Ten things you should do before layoff
You're employed but not too confident about your job security. You wish you have a crystal ball that tells you if you're going to be laid off or if your job is safe. Regardless of your employer, position, background and experience, you should always be prepared that you might be laid off in this current recession. It never hurts to be prepared for the worst.
Below are 10 things you should do before getting laid off:
1. Update your resume now.
Have a generic cover letter ready. You will need to customize the cover letter for each job. However, you should have the "raw materials" ready so that you can quickly put together a customized cover letter.
2. Build a list of positive references
Before you leave, ask your manager if s/he can give you a positive reference, if you need one. Also list out people you've worked with/for in the past who you think can give you a positive reference and contact them just to make sure they're willing to be your reference.
3. Update your LinkedIn and Facebook profile
Treat them as your resume. On LinkedIn, you should have at least 5 positive references. Make sure the references address difference areas of your skills, abilities, competencies, personalities, leadership, etc.
4. Learn as much as you can
Assuming you have 1 day left in your company - what are the three things you wish you have learned but you haven’t gotten a chance to learn? Come in early, stay late, and make sure you learn as much as you can from your current job.
5. Target your next company
Given your current employer, your experience, background and skill set, which 10 companies will be dying to hire you today? You might not be excited about working for these companies. The job might be exactly the same as what you’re doing today. But, that’s okay. Write down the 10 companies. These are your "backups" — in worst case scenario, you want to focus on these companies since you will have a huge competitive advantage over other job applicants.
6. Make a list of 10 companies that you are most interested in working for
These can be companies that you.....?
7. Consider start-up companies
Make a list of 10 start-ups that recently get funding (e.g. within the past 6 months) that you you'll be interested in working for. Don’t ignore start-ups during recession — if they have a good management team and have enough funding, they could weather the storm better than larger companies. You just need to find the right one.
8. Get in touch with a recruiter
Consider sending your CV to 3rd party recruiters to help you in finding a job. If you got help from a recruiter before to get any job, send them an updated copy of your CV and tell them to keep an eye out for you.
Having a network of recruiter "friends" is a great way of looking for a new job, if you ever need one.
9. Do a personal finance check up.
The key is to know your cash burn rate in case you get laid off. How much cash do you need each month? This will include your mortgage/rent, utilities bills, phone, car payment, cable, grocery, credit payment, child care, etc. This could be a significant cost.
10. Make a list of 100+ people who can help you get a job.
If you haven’t done a good job to keep in touch with your family, friends and colleagues, re-connect with them. Holiday greeting is a great way to reconnect. Networking is crucial for getting a job, especially during recession. Make sure you have a network ready to help you during difficult time.
Always remember.... Hope for the best, plan for the worst and expect the unexpected.
