Losing your job can be devastating, particularly if it was unforeseen or unexpected. Although companies are sometimes permitted to lay people off without notice, this doesn’t provide you with any solace following an unanticipated job loss.

As well as having a detrimental impact on your financial situation, losing your job can be damaging to your mental and physical health. Even if your job loss wasn’t directly connected to your performance, and was caused by the company downsizing, for example, it’s not unusual to feel stressed, depressed and overwhelmed immediately after being cut loose. However, there are steps you can take to improve your situation and get back on your feet.

1. Calm down

Upon finding out you’re going to be losing your job role, the normal reaction is to panic. Your mind may start working overtime, trying to figure out how you’ll cope, but it can be difficult to focus when you’re worked up and emotional. Allow the initial shock of the situation to reduce before you make any decisions, and don’t allow the panic to make you react badly in the workplace. Although you may feel angry or frustrated, there’s no need to let this affect your professionalism. Keeping a cool head is the best way to cope following a job loss, and it will help you to cope with the situation more effectively. 

2. Assess Your Finances

Look at your current financial situation and determine whether or not you will be able to pay your bills for a month or two, even if you don’t find work straight away. If you have some savings to fall back on, work out how long you can manage without work, so you know exactly how long you can manage without an income. If not, calculate how much you need to earn in order to pay your bills. 

Take a look at your current subscriptions, memberships, and bills, and cancel the ones you no longer need, use or want. Similarly, look around for better deals than you’re currently getting and make changes if it’s going to save you money. Using a new energy provider could save you a fortune in fuel bills, for example, and switching to a new internet service could cut your monthly bills dramatically.

3. Get Professional Advice

Although employers are often able to fire employees without notice, there are some instances in which it may not be appropriate for them to do so. Examine the reasons they’ve given you for job losses, and seek professional advice if you think you need it. Furthermore, you may need to decide whether the company’s reasons for laying off employees is as transparent as it should be. 

If you’ve been hurt or injured at work, for example, don’t accept being laid off without getting legal advice. If the incident wasn’t your fault, you may be entitled to personal injury compensation and an experienced attorney, such as https://www.marksandharrison.com/personal-injury-attorney/, could provide the help you need.  While your company may not have to keep you on or offer you your job back, they may be required to pay you personal injury compensation following an accident that wasn’t your fault. This compensation could tide you over while you’re recovering from your injuries and may prevent you from getting into debt while you’re unable to work. 

4. Consider Different Roles

Ideally, you’ll be able to secure a new job, in a similar role to your current position. You may even find that you can score a promotion if you’re able to get hired in the same industry or sector. However, if you don’t have much in the way of savings, you may not have the time to search for your perfect new role. While it’s always worth applying for your dream job, getting any role could be advantageous, particularly if you’re unable to pay your bills.

Getting a job to tide you over doesn’t mean you’re permanently stepping away from your career, it simply means that you’re taking care of your finances. Furthermore, once you’ve found work, you can continue to work on your resume and apply for positions you consider to be more suitable. Finding the perfect job may not happen overnight, so it doesn’t always immediately follow an unexpected job loss. However, if you can find work and pay the bills, you can take the time you need to find your ideal career move.

5. Be Kind to Yourself

The vast majority of people experience job losses throughout their lives, so you’re certainly not alone. It’s natural to feel demotivated and depressed following a job loss, so now is the time to be kind to yourself. Trust in friends and family, and allow them to support you emotionally during this time. Similarly, seek advice and assistance from local business groups or work groups. As well as providing practical support when it comes to job searches, spending time with other people in a similar situation can help you to feel more positive about the future.

If you feel you need it, you can also seek out professional help following a job loss. If you’re unsure how to progress or you feel unsure about the future, job coaching or counseling could be extremely helpful. With an experienced professional helping you to get back on track, you can often achieve your goals far more quickly.

6. Liquidate Your Assets

If you have assets or investments, find out if you’ll be able to liquidize them. If you have stocks and shares, for example, would now be a good time to sell them? If so, you could put the money towards your monthly mortgage or rent payments and avoid falling behind. Similarly, if you have a valuable collection or expensive jewelry, could you liquidate these assets and use the cash for essentials? 

Of course, you don’t want to make drastic decisions in the immediate aftermath of a job loss, and it’s always advisable to get professional, independent advice before making any changes to your finances. However, knowing what assets you can liquidate could give you a safety net, as well as peace of mind that you’ll be able to rely on other resources if you need to.

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