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Monday, January 19, 2009

Economic survival guide: Preparing for a layoff

No one is ever really ready to get a pink slip, but there are a few things you can do to be as prepared as possible.

Economic Survival Guide

These days, the economy is on the minds of many. Weekly through mid-March, we'll give you practical advice on ways to keep yourself in the best financial shape possible.

Layoff resources

Virginia Employment Commission

U.S. Labor Department

Roanoke Council of Community Services

Q: Should I be looking for another job while I’m still employed?

A: Many people do, but doing so during work time can be considered a firing offense by some employers, according to Dan Summerlin, a lawyer who specializes in workplace issues at Woods Rogers in Roanoke. "I’d strongly recommend that employees looking for work do it on their own time," he said.

Q: Are there ways to hang on to a shaky job in an imperiled industry?

A: Yes, although you’re off to a late start by the time tremors are evident. Find ways to make yourself more valuable, such as volunteering for more responsibilities. If your last performance review didn’t produce raves, strive to be rated a top performer in the next one. Consider applying for another position within the same company if one is posted. It’s a good way to fill a slot viewed as critical and to get feedback on your situation.

Q: Meanwhile, how can I prepare for the worst?

A: Put extra emergency cash aside. Experts recommend a stash equal to your pay in the range of three to six months. And learn ahead of time how to file for unemployment benefits; actually receiving payments may take several weeks. In Roanoke, get application information at the Virginia Employment Commission, 561-7525.

Q: If my boss or human resources department calls me in to give notice, how should I react?

A: Maintain a professional attitude as if you were a new applicant. Try to show confidence and be ready with a wish list. For example, see if the termination date is negotiable; once you have agreed to go cooperatively, the company may be amenable to a slower exit. And if severance pay is being offered, there’s no harm in asking for a bit more. Do the same about insurance benefits. And get everything in writing without being testy.

Q: After I turn in my employee identification card and hit the door, what then?

A: After filing for unemployment pay, make an organized push to find work. Set a minimum number of prospective employers you will contact daily. Network with previous colleagues, including those in the job that just ended. Refresh your resume and use all the personal communication skills you can summon. Be someone you would want to hire.

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