Friday, April 22, 2011

Have a Job Contingency Plan

It always makes good sense to have a carefully thought out and well-constructed plan you can put into action immediately if you were to lose your job—in other words, a job contingency plan. Being prepared with a job contingency plan can help ground you and give you direction, especially when the unexpected happens. Following are items to consider and related action steps for creating your contingency plan.

· Keep your finances in order. Stay on top of your current financial situation—know your expenses, your income, and your savings. Identify current expenses you can eliminate to bolster an emergency savings fund. Start paying down your credit card(s) or other debt.

· Investigate company policies and resources. Determine what benefits your company may offer in the event of a layoff and how those may impact your budget. For example, is there a history of offering severance pay? Are you entitled to pay for unused vacation and/or sick time? Does the company offer support services like career counseling and job search assistance?

· Look into government unemployment programs. Specifically, check out the Federal-State Unemployment Insurance Program and the benefits available to eligible workers.

· Identify transferable skills. You’re bound to have skills that may transfer to another industry or occupation. Identify these and emphasize them in your resume. If company layoffs have been department-specific, consider now how your skills might transfer to a less vulnerable department. Begin networking with key contacts in those departments to establish relationships you can tap into later.

· Fill skill gaps. Identify any skill gaps and explore whether you can fill those gaps through additional training, volunteer work, college courses, etc.

· Identify additional sources of income. Identify other income and work opportunities you could call upon if you lost your job. For example, can you freelance? Can you do home repairs? If so, consider building on this experience and the related networks.

No comments:

Post a Comment