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Preparing for a possible pink slip in your not-so-distant future can help you find a new job faster and stay afloat financially in the interim. In order to brace yourself for job loss, take these steps now.
1. Update Your Resume
If your resume is updated, you’ll be able to start applying for jobs the day you’re laid off. You’ll need to customize it for each position, but having a generic version ready to go will be a huge start.
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This is the first impression you’ll make on potential employers, so take the time to create a polished and professional document. Most employers (77%) cite typos or bad grammar as an instant deal breaker and 34% aren’t interested in resumes without quantifiable results, according to CareerBuilder.
2. Reach Out to Your Network
Over the years, you’ve made a lot of connections in your industry — and now is the time to leverage them. Reach out to former managers, colleagues, clients, classmates and friends to see if they know of any openings that might be a good match for you.
If you don’t want your current employer to know you’re seeking new opportunities, ask them to exercise discretion.
3. Take On a Side Hustle
A traditional full-time job isn’t the only way to earn money. Finding alternative ways to earn cash now can help you pay the bills if your steady paycheck disappears for a while.
When it comes to side gigs, the sky’s the limit. You could leverage skills from your current job — like an accountant might become a tax preparer — or find a part-time job — such as delivering pizza on the weekend.
4. Take a Continuing Education Course
More than half (56%) of employers offer tax-free tuition assistance to employees, according to the Society for Human Resource Management. If your employer offers continuing education benefits, take advantage of them now.
Enroll in an online course you can complete relatively quickly and that will make you a more competitive candidate. You could also start a degree program you might not be able to complete before you lose your job. This will show potential employers you’re ambitious while paving the way to a brighter future.
5. Start Applying For Jobs
Hiring decisions aren’t made overnight. In fact, it takes companies an average of 36 days to fill an open position, according to the Society for Human Resource Management (SHRM).
If you feel like your current job situation is unstable, getting a head start on your search can reduce the amount of time you’re unemployed, if you do lose your job. If you’re offered a new job before you actually lose your current one, getting ahead of the situation can help you avoid having to be unemployed at all.
6. Line Up References
There’s a common misconception that potential employers don’t actually perform reference checks, but that isn’t the case. Nearly all employers (96%) conduct at least one type of employment background screening, according to HR.com.
Prepare for this now by deciding who you’d like to speak on your behalf. Unless otherwise noted, references need to be professional in nature and should be limited to people you’ve worked with directly, such as former managers, colleagues, clients or teachers.
Only choose people you have a good relationship with, who you’re certain will sing your praises. Since being a reference requires both a time commitment and sharing their contact information, always ask permission before adding someone to your list.
7. Research Financial Assistance Programs
If you lose your job, you’ll likely be eligible for a variety of financial assistance programs. Learning about your options now will allow you to spring into action immediately if you’re laid off.
Each state sets its own unemployment guidelines, so find out eligibility criteria for your state. You might also qualify for additional government assistance, including SNAP — Supplemental Nutrition Assistance Program — benefits and free or discounted health insurance through the Affordable Care Act.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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