Surviving Layoffs: 5 Essential Steps to Safeguard Your Career

On Nov 25, 2024

With layoffs becoming more common in today’s uncertain job market, it’s crucial to be prepared and aware of how to navigate the challenges. When facing a layoff, gather your employment documents and consider these 5 steps to protect your career and finances:

1. Gather Key Documents
   Start by organizing important employment documents like your offer letter, non-compete and non-solicit agreements, and benefits information. These will be vital when negotiating severance or transitioning to new opportunities.
2. Review Your Severance Package
   Don’t rush to sign a severance package. Take time to review the terms carefully and consult an attorney, if needed. Ensure you’re not waiving important rights under laws like the WARN Act or discrimination laws, and check if you’re eligible for other benefits.
3. Understand Your Benefits
   Know how the layoff impacts your health insurance, retirement plans, and restricted stock and stock options. Check your COBRA rights and your ability to roll over your 401(k). Being informed will help you make the best financial choices.
4. Handle Company Property Responsibly
   Return all company property, including laptops and security passes, in good condition. Be mindful of any intellectual property or confidential information. Failing to properly handle these assets could risk your severance or other benefits.
5. Get Help with Negotiations
   Many employees think severance packages are non-negotiable, but that’s not always the case. An experienced attorney can help you negotiate better terms based on your unique situation.

Finally, remember to maintain your professional network. Reach out to former colleagues and mentors, and stay proactive in seeking new opportunities. By following these steps, you can navigate layoffs with a clear plan and protect your career during uncertain times.

The Employment Strategists are here to assist you, contact David Harmon and Mariya Gonor at [email protected].

Disclaimer: Sponsored content articles do not reflect the opinions of New Jersey Business Magazine or the New Jersey Business & Industry Association.

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