Many FAANG and top companies have announced layoffs in the past few months. It can be stressful for employees to find out that they no longer have a job, especially when it is suddenly announced. A layoff could trigger a lot of emotions at once. Still, as you deal with the change emotionally, it is important to give yourself time while looking after a few critical things that might need immediate attention soon after you receive the news.

It can undeniably be a stressful situation, but keep in mind that the layoff will leave no stain on your reputation. Being laid off is different from getting fired. Layoffs often occur for company reasons and do not question an employee’s credibility. Be rest assured that you will find your target job in another company without this incident coming in the way of your career.

To make tasks more manageable, FAANGPath have put together a list of things in this blog that you should carefully sort out within a few days of finding out about the layoff.

Upon Finding Out About The Layoff

When you find out that you have been laid off, do the following to ensure you are prepared for any agreements coming your way in the upcoming days.

  • Gather your employment contracts to go through the agreement carefully and read more about any employment termination clauses it may contain.
  • Transfer any personal data from work devices so you don’t lose it if you lose access to your work account.
  • Take note of any metrics from your work projects that could be helpful when crafting your resume.
  • Put together details of your essential financial or health-related insurance accounts.

During The Layoff

You may be asked to sign a separation or severance agreement to terminate your employment. Although these aren’t mandatory by law, most companies ask employees to sign them to avoid legal trouble in the future.

  1. Separation Agreement – the separation agreement will contain details about waiver of claims, severance, non-compete/confidentiality/non-disclosure clauses, or more.
  2. Severance Agreement – The severance agreement will contain details about the mode of severance payment, retirement plan contributions, stock options, health insurance, etc.

To do:

  • Read through the documents carefully.
  • Seek financial or legal advice from an expert to determine the fairness of the agreements.
  • Compare these documents with any employment termination clauses stated in the offer letter and ensure the details are consistent across both.
  • Negotiate any clauses or elements of the separation or severance agreement that you think would help you sustain the layoff better until you find the next job or seem unfair to you.

After The Layoff

As you process your emotions about the layoff, a few more things might need to be taken care of to ensure you are well-supported until you land your next job.

Process the logistics and do the following:

  • Set up health insurance. If your health insurance was from the company through COBRA, you might be eligible to extend your health benefits for a limited period of time.
  • File for unemployment benefits according to your country/state’s laws and ensure you are accessing the support provided by the government to help you during these challenging times.
  • Rollover or transfer your 401(k). Seek financial advice and determine how to roll over your 401(k) to an individual retirement account.
  • Check the status of your flexible spending account(FSA) and health savings account(HSA).

Commence Your Job Search

Once you have enough savings and your insurance in place, besides all other formalities related to the layoff, take some time off to recover and channel your emotions.

When you feel ready, start working on the following to commence your job search:

  • Let your network on LinkedIn know that you’re open to new opportunities.
  • Turn the “Open to work” feature on for LinkedIn job opportunities and recruiters to find you.
  • Update your resume to include details of your latest role.
  • Optimize your resume and LinkedIn profile for your target role.
  • Reach out to your network, request referrals, and start applying to jobs.

Conclusion:

Coping with a layoff is not easy. It could result in a considerable change in your life – professionally, personally, and emotionally. However, it is essential to remember that this is not personal, and there is nothing you could have done better to prevent this.

Your layoff does not define you. You are more than just this.

We hope you find your dream job soon. We’re rooting for you.