Surviving Mass Lay-offs

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Economic structures rise and fall, all throughout history. A financial see-saw as described by many. It happens as normal as night and day. Many people are affected by the fall, and yet only a few reap the rewards of the market rise. Your company has been staggering to stay afloat and one day you finally get the news that you're being laid-off.

Let's examine why companies lay off their workers. Maybe a quick reference to this matter will help you deal with the situation better. Usually, it is not because of you. The reason runs deeper in to the financial health of the company. Payroll claims a big chunk of a company's expense. It is all too common now for most companies to take their production facilities to other countries where labor is less expensive.

WHAT TO DO

Let's start with your self - one has to realize it's ok to be depressed about the loss of a job. Doubtful of the future and where you are headed. Be depressed and doubtful and leave them all behind. Wake up and pick up all the pieces and start to put them back together, since there may not be enough time to prepare.

This is a time where decisions are much in demand. Regardless of other distractions that come to you at this moment, you have to set your priorities and keep in mind you need money to spend on your basic needs. The idea is to retract on the spending and start conserving. Snug up to a ball and you'll be able to roll the ups and downs of the economy. You can put off the dream vacation and the fancy jewelry or car you had in mind. It is said, the fruit is sweeter if you wait for it to ripen on the tree.

Priorities

Update your resume - there are many word programs available to help you construct your resume. Microsoft Word and Printmaster Gold to name a few. They include templates to make your resume stand out. Read tips on resume writing, or have somebody do it for you.

Pay-off debts - some companies give out severance pay. Severance pay is a form of help by employers for employees who are laid off in order to seek employment. In the case of the company closing or relocating to a different state, it is used as an incentive to keep employees from leaving the company prematurely. Use this money wisely. Pay-off all debts when possible. The effective return on this will be as high as the interest rate you no longer have to pay.

Shop for better rates - many banks compete by offering lower interest rates for a certain period of time. More commonly known as teaser rates. These rates usually go up after the offer expires as stated in the agreement (within 3 months to 5 years). Learn how much the rates are going up to and if there are pre-payment penalties. Hopefully, there are no penalties if you pay the loan early or transferring the balance to a different credit card company. Balance transfers may benefit you. Find a rate that is lower than what you are paying now. This will decrease your monthly expenses which may keep you afloat until you find another job.

Contact your creditors - one time or another, you've been enticed to sign up for credit insurance. Check to see if you are enrolled in it. Most credit card companies cover loss of job.

These are just some of the things you can do to prepare for a job lay-off. You know best of your situation. It is definitely a wake up call. Although, this experience may be your cloud with a silver lining.

Job Search
Check your local classified listings or go online. There are many websites that offer job searches. The business your company lost will be picked up by competitors. They too will need more employees as their business grows.

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