Pink Slip Blues: What to do after you’ve been laid off
Jun 04 '01
The Bottom Line Don't be scared if you've been laid off.
Let’s start with a story:
Once upon a time there was a fairy princess named Levda. She graduated from the Royal University and was ready to take the world by storm. She tried a job at a Big Five firm doing what every accounting major hopes to do, auditing. She soon realized that auditing was not for her, and that the Big Five was not either and took a new job at a start-up type consulting firm in the Corporate Accounting group. Little did she know that the Internet Kingdom was about to come crashing down around her. Soon enough, she received a magic Pink Slip that ejected her from her job.
Would Princess Levda live happily ever after?
Money Talks
If, like me, you find yourself suddenly jobless, what do you do? Before you freak out, calm down and assess how much money your company still owes you. You should be able to get all salary owed to you (when you started working did you get paid right away or are you in arrears on your paycheck?), all paid vacation that you didn’t take, and perhaps a severance package. Beware, my company filed bankruptcy and I got no severance or vacation. Jerks. You should have at least two weeks worth of pay coming to you, hopefully.
Also, consider insurance. If you can, COBRA. Do not take chances with your health. Please. My stupid company was self-insured therefore no COBRA. I had to convert my group plan to an individual plan. Be sure you know exactly who to call before you’re done talking to HR.
Next, hightail it over to the Unemployment Office. Degrading? So what? It’s money that is rightfully yours- your employer has been paying unemployment insurance for you all along. You can get up to about $300 a week while looking for a new job, depending on your salary level and what insurance your employer has paid! (Hey, it’s more than minimum wage!)
Workin’ 9 to 5!
OK, now you have to find a new job. Get out the newspaper, go online, and start setting up interviews. There is no magic number of interviews to go on, as you may remember from getting the job that so mercilessly cut you off. If you are in a field where there are recruiters available- use them. Some fields that I am aware of that have such resources available are Accounting/Finance, Consulting/IS, Marketing/Advertising, Law, and Human Resources. Which isn’t to say that your field may not have them, I am just not that familiar with every career out there!
The benefits of using a recruiter are:
- They find jobs for you… you don’t necessarily have to scour the want ads all day.
- Their contact is usually the hiring manager- you can bypass HR limbo.
- They give you feedback from the company after every interview. You know what to fix or what went well right away.
- They will negotiate for you.
The drawbacks of using a recruiter are:
- They work on commission, therefore they may try to push you into going on interview you don’t want. Don’t let recruiters bully you!
- Because they get a percentage of your salary (up to 20%, I’ve heard) you might get a lower offer or you might get bypassed for a candidate that is not through a recruiter.
- They keep calling and calling and calling… even after you’re happily at a new job. They’re all about networking, so they want to stay in touch.
They key to finding a new job quickly is volume. Don’t be afraid to post your resume on every job board (most have an anonymous option), respond to every Help Wanted ad, and use several recruiters. If you have an interview every day, you’ll be employed that much faster. It’s not like you have anything to do but watch soap operas and four episodes of 90210 every day anyway.
You Like Me, You Really Like Me
Once the offers start rolling in (and they will, don’t worry!), you’ll have decisions to make. Even though you were forced into this career change, take some time to think about what you really want. Money is not the most important thing. Several important things to think about are:
- Job security: You now know first hand what it feels like to get laid off. Do you really want to put yourself in a position where that can happen again? Look at the company’s financial statements- do they have a lot of cash? Do they make money? How is the stock doing?
- Personality: It’s very important to like the people you’re working with. See how people interact when you are there for an interview. I want to be able to have something to talk about with my coworkers other than work.
- The job itself: Is this something you see yourself doing for the next few years? What are the opportunities for advancement? Will you have to wait for your boss to die before you get a promotion?
- And money: You may not get the bump in salary you were hoping for. I found that almost all of my offers came in at exactly my previous salary. That kind of stinks, but hello! You’re unemployed. Be thankful and take into account bonuses, etc.
Happily Ever After
Thankfully, after one month and five days and almost 20 interviews, Princess Levda secured herself a new, better job, a 5% raise, and a bunch of cool coworkers. It can happen to you, too. Just believe in yourself and be persistent. Being laid off, RIF’d (Reduction in Force), downsized can hurt. But if you don’t take it personally and work hard at finding a new job, it can just be another story you tell your grandkids someday.
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Member: Dana
Location: Chicago IL
Reviews written: 96
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About Me:
"CPAs are not boring. We just get excited over boring things."
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