What to Do if You May Be Laid Off
It seems like every time you open LinkedIn or turn on the news, you’re hearing about another major layoff. If you suspect your company might be looking to layoffs in the near future, here are a few things you should start doing.
1. Make Yourself Crucial to Operations
Each company makes layoff decisions differently, but it’s a lot harder for a business to lay off someone who is the sole expert in a part of the business, especially if it’s crucial to how the company operates. Start growing your skills and knowledge and volunteer for projects that keep you essential. There’s no guarantee this will keep you safe during layoffs, but it may increase your odds of surviving the next round. Need some extra cash to fund the holidays? Try one of these 50 ways to make extra money this month.
2. Build Your Emergency Fund
If you don’t already have an emergency fund, start building one now. Experts recommend anywhere from three to six months worth of necessary expenses (mortgage or rent, transportation, groceries, health care, debts, etc.). A high-interest savings account is your best bet for growing your emergency savings quickly. Here are the best high-yield savings accounts to boost your emergency fund. Make your money work harder for you with The Penny Hoarder’s top picks for savings accounts.
3. Cut Back Expenses
To boost your emergency fund, cut back on expenses. If you dine out often, limit yourself to once a week — and stick the extra cash in your savings account. After all, if you do get laid off, you’ll likely have to cut out a lot of unnecessary expenses. This gets you into the habit before it’s necessary and can put you on better financial footing if you do indeed get laid off. Looking for another money-saving life hack? These companies give you food and other products for free.
4. Get More Active on LinkedIn
Networking is a long game. If you get laid off, you’ll be grateful you’ve already started planting the seeds and growing your network on LinkedIn. Share insightful articles, comment on others’ posts and follow leaders at companies you’d be interested in working for. Make sure your profile tells a story and includes career highlights that showcase your abilities. Here’s how to start saving money, even if you don’t have room in your budget.
5. Update Your Resume
While you’re on LinkedIn, you might as well start polishing your resume. That way, if you do get laid off, your resume is ready to roll and you can start applying for jobs right away. If you’re going to apply for roles in multiple industries, have multiple resumes ready that each are tailored to a different industry and show off appropriate accomplishments. Looking for new ways to save? Try one (or all!) of The Penny Hoarder’s top picks for money-saving apps.
6. Expand Your Skill Set
Take online courses, teach yourself a new program or volunteer for new projects at your current job. The more diverse your skill set, the more appealing you’ll be if you ever find yourself laid off and in need of a new job. Wrangle your grocery budget with these 25 tools and tricks to save you $100 (or more)!
7. Start Applying for Jobs Now
If you suspect you could be laid off in the coming months, you don’t have to wait for the other shoe to drop. Be proactive about your career — after all, it’s your career, not your company’s. If you haven’t yet been laid off, you have the luxury of applying only to jobs you feel you’re passionate about (and that will pay the bills). This could change if you’re laid off, when you might be more tempted to apply for anything. If you interview with another company and get a job offer, just make sure that company is not also on a path toward layoffs. If they’re in good shape, give notice at your current company and start your new gig without the looming threat of a layoff weighing over you. Looking for some work flexibility? You can do these 17 make-your-own-schedule jobs from home.
