The word "layoff" causes much unrest and mental stress. Irrespective of the kind of job that you have, permanent or temporary, it involves a lot of trauma when an organization starts laying off people. In this article, we will try and help you prepared in case of a layoff. We wish this never happens to you, but it is always good to know how to handle it so that you can tackle this situation with ease and less stress if ever it arises.
The Vulnerable Areas
In order to survive and bounce back after a layoff is a plan. Preferably, this entails having a job in hand and stable finances so a layoff will not devastate you financially.
There are two areas that will be badly hit if a layoff occurs - your finances and emotions. After a layoff, it is essential for you to spend time to reflect. You need to be able to think logically and make firm decisions.
Getting Your Finances in Order
There are ways to stabilize your finances if you are ever laid off. The first is to get rid of any outstanding debt if you can.
You can and should seek help from a financial advisor. The moment you clear your debts, that money will be saved. In an emergency situation, you can survive on a small amount of that money, longer and without any issues.
You can also try increasing your income by taking a part time job or starting a small time business that you can manage during your spare time. This way, you can support yourself if a layoff occurs.
All you need to know is your skills and how to use them to your benefit. When investing, the conventional advice is "never put all your eggs in one basket". Many people bet their financial futures on one income source, but this is more risky than most people realize.
The best of companies sometimes have problems - and there's no reason not to have back-up income based on your skills. Always try to save some money in an emergency fund.
What Are Friends For?
Emotionally it definitely hurts to be laid off, especially if you were the best at your position in the organization.
As a human being, you probably made good friends at work, and you will also miss those friends when you are laid off. Realize that this is not necessarily something you'll immediately bounce back from, but you also don't need to cling to it. If you cling to it, you will not be able to move further ahead in life.
Be practical and make rational decisions rather than emotional ones. Take the layoff with a positive attitude and as an opportunity to do something new.
Tony Jacowski is a quality analyst for The MBA Journal. Aveta Solutions - Six Sigma Online ( http://www.sixsigmaonline.org ) offers online six sigma training and certification classes for lean six sigma, black belts, green belts, and yellow belts.