you start thinking about saving: What do I want my money to do?
Maybe a year ago you wanted to save money for a trip abroad, but now you want to have money in case you are unemployed for six months.
If you’re paying down debt aggressively and it’s affecting your ability to save, Mecham recommends slowing down payments. You should still make at least the minimum payment, but you might consider using the money you pay over that to temporarily create an extra cash cushion so you’ll have money when you need it. Mecham said it’s also crucial to avoid getting into more debt.
UPDATE YOUR RESUME
It’s always a good idea to keep your resume updated, but you should also keep it customizable for a variety of jobs, said Scott Dobroski, Indeed’s career trends expert. You can do this by leaving space in your resume to include keywords specific to the job you are applying for.
Jobs may require slightly different skills if you plan to stay in the same industry, or completely different skills if you plan to move into another field. If you keep your resume updated and customizable, it can make things easier when you need to move on.
Etienne Lupine, 46, a software engineer at Keysight, was recently notified that he will be laid off by the end of the month. Shortly after hearing the news, he decided to update his resume and LinkedIn page.
Lupine had been with the company for almost eight years, and although the news affected him, he felt a sense of empowerment as he updated his resume.
“I can’t control losing my job, but I can try to present myself in the best light possible,” said Lupine, who lives in Lafayette, Colorado.
ENABLE YOUR NETWORK
Career coach Marlo Lyons said it’s now a good idea to leverage connections in your industry. Talking to friends about possible job opportunities elsewhere can give you an advantage.
ADD TO YOUR SKILLS
Gaining new skills and adding certifications or courses to your resume can be a good way to advance in your current job. If you think you may need to go elsewhere, look for skills that will make you a stronger candidate, Lyons said. Whether it’s taking a free online course or signing up for a specific license, adding to the skills listed on your resume will benefit you if you need to stay at your current job or look for another one.
Websites such as Coursera and edX offer courses and certifications from universities in the USA. They offer some of the courses for free.
If you were laid off
PUT YOUR MENTAL HEALTH A PRIORITY
After losing your job, your mental health can be seriously affected. Breathe and allow yourself to feel your emotions. Prioritizing your mental health will allow you to better approach your job search, Dobroski said.
For Lupine, putting his mental health first means focusing on the positive aspects of a new chapter in his life, rather than dwelling on how difficult it will be to leave the job he loves.
“I try not to focus too much on negative feelings about this because I know being upset won’t make it easier for me to start fresh,” Lupine said.
MAINTAIN A ROUTINE
Keeping your day structured will help your mental health and the right pace of applying for jobs, Mecham said.
Planning your days to include eating, exercising or going for a walk at your usual time and applying for a job for a certain number of hours will keep you going, she said. Lyons recommends setting a time during the day to start and finish applying for jobs.
“Don’t overexert yourself when applying for jobs,” Lyons said. “Make time for activities that make you feel good.”
Lupine turns to his hobbies to feel better. Her regular activities include baking, cooking and going to the curling club.
“I don’t stress eat. I stress cook because I’m like, ‘Oh, what’s this new recipe that’s going to make me feel better?’ “I keep cooking things like that,” said Lupin.
CHECK YOUR BENEFITS
It is very important that you understand your compensation package and keep the documents you need to understand your rights after your termination. Some particularly important things to know are your health insurance and dental benefits, Dobroski said.
During the last few weeks of his work, Lupine is making sure he has enough prescriptions to last for several months since he has Type 1 diabetes.
“While I’m in this transition, I don’t want to put myself in a situation where I don’t have enough insulin, contact lenses, or things to continue living healthily,” Lupine said.
NETWORK
Lyons said it can be helpful to reach out to your professional and personal network and provide some direction to friends and colleagues who want to help.
Examples include asking them to write you a recommendation on LinkedIn, recommend you for a job, or invite you to a free conference.
SHARE YOUR EXPERIENCE
Talking about losing your job can be difficult and you should only share it when you feel comfortable. But sharing can help by allowing you to rely on your support system.
When Lupine found out he was getting laid off, he was texting with a good friend who immediately made him feel better by understanding his way of dealing with difficult things: humor.
APPLICATION FOR UNEMPLOYMENT
Lyons said applying for unemployment is an option everyone should use. Even if the amount you receive in unemployment benefits is not as much as your salary, it may help you stay afloat for a while.
“The companies you work for are required to pay state and federal taxes that provide unemployment benefits,” Lyons said. “Feel free to collect it.”
The Department of Labor has tips on applying for unemployment.
CONSIDER A TEMPORARY JOB
If you can’t afford to be unemployed, a temporary job is a good option, Dobroski said. Lyons also recommends temporary jobs and says you should include them on your resume if they demonstrate skills that match the full-time job you want, such as leadership or organizational skills.
“This shows that you are determined and willing to work hard and fulfill your responsibilities,” he said.
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A version of this story was moved in March 2023. This story has been updated with new details and quotes.
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