Losing your job can be devastating. Aside from the obvious loss of income, there’s also a loss of purpose, as we often tend to define ourselves by our careers and the professional roles we fulfill every day. There’s self-esteem to be found in feeling useful as we put our energies to work in a career. Just because the job no longer exists, however, is no reason to not put yourself on the job. Your job now is finding a job. To really pursue a career in this challenging economy, job hunting must itself become a full-time job. Although the temptation to watch soaps may be great as the task of finding a new career can seem pointless, putting yourself down the path to find a new career will give you more to do, rekindle your self-esteem, and put you closer to a regular paycheck again.
Calm Down
When the news of losing your job is fresh, it’s natural to be devastated, but the first step is actually to take a step back and calm down. Attend to the most immediate details first. Rising unemployment has become a global phenomenon that’s likely to get worse before it gets better, so you’re not alone. With national unemployment approaching 10% and in some regions as high as 12 to 15%, you’ll find company in the hunt.
Keep Your Connections
Leaving the office can be a blur, especially if you still carry the shock of the news. There are many emotions involved, and it’s difficult to keep a clear head. Don’t forget to grab the personal contact information of colleagues. You’ve likely made a lot of connections at this job that can be put to work finding the next. Get phone numbers, email addresses and social networking sites like LinkedIn and Facebook. Most jobs get handed down through one connection or another. Your next career will likely come from a connection you made from your previous career.
Discuss Your Options
Have an open dialogue with your boss before you leave to discuss severance pay and benefits before you’ve turned in company equipment, like a laptop or cell phone. When you’ve still got something on the table, you can negotiate for bigger severance, longer access to health care and unused vacation time. You’ll likely need whatever you can get. Keep in mind that it may take at least 3 or 4 weeks before you see your first unemployment check. Asking for more doesn’t hurt. It’s not like you’ll get fired or laid off again.
Press for Health Insurance
Even if Congress manages to pass a health care bill, it won’t take effect until 2011, and you just can’t afford to wait that long. Find out how long your health insurance will remain intact. Under the Federal Consolidated Omnibus Budget Reconciliation Act (COBRA), you are eligible for insurance coverage for 18 months, although it will cost you. Depending on your health, your savings, and what state you reside in, an individual health care plan may be more affordable, yet still provide adequate coverage. Research your options.
Make a Budget Plan
Once you’ve gotten insurance and benefits in order, it’s time to sit down and budget the math. Cut back on eating out, charitable contributions, and unnecessary expenses. You are your own charity now. Start buying generic products or in bulk supply. If you don’t have an emergency fund prepared, start looking at what assets you can use to find one. If your boat hasn’t moved from the driveway in 6 months, it may be time to find it a new home. If you have extra vehicles, consider selling them and banking the cash. Check the status of stocks and other investments to see what you’ll have available to weather the time it will take you to find another job.
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