How to deal with layoffs: Manage your finances while looking for another job
1 min read 20 Feb 2023, 12:42 PM ISTFollowing a layoff, consider these steps for handling money and doing a job search.
PremiumReports indicate that many of Google's former employees would receive a much lesser severance package than previously anticipated a month after the company cut thousands of jobs. The company double-counted stock allocations, resulting in many laid-off workers earning tens of thousands of dollars less than anticipated.
Getting fired from a job can be difficult on both an emotional and financial level. To achieve a smooth transition, it's critical to be proactive about managing your funds and launching your job hunt. Here are some pointers for managing money and doing a job hunt after being laid off:
Assess finances
Assessing your financial condition is the first step in managing your finances after being laid off. How long you can survive without a job depends on your savings, costs, and debt. This will help you create a budget and plan your expenses accordingly.
Cut expenses
Cut back on any superfluous spending, such as subscriptions, memberships, and unneeded purchases, to stretch your money as far as possible. This will enable you to save money and extend the usefulness of your savings.
Reach out
Inform the people in your professional network that you are looking for jobs. Attend networking events, make connections on LinkedIn, and request recommendations. In your job search, a personal connection might make all the difference.
Update resume
Each job you apply for requires you to update your CV and cover letter. Your chances of securing an interview will rise as a result.
Apply for jobs
Apply to as many positions as you can that fit your qualifications. To find open employment, use job search engines and corporate websites.
Freelance work
Consider working as a freelancer while you look for a full-time position if you're having problems doing so. You may develop your abilities and earn money by doing this.
Accept rejection
Be optimistic and persistent. Keep in mind that the search for a new job takes time and that rejection is a part of the procedure. Keep up the good effort and keep your eyes on your objectives.
Getting laid off might be challenging, but you can get through this adjustment effectively by being proactive with your money management and job hunt. Keep your attention on the goal—finding a new position that is a good fit for you—by remaining persistent and focused.
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