Ten Reminders Before You Leave the House
Your inbox is greeted by an unexpected meeting request from HR with a cryptic title for the first thing in the morning. In recent weeks, there have been whispers going around the office about downsizings, budget cuts, consolidations, and restructurings—all of which are really nice methods to cover up the inevitable. The organisation will soon have much fewer employees. It doesn't really matter what you blame—industry slowdowns, worldwide market downturns, market share losses, failed sales targets, or just plain bad management—for those who get the pink slip.Layoffs are bad because they are layoffs. The more than 16,000 U.S.-based IT workers who have been laid off since the start of the year, a huge and ongoing market correction following two years of unconstrained scaling and growth, know this better than anyone at the moment. Neither well-established companies nor newer startups seem to be immune to hiring freezes or slowdowns at key players like Meta, Twitter, and Uber, as well as Red Wedding-style purges at Carvana, Peloton, and Reef Technology. Offboardings are about as commonplace and impersonal to those of us who have endured the dreadful experience of sitting through one.Otherwise fruitful tenures can come to somewhat unlucky and planned ends. Remember that this prod to the door might be an opportunity even though you might feel like shouting, weeping, laughing, throwing something at the wall, or nursing your best bottle of scotch (all those feelings are totally natural!). Through the tears and the many thoughts racing through your head, it can be difficult to see the bright side, yet a layoff may be an unwelcome gift that allows you to recharge and refocus your career path. Because your team is excellent or you enjoy the free bagels on Fridays, sometimes we might grow too accustomed to our jobs and even become stagnant in them. In these situations, we tend to ignore clear warning signs like low pay that is below market value, boring work, or even toxic management.
I hope you never have to attend the "it's not you, it's us" meeting, but if you do, here are 10 things to keep in mind before the door slams in your face as you leave: Verify referrals You'll want your former company on your side when recruiting managers if you weren't fired for cause. Discover the truth about whether you are a one-hit wonder or the real rockstar you claim to be. Usually, this will be your immediate supervisor or department head—ideally, the one you were closest to—who is able to talk authoritatively about your traits, successes, and work practises.
Get their mobile number if you can, in addition to their email, and make sure to let them know when an application has advanced to the point where an employer might contact. Pay Due You might be owed your final paycheck, or at least a portion of one, depending on when your last day falls within the pay period. Find out from HR when you can anticipate receiving that money and whether a direct deposit or postal check will be used. Not to mention, don't forget to inquire about any unpaid refunds for things like mileage, other travel expenditures, or tuition charges. If you're fortunate enough to receive a severance settlement, thoroughly read the contract.
Keep in mind the deadline by which you must sign it, and if you have any questions or concerns, particularly if you think the termination was unjustified or illegal, seek the advice of competent legal counsel. One, possibly two weeks' salary for each year of service is a reasonably good general rule of thumb, but it can change. It's fairly unusual to get paid for any unused PTO or sick days and even have your health insurance extended for a predetermined length of time. Yes, severance and the benefits associated with it can be negotiated, but frequently you get what you bargain for.
Be mindful of any conditions or clauses that, if broken, could have an effect on the contract, such as the need to return all company property (laptops, other tech, company credit cards, building passes, key fobs), keep your social media accounts up to date, and refrain from posting anything disparaging or false about the business. Medical Insurance If you're fortunate, your severance payout may include a grace period of 30 or 60 days for your health insurance. However, after that, you'll need to choose which option is best: You can be eligible to be listed as a dependent if your spouse or partner is already protected by their employer's insurance plan. A layoff qualifies as a qualifying life event that allows you to apply even if it isn't open enrollment. If your business had more than 20 employees the year before,
The Consolidated Omnibus Budget Reconciliation Act, which goes by the great acronym COBRA, may make you eligible for benefits. The catch with COBRA is that you might have to pay the whole premium for coverage up to 102% of the cost of the plan. COBRA permits you to keep participation in group health benefits for a period of time, typically up to 18 months. You can choose an individual health care plan under the Affordable Care Act (ACA), also known as "Obamacare," and you might be eligible for certain subsidies. Pension/401(k) You ought to have a few options for what to do with your arduous savings if you made contributions to a company-sponsored retirement plan.
Always consult a financial advisor or other relevant expert who can point you in the right path to get the most of your money and avoid needless fines: If your new workplace has a 401(k), check to see if you may move the lump payment from your old plan to the new one once you start working there. Rollover your previous 401(k) into a new IRA after you open one (k). Again, a financial advisor may suggest the optimal investing strategy depending on your age, anticipated retirement date, and risk tolerance. There are both standard and Roth alternatives. Just let it be. You might be eligible to continue investing the money in your former employer's plan, depending on how much is left in the account.
Yes, you have the option to take the money. You shouldn't, in other words. If you were fortunate enough to have an equity stake built into your contract or were astute enough to negotiate one upon employment, make sure to thoroughly read the original agreement. You will typically only be entitled to vested options, which means that any remaining unvested options will be forfeited, but this is not always the case. Check out this article on Crunchbase about equity and layoffs, and be sure you complete your research on the kind of equity you have, your exercise window (which is frequently 90 days), and any potential tax repercussions.
Unemployment benefits can come in quite handy, giving you a much-needed boost to any savings or slush funds you might need to use. Each state establishes its own requirements for eligibility, and any claims for unemployment benefits must be filed in the state where you actually worked. The initial benefits check typically arrives two to three weeks after a claim has been submitted, according to the U.S. Department of Labor. Depending on your eligibility and the state where the claim was made, the length of time and weekly benefits amount may vary (for example, in California, unemployment insurance offers up to 26 weeks of benefits and can range from $40 to $450/week).
Non-Disclosure It can be challenging to recall all the paperwork you signed during your onboarding process months or years ago, but it's possible that you signed a non-compete, NDA, or other confidentiality agreement with your John Hancock. When in doubt, request a copy from HR to ensure that you are fully aware of any prospects that might be restricted until such agreements expire. Your Portfolio Make copies of the projects, campaigns, and other materials you're pleased of, especially if you work in a creative industry like marketing, communications, or graphic design, to add to your portfolio. These will probably be crucial in showing potential employers your unique flare, skill set, and experience. Once you leave Elvis has already left the building, so what happens next?
Take Stock Everyone's financial situation will be different, but sit down and do so. How much personal runway do you have left over after paying your rent or mortgage, automobile, utilities, food, subscriptions, and other necessities? Instead of simply seizing the first opportunity that presents itself, you should have a few months where you can target jobs that are stepping stones in your growth and development. The (Virtual) Pavement was Hit The majority of us don't have the money to just sit back and relax for a week or two (or more! ), but if you can, take some time to rest, rebalance, and figure out what to do next. Consider it a forced vacation, even if it's just for the weekend.
Play some golf, take a road trip, or go out with friends - however you like to have fun and unwind. When you're prepared to focus once more on your profession, take a close look at the industries or particular businesses that fascinate and intrigue you. Does your resume have any gaps? What skill sets are you looking to develop or expand? Update your résumé, reach out to your professional network, and post on community forums like Blind and Reddit to demonstrate why you're the most sought-after free agent available once you know where your compass is heading.
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