Johnny C. Taylor, Jr<\/em>.: For your sake, I hope the rumors aren’t true and you avoid a layoff. Given our current economic reality, you should be ready for the possibility. There are several things you can do to prepare for and protect your livelihood and finances. <\/p>\nStart by updating your resume. You can even do this now, well in advance of a potential layoff. It’s always a good idea to have an updated resume on file, regardless of your circumstances. Add your most recent work experience and any recent degrees, training and certifications you have received. Don’t forget to highlight your professional accomplishments and community involvement, if applicable. <\/p>\n
Review your budget to see how a layoff will impact your finances. Determine what items must remain in your budget and what you should trim, if necessary. <\/p>\n
For many, health care is the most significant threat to their financial standing. If you are laid off, you will likely be eligible to stay on your employer’s health insurance plan through COBRA. Individuals who elect COBRA insurance are responsible for paying up to 100 percent of the cost of their monthly insurance premium, which can be a huge financial shock to the system. On average, individuals pay between $400 and $700 per person on their monthly health insurance plan. <\/p>\n
Losing your job to a layoff is considered a “qualifying event.” It likely makes you eligible to enroll in health insurance through Healthcare.gov (the federal health insurance marketplace) or your state exchange outside the regular Open Enrollment window at the end of each year. <\/p>\n
If you have a partner or a spouse, they could also add you to their insurance plan should you lose your job. Explore all your health insurance options to determine what works best for you, and factor those costs into the “layoff budget.” <\/p>\n
If you are laid off, I suggest you apply for unemployment benefits through your state. The eligibility rules vary for each state, but generally, individuals are eligible if they have lost their job through no fault of their own and earned sufficient wages during the past year and a half before applying. If you are eligible, you may receive unemployment compensation benefits to help cover living expenses while you search for new work. <\/p>\n
Lastly, if you’re happy working for your current employer, stay connected with your team and the human resources department. Check in regularly to see if there are new positions to which you could apply. <\/p>\n
Tap into your network of family, friends and colleagues, and use your connections to find new work. Attend local networking events for your industry, and create a profile on LinkedIn if you haven’t done so already. Add your updated resume to your profile and use that platform and others to search for new work. <\/p>\n
Hopefully, by taking these steps, you can weather a layoff well! Although, I sincerely hope it doesn’t come to that. Take care, and I wish you all the best!<\/p>\n
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