HOW TO PREPARE FOR A LONG-TERM LAYOFF

In my last post I discussed how to prepare for and survive a short-term layoff.  Unfortunately sometime those short term situations turn into long term solutions for your employer and you wind up laid off and out the door. 

HOW TO SURVIVE A LONG-TERM LAYOFF

First you need to go back and review my previous post How To Plan For A Short-Term Layoff.  Those tips will get you started down the right path.  One you have reviewed them and gotten started there then you can move onto the fallowing steps.

Update Your Resume.  Having an updated resume is a must when you are facing the possibility of a permanent lay off.  Your new potential employer is going to want the most updated information on your job history.

Start Looking For Work NOW!  Don’t wait until your unemployed to start looking for work.  As crazy as it may sound, you are actually ore employable while you still have a job.  If he anticipated lay off wil be a large one then you will also be ahead of the crowed when looking to secure new employment.

Get Educated About Your Options.  It’s important to know what benefits (if any) you will be walking away with.  Is there a severance package?  If so, how much?  Is it a lump sum or paid out in installments?  You will also need to find out how to transfer your 401K when you secure new employment.  Finally you will want to get informed about your COBRA insurance.  How to get signed up, how long it lasts, and how to best utilize it if necessary.

What About College?  Sometimes additional education is needed  to land that new job.  In some cases going back to college and earning a degree is your best chance to finding a new job or starting a whole new career.

Making The Hard Choices – Should You Sell The Car?  There are times when a long-term layoff will force you to make some hard choices.  They may not all be as big as selling the car, but some of them will certainly be tough.  It’s important to be mentally prepared to make each difficult decision as it comes along.

Fallowing these tips and those suggested in my post How To Plan For A Short-Term Layoff can help you and your family survive a layoff no matter how long it may last.

ARE YOU READY FOR A LONG-TERM LAY OFF?

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