Layoffs are cruel, they come at the most unexpected time and place even if you feel confident about your job right now as well as the status of your company. They can hit a workplace at any moment without warnings and it can be very difficult for affected parties. Unfortunately, it cannot be avoided even if the management prefers not to cut back on resources due to the global economic status. Layoffs are meant to be irrational and sometimes, unfair but apparently, that’s how it really goes.
Years back, the most vulnerable workers for layoffs are the inexperienced and senior citizens. Nowadays, the ax is not as picky as it once was anymore. It will hit when the need be, anytime and most certainly anywhere, be it in the lowly janitors’ closet or inside the high-powered executive’s office.
Like stated earlier, layoffs are inevitable and the work climate now is very unstable therefore it is most recommended for seniors to prepare for layoffs especially if they feel the “doomsday” is coming nearer each day. Here are some tips on how to prepare for a layoff, and hopefully you won’t have to use it ever:
· First off, you need to take a good look into your nest egg to know what your options are. This is the only way to determine where to go when a layoff strikes. If you feel you already reached an adequate amount then you don’t have to worry about layoffs anymore, instead take it in stride by exploring other venues for your own personal growth.
· If your nest egg is not good enough and acquiring a new job is the only option available for you then it’s time to start setting aside for an emergency fund you can use after the layoff. Your emergency fund should be able to cover you in 6 jobless-months time.
· Before you try to save anything for rainy days, clear off any existing debts first because if you don’t, it will only eat a portion of your saved money—and more. Debts accumulate interests and these, you have to pay too on top of the principal amount owed.
· For existing credit card debts, examine closely which card gives lower interest rates and use this as your “only” card to use for all existing debts. Credit card debts are transferable—they even call your home number just to encourage you to do so.
· Apply money-saving strategies in your lifestyle today. Create a reasonable daily budget that uses only the basics.
· You’ll be amazed how part-time and freelancing jobs can sustain your needs especially if you’re able to come up with regular clients and steady demand for work.
· Know your strengths and weaknesses. There is a high demand for skilled workers nowadays and knowing where your strength lies will help you focus on it more. Improve it in any way you can and don’t let age hinder your growth as a person.
· Being employed has its own benefits and so does layoffs. Know if you are entitled to severance pay and other benefits that come with the amount of time you served the office.
