What should you do when you suspect a layoff is imminent? A lot of advice focuses on working harder to keep your job. That’s not usually my approach.
Of course you should continue to do the work you were hired for. But since so many layoffs amount to surgically removing an entire department, any extra efforts may go unnoted. Worse, trying to save your job is almost certain to distract you from preparing for a crash landing.
In last week’s column I provided a checklist of 16 things to do if you’ve already received a layoff notice or been cut from the company. This week I’m stepping back to provide guidance for that awkward period when you suspect your job could be next but don’t know for sure.
1. Take stock
—Survey your work arrangement and identify what you would lose if you were cut immediately. For example, if your workplace uses key cards, you might not be able to enter the building. Your passwords might also be disabled, so you couldn’t access emails or the company intranet to find contact information for internal and external colleagues.
—Itemize your company-issued equipment. What would you need to return in the event of a layoff? Laptops, cell phones and company cars are the most common items; you may also be holding tools, keys to company property, or other items of value.
—Review your company-sponsored benefits. Health insurance is the big item; other things may include disability and life insurance, professional subscriptions and memberships, and health club memberships.
—Review your personal goals, particularly in the financial realm. If you’ve been meaning to refinance your mortgage, for example, move that analysis to the front burner. This project is almost always easier to complete while you’re still employed. That said, if you were thinking about an accelerated loan term, it may be smarter to choose the lowest monthly payment and fold any fees into the balance, to preserve your cash resources.
2. Reallocate your resources
—Stop using your work computer to store your personal documents. Print or email to your personal account the items that matter to you, such as letters of praise you’ve received or presentations you’ve given. Remember that the work you’ve completed for the company does not belong to you. On the other hand, unless it’s highly confidential, your work does belong in your portfolio, so capture representative samples of your projects.
—Stop using your work cell phone to store contact information for your network. Now’s the time to duplicate your phone files into something more permanent. Imagine that you might be asked to relinquish the phone at a moment’s notice, because that’s exactly what has happened to countless individuals during a layoff.
—Spend more time with contacts outside your place of employment, particularly if they work for companies you’d consider joining.
—Quit limping. If you’ve been delaying a foot surgery or other quasi-elective procedure, consider that now may be the best time to take care of this problem.
—Rethink your company-based investments. Are you holding a lot of stock in your company? Should you be?
—Enhance your savings. Now is a good time to experiment living on less while you stash more of your paycheck into a rainy day fund.
3. Act as if the layoff is imminent
—De-personalize your work space. Not to the point of desolation, but enough so that a walk out the door, should it happen, won’t be a five-box event. Also, remember that layoffs sometimes happen in the worker’s absence, with personal items sent home for them. Understandably, things get missed or lost in this transaction. To be safe, take home the things that really matter to you.
—Scrub your files. Consider what might be on your company-issued computer that really shouldn’t be there. Then take it off.
—Collect your co-workers’ non-company contact information. Remember that they may get laid off too, so the company email address won’t be helpful later.
—Initiate or update your LinkedIn profile. There’s no need to specify that you’re seeking work; just being findable by colleagues and recruiters can be enough for now.
—Make use of company programs while you can. Does your workplace offer tuition reimbursement or conference registration? You need those things. Now. However busy you think you are, don’t miss the opportunity to upgrade your skills or broaden your knowledge in your field. Those are your stepping stones to the next job.
4. Relax. Or, at least, don’t obsess about this situation. Control what you can and let the rest go; you’ll need your strength to move forward if a layoff does occur.
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