NEW YORK (AP) - Recent mass layoffs at tech and media companies including eBay, Riot Games and the Los Angeles Times may have you thinking about your job security.
If you're worried you might get fired - or if you've lost your job - personal finance professionals and career counselors have recommendations on how to deal with it. They range from setting up an emergency fund to understanding your severance package.
If you are concerned, you may be fired
START SAVING
It's crucial to build an emergency fund, even if you feel secure at work, but especially if you think you might lose it.
You may not be able to save enough to cover the entire time you're out of work, but even a small amount can reduce your stress.
When you start thinking about saving, Jesse Mecham, founder of the money management app YNAB, recommends asking yourself this question: What do I want my money to do?
Maybe a year ago you wanted to save for a trip abroad, while now you want to have money in case you are out of work for six months.
If you're aggressively paying down debt and it's affecting your ability to save, Mecham recommends delaying payments. You'll still need to make at least the minimum payment, but you might consider using the money you paid on it temporarily to build up an extra cash cushion so that you have money available when you need it. It's also crucial to avoid falling into further debt, Mecham said.
UPDATE YOUR CV
It's always a good idea to keep your resume up to date, but you should also keep it adaptable for different jobs, says Scott Dobroski, career trends expert for Indeed. You can do this by leaving space in your resume for keywords specific to the job you are applying for.
Jobs may require slightly different skills if you plan to stay in the same industry, or completely different skills if you move to a different field. Keeping your resume updated and editable can make things easier as you move forward.
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Etienne Lupine, 46, a software engineer at Keysight, was recently told she will be laid off by the end of the month. Shortly after hearing the news, she decided to update her resume and LinkedIn page.
Lupine had been with the company for almost eight years, and although the news affected her, she felt a sense of empowerment as she updated her resume.
"Losing my job is out of my control, but I can try to present myself in the best way possible," said Lupine, a resident of Lafayette, Colorado.
ACTIVATE YOUR NETWORK
It's a good idea to tap into connections in your industry now, says career coach Marlo Lyons. Talking to your friends about possible job opportunities elsewhere can give you an edge.
ADD TO YOUR SKILLS
Gaining new skills and adding certifications or courses to your resume can be a great way to move up in your current job. If you think you might need to go elsewhere, look for the skills that will make you a stronger candidate, Lyons said. Whether you take a free online course or sign up for a specific license, adding the skills listed on your resume has benefits whether you stay in your current job or need to look for another job.
Websites like Coursera and edX offer courses and certifications from universities in the US. They offer some courses for free.
IF YOU ARE FIRED
Prioritize your mental health
Your mental health can be severely affected after a job loss. Take a deep breath and let the emotions feel. Prioritizing your mental health can help you approach your job search in a better way, Dobroski said.
For Lupine, putting her mental health first means focusing on the positive aspects of a new chapter in her life, rather than dwelling on how difficult it will be to get a job where she likes to give up.
"I've been trying not to focus too much on the negative feelings about it because I know that getting angry won't make it easier for me to make a fresh start," Lupine said.
KEEP A ROUTINE
Keeping some structure in your day can help you stay mentally healthy and apply for jobs at the right frequency, Mecham says.
Scheduling your days to eat, exercise or walk at the usual time, and applying for a specific number of hours, will keep you grounded, he said. Lyons recommends designating a time during the day to start and finish applying for jobs.
"Don't overextend yourself with applying," Lyons said. "Take the time to do activities that make you feel good."
Lupine has turned to her hobbies to feel better. Her regular activities are baking, cooking and going to her curling club.
"I'm not a stress eater. I'm stressing out because I keep cooking things like, 'Oh, what's this new recipe that makes me feel better?'" Lupine said.
CHECK YOUR BENEFITS
It's critical that you understand your compensation package and keep all the documentation you need to understand your benefits after you've been fired. Some particularly important things to know are your health insurance and dental benefits, Dobroski said.
In the last few weeks of working, Lupine has made sure she has enough medication for the past few months because she has type 1 diabetes.
"I don't want to put myself in a situation where I don't have enough insulin or contact lenses or other things to continue living in a healthy way while I'm in this transition period," Lupine said.
NETWORK
Reaching out to your professional and personal network can be helpful, and it's helpful to provide some direction to friends and colleagues who want to help, Lyons said.
Examples include asking them to write recommendations for you on LinkedIn, recommending you for a job, or inviting you to a conference for free.
SHARE YOUR EXPERIENCE
It can be difficult to talk about the loss of your job, and you should only share it if you feel comfortable doing so. But sharing can help by allowing you to lean on your support system.
When Lupine found out she had been fired, she texted a good friend of hers, who quickly made her feel better by understanding how she dealt with difficult things: humor.
APPLY FOR UNEMPLOYMENT
Filing for unemployment is an option everyone should use, Lyons said. While the amount you get for unemployment may not be as much as your salary, it can help you stay afloat for a while.
"Companies you worked for must pay state and federal taxes that provide unemployment benefits," Lyons said. "Don't be shy about collecting it."
The Labor Department has tips for filing for unemployment.
CONSIDER A TEMPORARY JOB
A temporary job is a good option if you can't afford to be out of work, Dobroski said. Lyons also recommends temporary jobs and says you should include them in your resume if they demonstrate skills that match your desired full-time job, such as leadership or organizational skills.
"It shows that you have perseverance, that you are willing to work hard and take on your responsibilities," she said.
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A version of this story was moved in March 2023. This story has been updated with new details and quotes.
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