The below information came from a mix of an article from about.com and also msn money...as I thought they both offered some good and worthwhile tips.
What to do if you're laid off
Other tips worth mentioning:
Wednesday, January 16, 2008
How to handle a layoff
With recent news of some of the larger companies such as Pella and Peachtree shutting down plants and continual lay offs within the industry, this article seemed timely to share with you all. I will stress however, that things in the job market within the industry remain quite strong in my view. As I have referenced in many recent posts here, I am busier than ever recruiting for a variety of positions throughout the country. As the bigger companies slash their workforces in an effort to cut costs...many of the smaller to mid size companies seem to be reaping the benefits and hiring up a storm!
Visit or call your state unemployment office
Ask your current employer about severance pay, accrued vacation and sick pay
Request information on continuance of health and life insurance benefits
Ask about outplacement resources
Request a reference letter for your files
Update your resume so it is ready to go when you come across opportunities that interest you and match your skill set
Research and determine career options
Create a job search action plan
Use this time as as opportunity to reassess your career goals
Treat your job search like a full-time job
Contact industry specialized recruiters to get your name thrown into the ring quick and often for opportunities that are not advertised
Try to negotiate a better severance package. Some (employers) will negotiate. The more senior the people, definitely. The more rank-and-file, it might be more difficult. It might be just based on the number of years you've worked there. If you don't ask, you won't know. The worst they can say is no.
Leave on good terms. You never know when that president or CFO goes to another company and you're looking to hire on with that company. Just don't burn bridges.
Get a recommendation. Especially if it's a mass layoff and really has nothing to do with your job performance, get a letter of recommendation explaining that so you can use it in your next job interview.
Roll over your retirement plan. Make sure you roll your money into an individual retirement account using a trustee-to-trustee transfer to avoid any penalty or tax hit. Don't take a check,or you could be subject to taxes.
If you're short of cash, tapping your retirement accounts should be "a choice of last resort," Still, he noted, such withdrawals become necessary at times. If so, check to see whether you qualify for your plan's penalty-free hardship withdrawal (though a job loss is often not covered).
Even if money's tight, resist using credit cards. Plus, if a big annual insurance payment is nearing, consider switching to smaller monthly or semiannual payments to avoid an immediate big hit to your pocketbook. And if necessary, put a hold on any automatic savings plans.
