How to Avoid Getting Laid Off

My last job ended when my employer laid me off. That was the first job I’d ever lost, as opposed to leaving when it was time. In the following, I’ll share what I think are the most important things you can do around the risk of losing your job.

How to Make Yourself as Layoff-Proof as Possible

First off, let’s make something clear from the get-go – nobody is indispensable! Just think of what would happen if you were to quit, or heaven forbid be run over by the proverbial bus. Would your employer fold and go out of business?

The best time to prepare for something bad that might happen is before it happens. That way you’re not stressed and panicked, which makes you less effective. So, part of being proactive is creating your what-if checklist now rather than procrastinating until it happens.

Creating “Just in Case” Checklist for Potential Layoff

– List your most marketable skills and strengths. You can start from all the things your supervisor and/or clients and/or friends and/or colleagues ask you to help with. – Next, list all the types of positions that could benefit from someone with those skills and strengths. – After that, investigate the availability of those types of positions.

Score the plausibly available opportunities from the above list by how excited you’d be to pursue them, and how well they’re compensated. – Identify all your financial resources that could help bridge a loss of income for a few months. The longer your “runway” to get the next job, the less stressful it would be should you lose your job.

Try to maintain or even increase your liquidity. This means avoiding paying more than the minimum required on low-interest debts. If you don’t already have one, consider opening a fixed-rate Home Equity Line Of Credit (HELOC) while you still have a salary. Then, don’t borrow anything from it until and unless you have to.

Preparing Your Finances for a Potential Layoff

Finances are not the only thing you need to consider. When I was laid off, my employer and I parted ways very amicably. In fact, the CTO of the company offered to help me get a new position by recommending me to potential employers.

Non-Financial Preparation for Potential Layoff

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