Photo by Glenn Carstens-Peters on Unsplash
As news of layoff returns and the year-end appraisals approach, the fear of layoff sends a chill to many.
We should face it. By being prepared.
First, know the legal nature of your layoff
If you are furloughed, your working hours are temporarily reduced, possibly without work for weeks or months. You are still on your employer’s payroll (at a reduced amount) and it is likely that you are still entitled to employment benefits such as health insurance.
If you are temporarily laid off, you will temporarily stop receiving salary and benefits while waiting to be re-hired with the same employer. Chances are, however, that the situation will turn to permanent separation which is sometimes referred to as being fired from work. If you are a US citizen, and barring termination from misconduct, you may still be able to keep the same health insurance under Cobra (the Consolidated Omnibus Budget Reconciliation Act) but you must pay the cost of the insurance.
If you are in Singapore
Singapore’s Ministry of Manpower (MOM) refers to the above situation in a page dedicated to retrenchment and other alternatives: https://www.mom.gov.sg/employment-practices/retrenchment/alternatives-to-retrenchment
There are clear guidelines on the page such as how much shorter the work week can be, how long a temporary layoff can last, or that affected employees can still receive a minimum of 50% of their salary during a temporary layoff.
Next, take stock of what important to you
There are plenty of considerations. It is good to write them out and seek clarification before, during, or after the meeting.
Here is my Financial list:
Health insurance
Encashment of unused annual leaves
Pay in lieu of notice period
Retrenchment compensation
Unvested share or stock options
Pension or company’s retirement plan
Royalties from your patent or intellectual properties
And Administrative list:
Termination letter and certificates of employment
Notice period, or waiver of notice period
Pay slips and other earning declaration form (e.g. IR8A form in Singapore)
Any non-disclosure, non-compete, non-solicitation clauses
Past copies of performance appraisals, 360 feedbacks
And Miscellaneous list:
Return of company equipment, cards, keys…
Collection of personal belongings from the office
Email, phone, or LinkedIn profiles of colleagues whom you want to maintain contact
Ask questions
You should remain calm and patient.
When the news comes, be it in person, over a video call, or via email, remaining calm allows you to ask the right questions the right way.
Being patient allows you to get the answers to your questions no matter how confused, ambiguous, or sometimes chaotic the situation is.
Get the responses to your answer in as much writing as possible, for they are irrefutable evidence should there be any dispute later. Recording the conversation — if that is allowed, or taking photos of your notes of the conversation are good alternatives too.
If you have concerns that may be too tangled, or delicate, or received unsatisfactory responses, you may want to seek counsel from a lawyer.
Closures
Tough times come and go, but you will last.
Try to find peace, composure, and closure so that you are soon ready to move forward. Acknowledge the reality of the layoff and allow yourself to grieve. Reflect on your experience at the job, including your accomplishments and skills gained. Seek support from family, friends, or a support network. Set new career goals and start envisioning your next steps.
Reaching out to families and friends can offer precious anchors to fight against the feeling of loss and insecurity one may experience after a layoff. Discussing your feelings with others can help you gain perspective and emotional support during this period.
Find your strengths, identify your purposes, and spend your time wisely to gain composure. Take care of yourself physically and mentally, engage in activities that bring you joy, and consider seeking further education or skill development.
More importantly, you need to find closure. Embracing closure after a layoff is vital to your progress. Allow yourself the time to accept the situation, learn from it, and use it as a stepping stone to move forward.
Determine what’s next
Get your finances in order
Start by assessing your financial situation, how much savings you have, what outstanding debt you have, what expenses you have, and what the severance package or unemployment benefits you might receive.
Then create a budget, and reduce unnecessary expenses. You may even reduce or re-arrange your payment obligation. For example, talk to your bank if you can extend the duration of your mortgage, or service it from a less liquid fund (e.g. CPF ordinary account instead of cash — if you are in Singapore)
Utilize any unemployment benefit you are entitled to, be it from your former employer, government, or employment insurance. Any help is welcome.
Seek additional income via a part-time job, freelance, or any side gigs that may interest you. For example, if you have a knack for writing, you should consider publishing your own books.
Start your new career
Explore job opportunities, pursue further education or training, or even consider starting your own venture.
The key is to take the lessons learned from your previous experience and apply them to this next phase of your career. Plan, prepare, and move forward with confidence, knowing that each step you take brings you closer to new opportunities and personal development.
If you are in Singapore
The Singapore government provides several forms of assistance to individuals who have been laid off. Besides the temporary financial support, you can take advantage of various skill training and job placement schemes such as SkillsFuture, Adapt & Grow
Navigating a layoff can indeed feel overwhelming, but I trust this checklist will be a guiding compass through this challenging period. It’s important to remember that a layoff is merely an obstacle in your career journey. It doesn’t define your worth or accomplishments; instead, it is a challenge from which you’ll emerge stronger.
Stay prepared, stay resilient!
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