Lose Your Job Now: 5 Tips to Get to Severance Heaven
It's tough out there in the workforce. So many jobs are on a knife-edge and it seems like anything could send them toppling over. Maybe you've heard that some small company is laying off 50 people while they expand into China, or maybe your boss just found out she'll be getting a promotion in another state and she needs to leave this week. Either way, you're worried about your job security.
Fortunately for those of us who have been dreading the prospect of firing day, we can take some measures to prepare for the worst. Here are five tips that should help you get to Severance Heaven.
#1. Have a Plan in Place
Don't wait until they're asking you when your last day will be to think about it. You need to have your plan ready and waiting for the moment when the ax falls. There are several things you should consider, including:
How much notice do you need to give? If your company is anything like this one , there's no way you'll be able to get two weeks (or even a whole month) off without notice, so make sure your next step is lined up as well as it can be before announcing anything.
If your company is anything like this one , there's no way you'll be able to get two weeks (or even a whole month) off without notice, so make sure your next step is lined up as well as it can be before announcing anything. Is there a severance package? If so, you're in good shape. Be sure to get everything in writing (including possible non-compete agreements), and take great care in not violating any of the conditions (like staying silent about what happened at the company).
If so, you're in good shape. Be sure to get everything in writing (including possible non-compete agreements), and take great care in not violating any of the conditions (like staying silent about what happened at the company). Is it time to retire? Some companies give a lump sum of money when you turn 65, so be aware of that option. The sad fact is that most people do not save enough for retirement, so it may be worth considering a little extra cash for a few more years if you can't afford to retire.
Some companies give a lump sum of money when you turn 65, so be aware of that option. The sad fact is that most people do not save enough for retirement, so it may be worth considering a little extra cash for a few more years if you can't afford to retire. Will you have to move? If your new job is out of state or even out of the country, think about how long it will take to move. Make sure you're ready to pack at a moment's notice and get your affairs in order before giving notice.
If your new job is out of state or even out of the country, think about how long it will take to move. Make sure you're ready to pack at a moment's notice and get your affairs in order before giving notice. What else do you need to do? There are a lot of little details that come up when you quit, like cancelling your cell phone contract and stopping automatic payments. Make sure you've got all of that handled so you don't have too much to worry about when the time comes.
#2. Make Sure Your Credit Is in Order
When you're working for a company, sometimes your credit card will be used for things that even your boss doesn't know about. You might take it to the store or use it to pay for your groceries or in-home expenses.
If you're worried about how this will affect your credit score , or just want to be prepared in case you do need an emergency loan, then consider closing all of your credit cards and using only cash for the next three months (or whatever period of time you decide is necessary). This will help you avoid any financial issues that could arise from leaving a negative mark on your record.
#3. Have Your Security Clearance Certificate In Hand
Some employers have a policy that if you're in a certain job for ten years, you get to keep your security clearance without having to go through the background check again. This is a pretty good deal, but prepare yourself just in case. Make sure you have your certificate (as well as any other certificates you might need) on hand and up-to-date. That way, when the axe falls, you can drop everything and show up looking ready to work again as soon as possible.
#4. Get All of Your Meals Ready To Go
Remember, your new employer isn't going to want you on the first day. That means you'll have some time when you're not sure what's going to happen, so make sure you have all of your meals ready to go. You don't want to find yourself in the middle of a job search without any food in the house! Keep some easy things on hand that you can grab and go, like instant noodles or even just snack bars. Just having this peace of mind is worth it in itself.
#5. Be Ready to Stay Aboard for a Little While
Some layoffs are short-term. If you've just lost the boss' favorite employee, then you may find yourself out of work for just a few days while the boss hires someone new. In cases like this, it may be tempting to go out and pursue your own career immediately.
However, if you can stick around and make yourself useful while they're looking for new employees, it will pay off in more ways than one.
First of all, it will make you a much more desirable employee once whoever it is comes on board, because you've proven your dedication to the company.
Second, you'll be able to get a sense of who the new boss is and whether or not they're the type of person you can work with. If they're not really what you're looking for, then at least you know now and can find yourself a better job. You're going to have a gap in your resume anyway, so this might as well help your long-term career instead of hurting it.
Conclusion
Quitting your job is never an easy thing to do, no matter how glad you are to be done with it. You have to consider a lot of things and take care of everything you can before the final moment arrives. Hopefully these tips will make it a little bit easier for you.
Are there any other tactics that could help out when you're scrambling to get out? Let us know!
Image: jasonlamy
This article was updated in June 2016 by Steven Ravenscraft. Originally published April 2009.