Eventually we all come to a point where it is time to say goodbye to our present job. Based on my experiences in the HR arena, I'm going to give you some tips on things to do when that time arrives for you.
This three part series focuses on advice for 3 different scenarios:
1. When you are leaving involuntarily
2. When you are leaving voluntarily
3. Advice applicable to both scenarios
I'll start with with a situation I hope you don't yourself it- you are being involuntarily separated from your job. This could be through some fault of your own (your aren't performing up to par, you miss work too much, etc.) or something over which you have zero control (your manager is a nutcase, your whole division is being eliminated, etc.) Either way, this is unlikely to be fun for you. But you must make the best of a bad situation.
Things to do if think this might happen to you
1. Get you resume in tip top shape. You should always have a current resume ready to go, but if you've slacked, due it now.
2. Put the word out to your personal and professional network that you are looking for a position. This is the way many, many jobs are filled, and being recommended by an employee (a good one) helps you rise toward the top of the stack.
3. Make an assessment of your financial situation. If your job is potentially in jeopardy, it is not the time to spend lots of money on non-necessities. Batten down the hatches, and prepare your financial ship for a possible storm.
4. Explore your health insurance options. If you are married and your spouse has insurance available through his/her place of work, start there. If you do lose your job, your spouse will be able to add you immediately regardless of the time of year as this is a qualifying event. If this is too high or not an option, look into the individual market. You want to make sure what you are quoted is "creditable coverage". This is key. You can google for full details, but basically it keeps you covered for preexisting conditions when you transition to another plan.
If this does happen to you
1. Do not sign ANY paperwork that looks like a lawyer wrote it without having your own lawyer review it. If it was important enough for the company to spend the money to have a lawyer prepare it, you need to be very careful and protect your own interests. See if your EAP has legal referrals for free or no charge. If not, ask around for recommendations. Negotiate up front how long it should take and what you'll be charged. Most agreements shouldn't take long at all to review. I'm continually amazed at people who sign severance agreements on the spot. Unless you're a legal expert, don't.
2. File for unemployment the day you are let go. Even if you don't think you're eligible, file anyway. The worst that can happen is that you'll be denied.
2. If you are offered severance, ask for more. The worst they'll tell you is "no".
3. See if your company will pay for your COBRA coverage. Again, the worst possible outcome is they'll say "no". If they do, find out when your coverage ends. Compare what you'll pay for COBRA versus the information you obtained from #4 above and arrange coverage ASAP. You don't want to go without.
4. Ramp up your job search efforts. Find someone to be your job hunt mentor. This person can help keep you focused and motivated.
5. Realize this too shall pass. You will make it through.
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