Author Topic: Preparing for a Layoff  (Read 3128 times)

CatamaranSailor

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Preparing for a Layoff
« on: December 16, 2014, 06:20:32 PM »
So...I found out today that my company is going to be doing another round of layoffs come January 30th and I'm most likely on the list. Besides the obvious (tuning up the resume and starting the job hunt, cutting back on un-mustachian expenses, lining up unemployment benefits, ect) what things would this group suggest to prepare?

We are living well below our means and my wife's job will allow us to pick up health insurance and make the basic bills...house, food, utilities...that's about it.

This is not unexpected as the company has been floundering for a while. But I am looking at losing a high five figure income and setting back the plans for FI for however long it takes to make up the lost income.

Any suggestions would be welcome...



MayDay

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Re: Preparing for a Layoff
« Reply #1 on: December 16, 2014, 06:46:59 PM »
We are going through the same thing, except with a SAH spouse (me).  And ours might be next week, Merry Christmas!  Or else sometime in January.

We aren't doing much of anything yet except the obvious "try not to spend much".  We already have things pretty much as low as we can go without major sacrifice, so there isn't much different to do, really, except wait and panic ;).  Our house will likely go on the market in Jan. if it happens, as we will likely relocate (one major employer in the area, otherwise its an hour commute).

CatamaranSailor

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Re: Preparing for a Layoff
« Reply #2 on: December 16, 2014, 06:48:48 PM »
Paying on a mortgage. 5 years left on a 15 year @ 1020/month. Not going to refinance for a multitude of reasons, least of which is I want it paid off.

The case study idea is a good one...although we have zero debt (other than the house) and lead a pretty minimalist lifestyle.

I'm more concerned about not making any big mistakes during the transition....

CatamaranSailor

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Re: Preparing for a Layoff
« Reply #3 on: December 16, 2014, 06:51:55 PM »
We are going through the same thing, except with a SAH spouse (me).  And ours might be next week, Merry Christmas!  Or else sometime in January.

We aren't doing much of anything yet except the obvious "try not to spend much".  We already have things pretty much as low as we can go without major sacrifice, so there isn't much different to do, really, except wait and panic ;).  Our house will likely go on the market in Jan. if it happens, as we will likely relocate (one major employer in the area, otherwise its an hour commute).

Sorry you guys are going through this!

Another Reader

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Re: Preparing for a Layoff
« Reply #4 on: December 16, 2014, 07:16:28 PM »
Since there will be a number of people out looking for work on February 1st, I would get a head start by updating my resume and going through all the job listings to see if anything fits.  I would apply for those now, even though nobody will actually do anything until January 5th.  Your application will be on their desk when the holiday hangover has cleared.  Start networking now with all your business and personal contacts.  Make sure everyone knows it isn't you, it's entire groups that are getting cut because of the company's performance.

Get up to speed on how unemployment works in your state.  Is there likely to be severance?  Try to negotiate that if you have been there for awhile.  Have that speech planned when it's your turn to meet with the HR rep.

Do you have any side income?  If so, now's a good time to ramp that up.

Attitude is most important.  Project strength and confidence, and the next employer won't even think about why you are looking for a job.

Other than that, have a happy but inexpensive Christmas.

Prairie Stash

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Re: Preparing for a Layoff
« Reply #5 on: December 17, 2014, 07:30:34 AM »
I have health benefits in my job, stuff like paid for prescriptions, dental work, eyecare. I'd max out all my claims, load up the drugs, glasses and teeth cleaning. Take advantage of the company while you still can, your loyalty is about to be rewarded with a pink slip,

Bikeguy

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Re: Preparing for a Layoff
« Reply #6 on: December 17, 2014, 05:07:13 PM »
List the house now.   Beat the rush.