How to survive a layoff

Financial crisis has forced many companies to save the money, by letting some of the employees go, in order to survive. Instead of cribbing about the fate that has befallen upon you it´s important that you start thinking “what next?”

Here are seven tips of what you can do if you have been sacked.

1. Negotiate with your employer to get a good severance package.

There has been cases where the companies offer 1 year salary to their sacked employees. Try to negotiate with your employer. After all, you are already sacked and they can do you no more harm.

2. Pay your debts

The first thing you should do with the money you get from your ex-employer is to make a payment for any debt you have, home loan, creditcard payment or personal loans. If you are failing to pay up it may come to hound you later, via your credit rating, when your financial condition improves.

It´s also importent to postpone your decisions to buy a home or borrow money for some other purpose.

3. Look for jobs

Try to find a job matching your skills and profile, even if on a temporary basis. Be willing to compromise on salary as your top priority is to keep working in your field so when a real opportunity knocks you can race ahead of the others.

4. Grocery Expenses

If you are laid off or fear a layoff every penny should count. Visit your nearest discount stores and find out who sells your items of daily need cheaper.

5. Socialising Expenses

If you are laid off or fear a layoff it´s important that you avoid things like vacations, sleeping in hotels etc.

6. Ask parents for money

If your severance package amount fails to meet your monthly expenses you can ask your parents for money. You can also ask a good friend for a loan but remember that borrowing money from your friends can sometimes spoil a friendship.

7. Work on your resume

You should spend a lot of time working on your resume, preparing for interviews, adding new skill sets related to your job profile and networking with people (online and offline).