Getting laid off is one of the biggest career struggles any employee can go through. With the economic downfall, the situations are getting on like ‘no one knows when they’ll be fired’. But it's important to understand that being laid off is not a full stop to the career.
Information technology (IT), financial services, telecom, automotive, and start-up industries have all experienced significant layoffs over the past year.
Tata Motors has terminated up to 1,500 managerial positions, while HDFC Bank fired 4,581 employees in a single quarter. Over the next three years, job cuts in Indian IT companies are anticipated to range from 175,000 to 200,000 per year. So what to do when you get laid off?
- Spend time reflecting and determining the cause of your dismissal without falling into a victim’s mental state
- Consider your situation strategically; this will help you manage your stress and find a solution.
In this blog post, we’ll discuss deeply what to do if you get laid off.
Here is the summary,
- Prepare a safe base
- Documents to ask for
- Check on the insurance
- Making use of contacts and social media
Preparing a Safe Base
We don’t know who gets laid off and when. So it is wise to save money for emergencies. Having your emergency fund and building a good personal name at your workplace is mandatory and safe; as a result, you will be seen as an asset to the company and can, to an extent, shield you from layoffs. ensure that you give your 100% at work
These two important activities will to an extent will save you from getting laid off
Documents to Request if You Are Being Laid Off
Having the ‘laid-off letter’ and a ‘letter of recommendation’ from human resources explaining the situation is essential. This will help you manage this step back in the following interview and ensure your profile is not lowered in any way and is not fired.
Once received, read the layoffs letter and ensure it’s written correctly. Don’t be afraid to point out the error and politely request a revision if the letter misses an important detail on your division or your team’s contribution.
Even there won’t be a need for the human resources division to start over from scratch. To get them started, the internet has many well-rated layoff letter templates. Don’t shy away from asking for a letter of recommendation. This helps raise your authority and value from the previous company while allowing you to swim through this career block.
Check on the Insurance:
You might feel some hindrance in checking this with your employer. But it is essential to ensure you get layoffs with as many benefits as possible.
Check with your Human Resources about the insurance plans and how they can benefit you after getting layoffs. Here are two options on how you can check them
- Option 1: You can use the state or federal exchanges under the ACA to look for an individual health insurance plan. If your income were temporarily reduced, you might be eligible for a sizable subsidy. Losing your job qualifies as an unexpected life event that allows you to apply midyear, so don’t worry if it isn’t open enrollment time.
- Option 2: The Consolidated Omnibus Budget Reconciliation Act (COBRA) enables you to maintain coverage for you and your family for up to 18 months if you were layoffs from a business with 20 or more employees the previous year. However, you might have to cover the entire premium, up to 102% of the plan’s cost.
Make Use of Your Contacts and Social Media
The bright side of social media is this part: ‘You can connect with N number of people’
LinkedIn is the most powerful platform for your career. A professional resume, a well-optimized profile, and quality content showcasing your work are the critical pointers for your LinkedIn profile. This platform is smart enough to make your process more accessible, like showcasing your previous employer’s or teammate’s thoughts on your recommendations.
Handling such Applications effectively will help you attract potential employers.
Conclusion
Layoffs are crucial, and it’s crucial to overcome the situation. Yes, it will be hard. But that doesn’t decide your worth. It is essential to stay in a good state of mind.
Suppose you think you are layoffs without a proper reason or you didn’t receive the proper documents from the previous company. In that case, lawyers from Vakilsearch will help you by sending a legal notice or filing a lawsuit against the company. Talk to us to know about the difference between termination vs resignation.
