[USER]

I may be getting laid off soon, in the next few months. With a package. Mid – senior level role.

My head is in a fog, what do I need to be thinking about before leaving my job?

TIA

[Katherine]

Take home copies of all your reviews and contacts (print outs or electronic files). Start networking. Just say hi to old colleagues in text or linked in or whatever.

Clean up your resume and cover letter.

Decide if you can/want to take a vacation between jobs. Up skill.

Do you have an emergency fund? If not, cut the budget now and start saving.

[Roth]

Don’t close out your 401K right away if you anticipate any type of payout down the road.

[Alan]

Use your FSA fully, max all savings now. Update resume, make sure linked in is up to date and reach out. Get all medical/dental/vision done.

Renew professional orgs or certs and expense to current company.
Write a personal development plan.

Prepare for cobra or ACA.
Do you have any stock options – if so, is it a class of stock you have to pay cash for to keep.

The company is not under an obligation to tell you but there is a timer.

Build a budget to slash all your unnecessary expenses now (don’t wait).

Can you use PTO or do you lose it?

[Mia]

Also list your skills that you can leverage to make money to slow your EF burn and get those going. If you’re an expert in a certain area, putting out feelers for coaching or tutoring.

Even dog walk and dog sitting. Bringing in *something* will be psychologically helpful, even if core expenses are from EF and side hustle $ are just for spending money.

But it’s all a lot easier if you have one of two gigs going and startung good word of mouth before you’re actually laid off.

Plus having some kind of commitments and structure can be helpful while your job searching, especially if you think it will take a while to find a comparable next role.

[Cecile]

One of the things I learned from my job placement coach is to better articulate my accomplishments on my resume. So, review your project list and your contributions to build this list.

Update your LinkedIn profile, make sure you toggle on the setting that doesn’t publish your changes before you do that though.

Start coffee chats with friends, research companies you might be interested in and connect with friends who work there.

If you’re financially in a good spot, consider increasing your 401K contribution in the event you get a lump sum payout.

If you’re turning 55 this year, review the rule of 55 to be able to access funds from your 401K without the 10% penalty.

Review the 72t option in the event you need to access your 401K funds for whatever reason before the age of 55. Like others have mentioned, time to cut your expenses and save that cash.

Good luck!!

You got this!

[Brian]

Max out your 401k contributions, unless you will be able to continue contributing while on severance.
Make sure any needed personal files on your work laptop or company drive are gotten off of there.

It might not be a slam dunk getting them off there, so make sure you have a plan/method.

If you get laid off, they might “excuse” you immediately, and not give you an opportunity to tidy up (including getting your personal files off there). Be prepared for that.

Does your company have a severance “policy?” Try to find out, and then review it so you know what to expect. For example: how many weeks per year of service?

How long will insurance coverage last? Will you get a (prorated) bonus after separating?

Try to stay calm and rational and be sure to think through all the questions you want/need to ask.

[Brian]

Here’s another: give the company jobs portal a look and determine if you want to apply for other jobs before the hammer falls.

[Author]

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