10 Step Layoff Survival Guide, Part 1

The View From The Pinnacle

What do you do if you get laid off? How can you turn a bad situation into an opportunity? We dive into what you need to do in the first of a two-part series.

Click the timestamps below to fast forward to certain points of the episode.

 

Thing’s You’ll Learn Along Today’s Journey

2020 has taken a toll on all of us. We’ve had to adjust and reevaluate what really matters to us. For some, it’s meant learning how to work virtually almost immediately. For others, it’s meant facing layoffs and difficult decisions. One important thing to remember is to take it one step at a time.

If a layoff or early retirement were to happen, do you have a good idea of what your expenses are? Having some basic data can make a huge difference. Build a budget for your expenses, but then also compare it to your bank statements. Do they match? How has your spending changed since the pandemic hit? Have you ended up saving more or have you recently made a “corona purchase”?

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What does your inventory of resources include? Creating a list of your inventory, from income sources to retirement accounts and everything in between, will help you figure out what you need to fill the gap. Have you included your severance pay? Whether in an early buyout package or getting your severance package and remaining PTO, add this to your plan.

Do you know how unemployment benefits work? While this has changed a bit recently with the CARES Act, you’ll want to know exactly what you are entitled to. Understanding what you can expect will allow you to better plan and make decisions accordingly.

Listen to the entire episode or click on the timestamps below to skip ahead to a specific step. Then, next week we’ll continue this series, so be sure to come back for part two of this layoff survival guide.

[0:55] – Have you been laid off or are you on the cusp of retirement?

[2:52] – Step 1: Keep calm and take it one step at a time. 

[4:25] – Step 2: Determine your expenses.

[7:49] – Step 3: Create an inventory of resources.

[10:02] – Step 4: Add in severance pay.

[12:14] – Step 5: Understanding how unemployment benefits work. 

 

Looking Back From The Mountaintop

When you’re looking at this new opportunity in life, take some time to think about it. Whether it’s a layoff, early buyout, early retirement–whatever it may be–take some time to think it through and build a plan.

-Sean Lee

 

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