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#CareerAdvice : How to Negotiate a Better Severance Package If You Are Being Laid Off. A Severance Package can be Negotiated. Understand your Options and Focus On What Matters Most to You. A MUst REad for All!

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Once your employer has given you a termination notice, the chances are your tenure is over. Although there are a few exceptions, it would be difficult to save your job. “I’ve represented probably 10,000 people who have lost their jobs,” says Wayne Outten, the founding partner and chair of Outten and Golden LLP, an employee-side law firm. “The number of people where the company reversed their decision and unfired them is extremely rare.” 

Although you might be overwhelmed, the most important thing to do right now is to focus on negotiating the best terms you can and to be aware of all the options available as part of a severance package. Don’t waste time passively waiting for things to happen to you. This is an opportunity to negotiate something that is fair and equitable for both you and your employer.

“Negotiating a severance package is a difficult moment in everyone’s life, but it can be an opportunity to carve out an agreement that everyone benefits from, and it can be the next step in somebody’s career,” says career coach Paolo Gallo. “It’s not necessarily a funeral.”

Determine what is most important to you and ask for it.

Think about your goals and the employer’s needs, and where the two align. “An organization has the duty to listen to what is important to people, and people have the duty to find out what’s important to the organization, and then find a compromise,” says Mr. Gallo.

If you have considered starting your own consulting business, for example, you could negotiate an arrangement that allows you to stay on as a consultant while pursuing other opportunities. “As an HR director I signed dozens of these kinds of agreements,” says Mr. Gallo. This can help a company to decrease its staff and benefits costs, while retaining your services and institutional knowledge. At the same time, your association with the company can help you attract new clients while you set up shop.

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What Skill Sets Do You have to be ‘Sharpened’ ?

Article continued …

If you need time to find a job and don’t want to be unemployed while looking, you can request that your severance be paid out in installments over a period of time and that your name stays on your employer’s website until you find your next job. The vesting period on your 401(k) is the amount of time you must work for your company before you gain access to its payments to your plan. Your payments, on the other hand, vest immediately. If your plan hasn’t fully vested, you can ask your employer to pay you the difference between the full and vested balances, or you can request to delay your termination date until it vests. You can also ask your employer to cover your health-insurance costs until you find a new job.

“Don’t think about how much money you can squeeze out of the organization,” says Mr. Gallo. “Think about what else might be important to you.”

What you can negotiate in a severance package:

  • More money. You can ask for more money, although you should keep in mind the amount is often tied to how long you have been working for your employer.
  • How the severance is paid. You could request that it be paid out in installments so that you continue to get paid regularly while you look for your next job. Or if you are worried about the company’s future performance, you can request one lump sum.
  • Remaining tied to the organization. You may ask to stay on as a paid contractor while pursuing other opportunities in lieu of taking the severance.
  • Retirement plan contributions. You could request that the employer pays you the unvested amount of your retirement plan, or if you are close to fully vesting, you can ask to move your termination date until that happens.
  • Stock options. Unlike 401(k) plans and defined-benefit pension contributions, which are regulated by the Employee Retirement Income Security Act and the Internal Revenue Service, you can request to accelerate the vesting period of your stock options or to have them continue to vest after you leave.
  • Health insurance. If you are concerned about health-care costs, you could ask your employer to cover your health insurance until you find your next opportunity.
  • References. You could include a clause in your package that stipulates how your employer will describe your period of employment if asked for references about you.
  • Outplacement services. You can request access to services, such as career coaching, training or help with your resume and cover letter until you find your next role.
Check your contract or employee handbook—and the law.

While companies are usually not legally required to provide severance pay, some employers do, and they have policies for how it works. Read through your contract or employee handbook to make sure your employer is following its policy. If there is a discrepancy, point it out during your negotiation.

Keep in mind that employers usually pay severance benefits only after the employee signs a release not to bring claims against the company, so it may make sense to consult with an employment attorney if you have any concerns.

Negotiate with the person who has the power and inclination to help you.

In negotiating your severance package, it is important to take stock of how long you have been with your employer, what your position is within the organization and what your contributions have been. Severance pay is usually reserved for salaried employees, and those who have served the longest reap the greatest reward.

However, don’t underestimate the three P’s in this equation: power, personality and politics. In particular, you should aim to negotiate with someone who has the authority and the willingness to help you. “Talk to the right people,” says Don Wylie, a managing partner at the recruiting firm Lucas Group. “Sit down with those people that have been your mentors, your allies.” Describe why the package is inadequate, and point to everything you contributed to the company during your tenure. If you can quantify your contributions—such as saving the company a lot of money due to an innovation you contributed to, or the additional sales you brought in as a result of you winning an important client—even better. When companies lay off a large group of employees, they sometimes swipe with a broad brush and forget about the individual contributions that you have made.

Don’t hesitate to explain your personal situation if necessary. “As a general rule, nobody wants to see another human being suffer,” says Mr. Wylie. “Look at your personal financial situation and how that’s going to strain. If you don’t ask and you don’t explain, obviously you’re not going to get anything.”

Resources
  • Excerpt on Severance Negotiation.This excerpt from Wayne Outten’s book covers many of the legal and strategic aspects of severance negotiation.
  • The Compass and the Radar. In this book, Paolo Gallo offers practical tools as well as insights on the trade-offs and difficult choices everyone needs to make at some point in their careers.
What to read next

WSJ.com | December 16, 2020 | Deborah Acosta

#JobSearch : How To Restore Your Confidence After A Layoff. The Coronavirus Outbreak has Triggered Unprecedented Mass Layoffs and Furloughs.

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The coronavirus outbreak has triggered unprecedented mass layoffs and furloughs. So, if you’re one of those people affected, you’re not alone. Yes, we’re in the middle of a global pandemic. But no matter what the circumstances are, a layoff can be devastating to one’s self-confidence.

“I can be changed by what happens to me. But I refuse to be reduced by it.”  Maya Angelou

People often define themselves by what they do for work, so you may experience a job loss as a loss of personal identity. To get past your own feelings of failure and inadequacy, here are five ways to restore your confidence after a layoff.

Remind yourself it’s not you

It can be easy to feel shame and embarrassment after a layoff. Don’t. Restore your confidence by making it a point not to take it personally. Remind yourself that these are tough times, and millions of people are in the same predicament. It’s not a reflection of your performance, just the current economic situation.

Take time out

A layoff can be a blessing. Sometimes it’s the universe’s way of opening a new door for us. Consider this the perfect time to take a step back and review your career trajectory. Did you even enjoy what you were doing? Do you want to stay in the same industry? Taking advantage of this crucial downtime to assess your situation can help to restore your confidence. In fact, doing this important inner work can be more beneficial than immediately jumping into a new job. Especially a position that won’t provide the fulfillment you deserve.

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What Skill Sets Do You have to be ‘Sharpened’ ?

Article continued …

Surround yourself with positive people

This is a time to be surrounded by people who are positive and uplifting. Stay away from the “energy vampires.” These are people who consciously or not, drain your emotional energy. If you find yourself spending time with someone and you feel like they suck the life out of you, that’s an energy vampire.

Restore your confidence by surrounding yourself with people who show by their actions that they care about you and have your best interests at heart. That will go a long way in helping you achieve a healthy mental outlook. You may even want to enlist the help of a coach or mentor to help you unpack your feelings, hold you accountable and devise a plan to achieve your ultimate career goals.

Review your finances

After a layoff, it’s common to feel uneasy about what’s next. Before making any career moves, review your financial situation. This will give you a chance to determine where you stand from a cash flow perspective. Many people come out of this exercise with a renewed sense of confidence and optimism. You will feel relieved knowing exactly how much runway you have until you need to secure that next job opportunity. Crafting a solid plan will help alleviate stress and ease any feelings of financial uncertainty. You’ll also want to cut back on your expenses for a while, eliminating any non-essential items.

Get involved in meaningful work

Try to get involved in meaningful work as soon as possible, even if it’s only on a volunteer basis. And if you’re concerned about social distancing, you can volunteer without leaving your home. Points of Light is one organization that is committed to empowering, connecting and engaging people and organizations with virtual opportunities to make a difference that are meaningful and impactful. Volunteering will make you feel good, help you learn new skills and broaden your networking base. Who knows, over time, it may even turn into a permanent, paid position.

Layoffs and furloughs are the new normal, but that doesn’t mean you can’t bounce back better than before. As Maya Angelou once said, “I can be changed by what happens to me. But I refuse to be reduced by it.”

Author: Caroline Castrillon Contributor

 

Forbes.com | July 8, 2020

#YourCareer : In A Sign Of The Times, Cold Zoom-Call Firings Are Now Common. Great REAd!

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Tough times bring out the best and worst in people and companies. Since the Covid-19 pandemic started, we’ve seen a noticeable increase in bad behavior. There’s been riots, cities set ablaze, looting of stores, killings and acts of police brutality.

The manner in which employees have been downsized tells a lot about the company and our overall current culture.

On a lesser level, but still disconcerting, social media—as well as the mass media—has become a volatile cocktail of toxicity and hate. It’s not surprising that this lack of empathy and coldness has crept into the corporate world. The manner in which employees have been downsized tells a lot about the company and our overall current culture.

Last week, 24 Hour Fitness, a privately held national chain of about 430 gyms with 22,000 workers, fired employees via a phone call. According to The Wall Street Journal, the gym’s Chief human resources officer, Tami Majer, sent an email to workers asking them to participate in a phone call to discuss “important company updates,” indicating that they’ll be paid for their time. On the call, the employees were told that they’ve been let go. There wasn’t any in-depth discussion around severance packages, benefits or any other color provided as to what’s going on.

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What Skill Sets Do You have to be ‘Sharpened’ ?

Article continued …

It’s understandable that 24 Hour Fitness had financial problems. Like thousands of other companies deemed non-essential, the gym chain was forced to close down its facilities. While many people say that gyms are indeed essential, as they’re important to our physical, mental and emotional health, it was viewed by medical professionals as a breeding ground for catching and spreading Covid-19 and couldn’t remain open.

For about four months, the company still had to pay rent, insurance and other expenses, while not receiving any revenue. Under these circumstances, it’s hard to sustain an enterprise composed of hundreds of locations with expensive equipment. One of its competitors, Gold’s Gym, with 700 locations worldwide and self-described as “the world’s trusted fitness authority for more than 50 years,” recently filed for Chapter 11 bankruptcy protection.

24 Hour Fitness did send an email to the people impacted by the layoff explaining the rationale and reasons behind the layoffs, along with important information surrounding the terms of their dismissal. CEO Tony Ueber said, “These are painful decisions, and we do not make them lightly.”

This isn’t a one-time thing. There have been an alarming number of companies that have laid off people in the same cold, impersonal way.

Ridesharing company Uber previously announced a layoff of 3,500 employees, representing 14% of its workforce. In a sign of the times, with employees working from home, Uber informed the job-loss casualties via an online Zoom call. The head of Uber’s customer service office, Ruffin Chaveleau, told workers that today was their last day at the company.

Chevaleau soberly shared that Uber’s business was hit hard. The company’s business dropped by over 50%. She said, “With trip volume down, the difficult and unfortunate reality is there is not enough work for many front-line customer support employees.” Chaveleau added, “As a result, we are eliminating 3,500 front-line customer support roles. Your role is impacted and today will be your last working day with Uber.” Uber CEO Dara Khosrowshahi said of the downsizing, “We’re focused on navigating through this crisis that absolutely leaves us in a position, a stronger position, as the world starts to recover.” Khosrowshahi announced that he will be forsaking his base salary.

Bird, the scooter-rental startup, fired 406 employees in a harsh “Black Mirror” style. The unsuspecting workers were asked to log into a one-way Zoom call, after being informed that all other appointments were cancelled. A disembodied voice read a script informing the person that they’ve been laid off. Their Slack and other accounts were shut off and given end dates.

The airline industry has been one of the hardest-hit sectors by the pandemic. The federal government called for the cessation of nonessential travel. Even with essential travel, potential passengers have steered clear. In response to the dramatic decline in flights and acknowledging that the fortunes of airlines won’t turn around anytime soon, they’ve enacted massive layoffs.

The airlines received billions of dollars from the government to bail them out. The federal bailout for the airline industry barred layoffs, involuntary furloughs or pay cuts for employees. The airline executives, including United Airlines, were cold and harsh. United didn’t even try to hide the fact that job cuts are coming as soon as the required period to retain employees ends. Once the prohibition is lifted, as early as Oct. 1, the workers will receive their pink slips. To add insult to injury, workers were told to take unpaid or lower-paid leaves in the interim.

Wonderschool, ZipRecruiter, WeWork and the Wing have all used Zoom to inform employees that they’ve been terminated.

Airbnb took a different, more enlightened approach. The company announced that it was downsizing 25% of its workforce. Roughly 1,900 people out of the company’s 7,500 total workforce will lose their jobs. What’s different about Airbnb is the manner in which the company informed employees of its plans.

In a message to staff, Airbnb cofounder and CEO Brian Chesky said, “Some very sad news. Today, I must confirm that we are reducing the size of the Airbnb workforce.” Chesky then advised his employees that he will be transparent and offer details, so that everyone is fully aware of what’s happening. He was forthright and didn’t try to spin the narrative, as he stated, “We are collectively living through the most harrowing crisis of our lifetime, and as it began to unfold, global travel came to a standstill. Airbnb’s business has been hit hard, with revenue this year forecasted to be less than half of what we earned in 2019.”

With all of the stress and anxiety we’re all going through, it’s almost understandable how corporate executives can lose sight of the feelings of the people who’ve been selected for downsizing. It’s important for them to remember that they are human beings. Getting fired is an unpleasant and—at times—life-altering experience. In light of the current job market, in which over 40 million Americans have filed for unemployment since mid-March, it’s one of the worst times to be let go.

Due to Covid-19, it’s hard to conduct face-to-face meetings, but maybe this should happen anyway—with the appropriate precautions, of course. At the very least, instead of mass firings, companies could allocate the time to fully express courtesy and respect to their people by speaking with everyone individually.

The people involved with downsizing have to be transparent, empathetic and share the reasons why their employees are being asked to leave. A sufficient amount of time must be set aside to discuss and answer any and all questions related to the layoffs. The human resources professionals or managers should provide all of the necessary facts and relevant information regarding severance packages, whether or not job search assistance is offered, if there’s a chance to be rehired and other important matters.

David Ulevitch, a general partner at the preeminent venture capital firm, Andreessen Horowitz, offered advice on how to compassionately conduct layoffs while employees are working remotely, “The layoff may cause serious financial and psychological distress. It will also force them into a wrenching emotional disconnect from their friends and colleagues.” He advised managers, “Your duty as a leader is to do everything in your power to give them as many resources as you can and offer them the most dignified exit possible. This will take careful thought and planning.”

Just because we’re living in volatile and chaotic times, it doesn’t mean that corporations can abrogate their responsibilities to their employees when they need hand-holding, reassurance and guidance the most.

 

Forbes.com | June 15, 2020 | Jack Kelley 

#YourCareer : Should You Change Careers Because Of The Pandemic? Great Read for All!

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The pandemic and its fallout definitely impact career planning. Unemployment numbers are ticking upward, so job seekers overall are competing in a more crowded overall market. Certain industries such as travel are hit hard, so workers in contracting fields in particular face dwindling opportunities. Even if you’re currently employed, you should pay attention to how well your employer can hold up in these challenging times.

If you find yourself in a troubled industry, should you change careers and target other areas? As with most career questions, there is no one-size-fits-all response to your individual career. Even though I just made some generalizations about the negative impact of the pandemic on career planning, the optimal next step for your career depends, not just on the market, but also on you.

Here are some arguments for and against changing careers because of the pandemic to help you choose the best course of action for you:

Yes, change careers because your industry may take longer to recover than you are willing or able to wait

I coached a client who loved her travel job but lost it along with 90% of her colleagues. Projected recovery for the travel industry could be next year or several years. Sure, jobs don’t totally disappear even from hard-hit industries. However, if you need to land quickly, you may want to change careers into a growing market.

 

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What Skill Sets Do You have to be ‘Sharpened’ ?

Article continued …

No, don’t change careers because you love your field and want to stick it out

That said, if you have a passion for the industry you are in, you may want to stick it out. There are ways you can help your job search in a down market, such as revisiting old employers or targeting project work over permanent, full-time. Maximizing your career isn’t just about getting any job, but about landing a job you love.

Yes, change careers because you have severance that can fund your job search

But do you love your job? The industry or role you start with isn’t something you have to do forever. Some professionals get so caught up in the day-to-day busyness of their immediate job that they don’t take a long-term, more proactive view of their whole career. If you had been getting complacent in your current career, this pandemic may be just the jolt you need to reconsider and redesign your career. If you have been laid off, you could invest the severance or unemployment benefits you receive into yourself and a career pivot.

No, don’t change careers now because a changing careers takes longer than landing a similar job, and your severance may run out

That said, timing a career change during a down market is like swimming upstream. You already have a shrinking pool of jobs and employers who are feeling cost pressures. Add in the fact that as a career changer you are an unproven and therefore riskier choice. Are you prepared for a much more difficult job search? Do you have the time and financial means to stick it out?

Yes, change careers because you were thinking about making a change anyway

There is never a perfect time for a big life decision, like changing careers. If you had already been thinking about a career change and then the pandemic hit, this doesn’t necessarily mean you should abort your earlier plans. I have coached several professionals who make a change even at a peak in their careers – another time when arguably you shouldn’t make a change. Just because it doesn’t seem like the right time in general doesn’t make it the wrong time for you.

No, don’t change careers because getting experience in a down market is good experience

If you feel like you’re coasting on the job and you’re looking for a challenge, navigating a down market can be that challenge. If you have never experienced a down market in your current industry and/or role, this is good experience to have, especially if you aspire to the executive ranks one day. As a recruiter, I have seen many employers prioritize candidates who had a good track record, not just in growth times, but also in hard times. If you get tapped for a big cost-reduction effort, restructuring or turnaround initiative, you have the opportunity to get tangible, measurable results that can put you in a better position for bigger roles in the future.

Yes, change careers because you have an idea or inspiration prompted by the current market

If you change careers just to get away from your old career, that’s like a bad approach to dating. Instead, you want to be genuinely attracted to the new career. If the pandemic and its fallout have revealed a new interest for you – e.g., you love virtual meetings and decide to focus on remote learning – then that is an excellent sign to pursue that option. The best part is that you don’t have to quit your job right away, as the first step in career change is about making life changes, not launching a job search.

No, don’t change careers because you have other constraints vying for your time

Speaking of life changes, the pandemic has upended much more than just your career. If you’re in a dual-career household, if you have children, if you have elder care responsibilities, if you have a side passion that has been put on hold, then there are other areas of your life that may need more urgent tending than your career. The right time to make a career move needs to account for everything else going on in your life too.

Internal readiness trumps market conditions always

As you can see, there is no one answer to whether you should change careers because of the pandemic or not. Instead, I would divide the question into two parts: 1) should you change careers; and 2) because of the pandemic. Then, I would focus on the first part – whether or not you should change careers. The second part is just about how the market may impact you — and it may not. Your internal readiness to make a change — your willingness to do the work, your fortitude to stay the course — is more important than market conditions. If you want to make a change that badly, you will find a way.

This post is inspired by a question I received from Echo Me Forward, a career platform for diverse professionals. I love answering reader questions, and they run the gamut – like whether to target a familiar job or stretch role, how to market yourself to a new industry or whether to quit a job to care for elderly parents. What is your most pressing career question?

Author:  Caroline Ceniza-LevineSenior Contributor

Careers
Career Change Expert and Author of “Jump Ship: 10 Steps To Starting A New Career”
Forbes.com | May 10, 2020

How to Change Careers: EveryThing you Need to Know about Making a Transition that will Leave you More Fulfilled and Less Stressed. Must REad!

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Millions of Americans have lost their jobs in the wake of the novel coronavirus pandemic.  If you recently lost your job, fear it might happen, or are just looking for a change, it may be time for a career pivot.

Finding a new role may involve making big changes and overhauling your entire lifestyle, or trying a different role within your current team.

Below, Business Insider has listed the best (and most practical) career-change advice we’ve heard from a range of experts, plus super successful folks who’ve revamped their own work situations. Use these stories as inspiration for your own career transition in the year ahead.

Business Insider regularly interviews experts about career pivots. You can read them all by subscribing to BI Prime.

Searching for a job during an economic downturn

Networking email template: Use this exact email template from a LinkedIn career expert to network and find a new job during a recession

How to improve your career during quarantine: 8 steps to improve your career while self-isolating, so you can land a plum job after the quarantine

Using your stimulus check to invest in your career: How to use your $1,200 stimulus check to invest in your career, so you can find a dream job or finally advance in your current role

Finding a job during a recession: Recruiters and career coaches who survived the Great Recession share their most urgent advice for finding a job during a new economic downturn

 

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What Skill Sets Do You have to be ‘Sharpened’ ?

Article continued …

Finding your career confidence

Gathering support at work and at home: A LinkedIn executive’s 3-step plan to making a meaningful career change can help anyone who feels stuck in their job

Overcoming fear: This poster in Facebook’s office inspired an early employee to make a huge career shift in his 40s

Focusing on your strengths instead of your insecurities: 6 important steps you need to take to successfully change careers, according to career coaches and real people who’ve done it

Experimenting before you take any big leaps: A career coach and former Googler breaks down the 4 steps to making a change in your career

If you want your dream job

Figuring out what you actually enjoy doing: The best question you can ask before changing careers has nothing to do with your work

Re-envisioning your overall career: A former Googler and Facebook exec says your parents’ career path is just about dead, and there’s a better way to move up in the world

Recognizing when you need a new challenge: The CEO of a consulting firm says if ‘you can see your future’ at work, you may not be in the right career

Finding out what your new life will really look like: Too many people skip a crucial step before making a career change

Distinguishing between hating your job and wanting to start your own business: The ultimate guide to figuring out how (and if) you should start your own company

Pinpointing the most impactful and fulfilling work you could do: A former Google exec reveals the 3 questions you should ask yourself before making a career change

Leveraging your past experience in your new role: You’re not ‘too old’ to make a career change — in fact, you’ve probably already done half the work

Taking small steps toward your ultimate goal: How to make a drastic career change, from an executive coach who’s helped countless people unhappy at work

Making tough decisions at work

What to do with your stock options: 5 immediate steps to navigate your stock options if you’ve been laid off from a startup and want to make the best financial choices for your future

Keeping an open mind about your career: An exercise Stanford professors developed to map out how your life will unfold removes the agony from big career decisions

Weighing the value of prestige and personal fulfillment: Ask yourself these 2 questions to decide between a job that’s more prestigious and a job that’s more fulfilling

Evaluating the opportunity for growth in your new role: Goldman Sachs’ outgoing talent chief shares the 3 questions he asks himself before taking any new role — including his next one as CEO of a HR tech startup

Deciding whether to move on from your organization: A former Netflix exec shares 3 simple questions to ask yourself if you’re thinking about leaving your job

Avoiding a bad reputation among your current coworkers: A woman who’s spent a decade in HR shares the No. 1 sign it’s time to quit your job

Riding out boredom: A former Googler and career coach says you shouldn’t always turn your passion into a full-time job

Seeing the signs that you’re ready to transition: A former Googler who left after 2 years to build her own startup explains how to know it’s time to quit your job

Minimizing risk: The 33-year-old CEO of a successful startup reveals the key to minimizing risk when you leave a steady job to become an entrepreneur

Telling your boss you’re quitting: A workplace expert shares the exact steps you should take to quit your job without burning bridges

 

BusinessInsider.com | May 8, 2020

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#JobSearch : What To Do If You Have Been Laid Off Due To COVID-19. Worst Words to Hear: “We have to let you go.”

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More than 22 million Americans filing for unemployment as of April 16, 2020 have heard this sentence since the COVID-19 pandemic started escalating in March 2020.  The rise of companies and small businesses being forced to shut their doors temporarily or permanently has pushed unemployment rates through the roof.

This may feel like the rock bottom you never wanted to reach, but as someone who lost all of her financial success once before, let me remind you that there are things you can do to get out. You can reclaim your career, your sense of dignity, and believe it or not, you can come out stronger than ever before.

When a major life change like this hits you upside the head, being able to focus on the right action steps can feel difficult. Your emotions are running wild, and the world feels all doom and gloom.  But, with a little strategy and focus, there are steps you can take right now to stay afloat and prepare you for the future.  Here is what to do if you recently lost your job.

1. Gather information.

You walk away from the meeting where you were let go and hop on a job-hunting site. Although this may feel like a no-brainer move to make, it could land you in a job that you don’t want. Resist the urge to be reactive, and consider taking a few days to gather yourself and build a plan.

Begin by reviewing your previous employment information. When you leave, ask for a copy of your original employment letter or agreement, and look to see if there were any non-compete agreements set in place that may disqualify you from applying for certain companies. Also, note that each state has different laws about noncompetes. For example, California pretty much won’t enforce them (but I’m any lawyer over here). These details will save you time down the road.

Put together a list of contacts in your network that you can reach out to. This could include previous colleagues, bosses, alumni, friends, or networking connections. Build this list and then send each of them an email asking to have a virtual coffee or phone call.  Historically, most jobs, upwards of 85%, are filled without even being posted online.  So leverage your network to help you during this time of need, that is what they are there for after all.  Also remember that with everyone in quarantine, it’s a great time to network. People are more available than usual, and more likely to say yes to a networking conversation.

Before your phone calls, spend some time getting clear on what skill set you to bring to the table and which roles are most aligned with where you want to go.

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2. File for unemployment.

If you lost your job due to COVID-19, you qualify for weekly unemployment payments from your state of employment. This isn’t only for corporate jobs, the CARE Act opened unemployment for gig workers, freelancers or other self-employed individuals.  Get this process started right away so that you have some form of income to hold you over during the job hunt.

This paycheck may be what gives you the peace of mind to focus during interviews without the financial pressure showering down overhead.

3. Take care of your health.

Healthcare typically ends at the end of the month where your employment was terminated.  Be sure to get your healthcare plans in place.  In most cases, you can keep your employer’s plan for up to three years with the federal program COBRA, but since the premiums tend to be very high, it could be worth exploring other options. If this isn’t a path, consider purchasing insurance through the Affordable Care act. At a time when health is wildly important, you don’t want to skip out on being protected.

The reality is, a job loss takes an emotional and physical toll on individuals. Data has found the effects of job displacement take off an estimated 1-1.5 years of life for individuals over forty, with the effects of a layoff being stronger for those who expected to remain in the workforce longer.

When you’re living your best life, it’s easy to take care of yourself.  When things are rough, falling into the trap of comfort food and cuddling up on the couch can become far too easy.  Take care of yourself, and create a sense of routine in your life that fosters preventative wellness.

In a world of green juice, supplements, and med spas, remember the basics are so underrated! Have you gotten enough rest? Are you drinking water? Have you eaten nutritious meals?

4. Don’t be afraid to get creative.

Depending on your financial state, you may have more or less leniency on what you can afford to do. This may look like taking a temporary job while you continue to apply for new jobs or it may look like building the side hustle you always wanted.

While it may feel hopeless to hear the news updates and ongoing crisis, recruiters are still hiring or looking to build relationships with individuals for the future. Evaluate your skill set and pursue opportunities at the companies that are still hiring. If you were a customer service representative for a travel agency, don’t be afraid to look for service jobs in the growing healthcare industry.  If you were a teacher, consider building an online learning course for students that parents could purchase.  The world is changing, and it is time for your thinking to change with it.

4. Brush up on your interview skills.

Take some time to review or edit your resume and cover letter. Be sure to gather any new or updated letters of recommendation.  If you left your previous employer on good terms, ask for a letter from your boss. Although they had to let you go, it looks great to have their support post-employment.

  • Practice and polish your answer to the most common interview question,  “tell me about yourself.”
  • Practice interviews over the phone and video with a friend, family member or career coach like myself.  The job search process is evolving, and hiring is almost solely occurring online right now.
  • Do your research on each company you are applying for.  Know their background, culture and current state, since 47% of hiring managers report passing on candidates that don’t clearly know their company.

Getting laid off doesn’t feel good, but it doesn’t have to tarnish your inspiration in your career.  Shift your perspective and view this as an opportunity to really showcase your potential and skills.  Anyone can make lemonade when there are lemons in their kitchen but are you willing to go out and find the lemons yourself?

Author:  Ashley StahlContributor  Careers

Forbes.com | May 5, 2020

#YourCareer : 16% Unemployment This Summer: CBO’s Prediction And How To Prepare For It. Are you Processing This?

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The economic fallout from the novel coronavirus pandemic is expected to be drastic and last much longer than first believed. On Friday, the Congressional Budget Office updated its 2020 and 2021 projections for the U.S. economy. CBO is forecasting that unemployment is likely to rise to 16% and then hold at levels of 10% through the end of 2021.

If you’ve learned that your company will soon begin layoffs or that your job is being eliminated, you have to get your mind around processing the bad news, and then you have to take action.

This is mind-blowing. It was just February that the U.S. economy had been riding a wave of record-level low unemployment with numbers as low as 3.5%. Can it really be that in neck-breaking speed unemployment could rise from 3.5% to 16% by summer? Yikes!

Are you processing this? It was also announced this week that 26.5 million new jobless claims have been filed since mid-March. When you add this to the fact that CBO’s economists and analysts are predicting 3rd quarter unemployment of 16%, you get the picture.

f this is to be, it means that unemployment will exceed the 14% high of the Great Depression as soon as this summer. And then it’s expected that it will remain excessively high and hover around 10% (the peak level of the Great Recession) all the way through 2021. If these predictions prove true, millions more Americans will become unemployed, and they will stay that way much longer than most had hoped.

This drastic increase in unemployment numbers was first reported in early April when the first of five straight weeks of devastating job reports started rolling out. Five weeks ago, The Guardian summed it up this way. “America’s decade-long record of continual job growth came to a shuddering halt on Friday as the US unemployment rate rose for the first time since 2010.” That first week it was 701,000. So we’ve gone from 701,000 new jobless claims to 26.5 million in a stunningly short time.

With the CBO predicting that it’ll get much worse before it gets better, here’s my recommendation for how you can better prepare for it.

Pay attention to what your company and others are doing.

Whether you are employed or unemployed today, pay attention. Whether you think your job is at risk or you’ve already lost it, pay attention. And whether you think your job is safe and secure and will remain that way, still pay attention. It’s up to you to do what’s necessary to own your career. You can’t afford to blindly leave your career—and financial security—in the hands of others. None of us can.

Stay in the know about what’s happening in the economy, with your employer, with your employer’s competitors, with your employees and all across your industry, and then ask lots of questions. Find credible sources of information—organizations, companies, and people—and follow them.

Find out who’s hiring and who’s not; who’s making pay cuts and who’s dolling out pay raises. If the core of your network is comprised of people rooted in a dying profession or a dying industry, take notice. To stay informed, you want to build a network that includes people who work in growing professions and industries for the future. Take notice of the companies that are disrupting themselves as a way to stay competitive and those who can’t seem to embrace anything beyond legacy systems and processes.

And, if you find that your job isn’t actually at risk today but you’re considering a career change, first assess what career capital you can leverage and how to go about doing it. I recommend you set time aside to answer these six questions before making any voluntary moves.

Learn where the demand is.

When making decisions about your job or career, it’s important to know what’s driving demand because demand is a huge catalyst for input (sales, business exchanges, deliverables, resources, money, innovation, time, etc.). Where you see a need—where you see demand—focus on it. Search out the companies and industries that are likely to be called on to meet demand so that you can better determine who is likely hiring now or will be hiring soon.

Conduct your own analysis by learning the answers to questions such as these.

  • What are the essential products and services the economy needs now?
  • What are the essential services and programs of the future?
  • Where is the demand in the economy?

By figuring out answers to these kinds of questions, you can make better decisions about which companies to seek out and which ones to avoid for hiring opportunities. Hence, you can better manage your career for the long haul.

If you’ve already lost your job, focus here.

Sometimes you can do everything right. You can play to win and still lose. You can manage your career on an upswing and still have it take an unexpected downturn. Things happen. Sadly, even bad things happen, and they happen to good people far too often.

If you’ve learned that your company will soon begin layoffs or that your job is being eliminated, you have to get your mind around processing the bad news, and then you have to take action. It’s very important that you immediately file for unemployment, learn about the available mortgage protection programs if you are struggling in that area, and take care of yourself. Read this advice for more specifics on what to do next after learning of a pending job loss, a termination, a layoff, or any other decision that otherwise leaves you unemployed.

It’s okay to feel disappointment, anger, sadness, and an array of other emotions during such a time. Give yourself the space to process the news and your feelings about it. But by all means, you’ve got to keep it moving and lockdown that next job as quickly as possible.

Author:  
Terina AllenContributor
Careers
I cover careers, professional advancement and leadership development.

 

Forbes.com | April 26, 2020

 

#CareerAdvice : #YourCareer – How to Survive a Recession. How to Recession-Proof Your Career. #MustRead !

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Some experts believe is a recession is inevitable. In the last recession—which kicked off in 2008 and lasted 18 months—some 2.6 million American workers lost their jobs. And so, it’s no wonder workers across the country are worried, career experts say.

But there is some good news: The unemployment rate remains low, and consumers continue to spend in the economy—two indicators that companies are unlikely to scale back too much in the event of a recession. What’s more, as Andrew Chamberlain, chief economist of Glassdoor, told Market Watch, Americans’ money may be safe, too: “Most Americans are not invested actively in the stock market,” he said. “The psychology of slowdown hasn’t infiltrated the real economy.”

Of course, we understand if you’re still concerned, for your job and future. And that’s what this guide is here for: We’ll walk you through what to expect in the event of a recession, from what jobs might be safest to how to build a back-up plan and what you can do if you do lose your job.

Jobs That Are Safe (and Jobs That Aren’t)

While it’s safe to say most jobs aren’t truly recession proof, some career fields may be safer than others if a recession hits. “Anyone in medical care is considered pretty recession proof,” says Jill Jacinto, a millennial career expert. “It’s a service people will always need—especially as Baby Boomers continue to age and require more of them.” In that sense, Jacinto says that people who work as doctors, therapists, nurses, pharmacists, and senior care providers may be the safest. 

In addition to jobs in the healthcare industry, “government positions, the financial industry, IT, and technology are … more recession-proof industries,” says career coach Hallie Crawford. 

Jobs that typically aren’t safe, on the other hand, are retail and service-based, Crawford says. (In fact, she says, these are often the first industries to be hit by a recession.) What’s more, “if we look back at the recession ten years ago, the hardest hit areas were architects and construction, travel agents, event planning, and real estate,” says Jacinto. “This makes sense since people are scaling back from buying homes and cosmetic home improvement projects when money is tight. They also are forgoing vacations and large-scale events.” Of course, Jacinto adds, “people working in media also got hit with massive layoffs since advertisers were shrinking budgets.” 

Chamberlain also told NBC that “there was some very weak job growth for some blue-collar sector jobs,” such as transportation and mining, which may make these jobs less recession proof.

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Skills You Should Hone

Whether you work in a field that’s more (or less) recession-proof, it’s smart to hone certain skills that will be valuable no matter the state of the economy, our career experts say. After all, as Jacinto says, “the people who tend to survive layoffs are the ones most adaptable to change.” 

So, your first step, she advises, should be to learn or take courses on the newest skills needed for your particular job or industry—even if your work isn’t requiring you to do so. You should also practice being the “yes” person, Jacinto says—the one who is proactive about taking on projects and making your boss look good. (Making yourself indispensable is a good idea all the time.) 

Crawford says that tech skills, regardless of where you work, are important to hone. “Knowledge of technology is always going to be a must-have,” she points out. Plus, project management skills are skills that can transfer to almost every job and industry, and they can be highlighted on a job application. “Every organization will need people to manage projects effectively,” she explains.

How to Build a Back-Up Plan

Having a back-up plan will give you peace of mind and a clear path to follow should a recession hit. Jacinto recommends that your backup plan include strengthening your network and personal brand. “Check in with your network and develop new relationships,” she says, “so if layoffs hit, you’ve already done the meet-and-greets and can ask for job recommendations and referrals.”

You should also “mentally prepare yourself for having to accept less money, benefits, or—the most likely outcome—taking on more work during a recession,” says Crawford. In recessions, companies may try to do more with less, and your job—or a new job—may look very different than you envisioned. “Consider ways to be more efficient with your job, in case you are asked to take on an additional workload,” Crawford suggests. You should also think about ways to reduce your spending, too, she suggests, so that you’ll be financially prepared for whatever may come.

Talking to Your Boss About Recession Concerns

If you’d like to speak to your employer about potential recession risks, you can—but carefully. “You should not flatly ask, ‘Will I be getting laid off?’” warns Jacinto. “Chances are that your boss has no idea—and more importantly, you want to position yourself as a strong employee.” 

Instead, Jacinto and Crawford agree that you can broach company and economy issues in a one-on-one setting and in a way that doesn’t address your job specifically. You can ask: “How the organization is doing knowing the current state of the economy, and if the company or your department should do any planning for a possible recession,” says Crawford. “Your boss will likely not want to alarm any employees to a chance of staff reduction, but taking a proactive stance and opening a possible conversation for a plan of action is a positive way to address it.”

You may also want to set up a time to present to your boss how valuable you are the company, Jacinto says. “Put together a presentation that walks them through your day-to-day projects but also your accomplishments year to date,” she says. “How many new clients did you add? Have you increased ROI or decreased budgets? Letting your success speak for itself subconsciously tells your boss you are essential to the business and not the person they should mark to leave.”

What to Do If You’re Laid Off

If the worst should happen and you are laid off during a recession, you may have some options. 

Now is the time to review your employee handbook and study your company’s policy on layoffs and severance, says Jacinto. “You might be owed a nice amount of money, and better for you not to leave it on the table,” she says. You may be entitled to unemployment, payment for unused vacation days, and more. If the handbook doesn’t make it clear, schedule a meeting with HR. 

Crawford encourages you to find out what insurance benefits, if any, you’ll be entitled to in the event of layoffs. If they aren’t provided, you may want to check out COBRA for the short term. 

If you’re laid off, it may also be smart for you to ask your employer if there’s an opportunity for you to work as a consultant or contract employee, even part-time, says Crawford. “If the layoff is permanent, ask if they see any chance to be re-hired in the future, if they are willing to give you a recommendation on LinkedIn, and if they are willing to be a reference for you,” she says. “And ask for any connections or referrals they may have to other organizations for possible jobs.” The company may be able to point you toward a great opportunity—or at least in the right direction. 

 

GlassDoor.com | September 16, 2019

#CareerAdvice : #SeverancePackage -7 Considerations When You Negotiate #Severance . #MustRead !

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You would probably be suspicious if your boss asked to meet with you in the conference room after lunch. You know something is amiss when the head of human resources (HR) is sitting in. You’re probably on the way out.

That’s good advice, especially since what a company offers in severance can be made up of many parts, such as a lump-sum payment and outplacement. It’s also important as there’s no consensus on how much to pay or what to provide. In other words, there’s a lot of potential gray area.

  • Unless a contract covers you, most states classify you as an “at-will” employee, meaning your boss can fire you without a set reason and not be on the hook for any severance pay.
  • The rule of thumb that applies to severance packages—two weeks’ pay for every year of employment—turns out to be a rough average.
  • It helps to determine what you can ask for during negotiations and what is off limits.

What your final payments will be should fall within a wide range. And there is a lot of ground to cover in negotiations beyond your last paycheck. There are seven key things you should know if you are ever terminated from a position.

1. Know What Both Sides Are Seeking and Are Required to Do

Your employer has made it clear they don’t need you for whatever reason. Unless a contract covers you, most states classify you as an “at-will” employee, meaning your boss can fire you without a set reason and not be on the hook for any severance pay. You may have even signed a document confirming that point when you were hired.

Remember that the company wants closure, and for good reason. Your separation agreement signature is worth money because it potentially limits the number of legal issues you, the fired or downsized employee, might pursue. Less hassle now and in the future means fewer billable hours for the company’s legal counsel. You get the picture.

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2. There’s a Range of Financial Outcomes

If you’re a top executive, the terms of what you’ll pocket when you pack up are typically spelled out in your employment contract. For everyone else, from upper-level management down the corporate ranks, things are likely not so clear.

That’s where informal guidelines come into play. The rule of thumb that applies to severance packages—two weeks’ pay for every year of employment—turns out to be a rough average. In practice, it ranges between one to four weeks depending on circumstances, says Jeffrey M. Landes, a lawyer in the labor and employment practice of the New York firm Epstein Becker & Green.

3. How Much You Get Depends on Several Factors

As far as severance goes, your tenure on the job is just one of several considerations. If you’re fired because your boss feels you didn’t measure up, it’s likely to be on the lower end of the scale. If your company was bought out and forced to shed jobs, you might find your boss wants to be more generous. Ask yourself the following questions:

  • How well did you perform and how well is it documented? The better your evaluations and the more popular you are, the more likely that an employer will carve out more severance pay.
  • What triggered your dismissal? If the circumstances behind your termination are out of your company’s hands—downsizing as the result of a merger or the axing of an obsolete division—terms are likely to be more generous.
  • Has your company been lax about tracking your performance? Your company is likely to weigh its legal vulnerability. If you were fired for under-performance, you might gain leverage if your evaluations are unclear or seem to point to good work.

4. Review Your Work History—Closely

Miriam F. Clark, a partner at the New York employment-law firm Ritz Clark & Ben-Asher, says one of the first things to examine with a lawyer are documents that chart your history at the company and how well you performed your job. The overall picture will help determine whether you have a discrimination case to pursue. If you have grounds for action, there’s potentially a court award or settlement in your future. At the very least—if there’s a scent of something awry—you’ve got additional leverage in severance negotiations.

5. Know Where Your Company Has Flexibility

It helps to determine what you can ask for during negotiations and what is off limits. Some things your company can negotiate and others are outside your boss’ control. First, there’s the law to consider. The law in Ohio, for instance, requires compensation for the accrued vacation. That’s because it is considered a deferred payment for a benefit you’ve earned, says Cleveland attorney Jon Hyman.

Similarly, your company will probably have little or no leeway when it comes to employee benefits. Insurance carriers determine healthcare and insurance coverage, not your employer. You can stay on the company health plan for up to 18 months under COBRA law, but you’ll likely pay a steep price for the privilege. Your disability coverage through the company, meanwhile, is likely to end when your employment does.

You can request that your employer boost your severance package to help foot the bill for COBRA coverage or the initial cost of disability insurance.

Some employees may be able to negotiate to delay the formal date of their separation from the company to accommodate benefits issues, such as reaching a pension deadline.

Consider a few other possibilities, as well. For example, it’s not uncommon for employees to ask for the sum of money employers might have earmarked for outplacement services, says Clark.

Landes says that another talking point is the timing of your severance payment to maximize what you get in state unemployment benefits. Delaying the receipt of severance for one month may prevent receiving lower unemployment benefits, for example.

6. Tap Into Relationships

Relationships can matter during severance negotiations, too. There are times when employees themselves handle some of the face-to-face haggling over severance terms instead of bringing in an attorney. Those cases are more common when employees have a close relationship with a boss or someone else on the other side of the table.

7. Remember the Future

Hammering out the best terms in your separation agreement goes beyond money—what you agree to can affect your long-term career. Future job references are also something to take up before you sign off. Your separation-agreement negotiations can address what’s put in writing when prospective employers check into your work history. They can also spell out who provides a reference and what information can be shared over the telephone as well. That’s especially important if you’ve bounced around a few jobs or had an ongoing spat with a supervisor.

There are also likely to be provisions that require you to keep mum about why you’re leaving and the terms you struck on the way out. If you find the limitations too stifling, you may push back and change them during talks. For instance, you may want to carve out exceptions to cover speaking with your spouse and kids about what happened.

The Bottom Line

In the end, stay objective and focused. While combing through the finer points of a separation agreement can be a painful exercise, they’re an essential step in getting back on track. A clear mind and sharp focus can help you close the past, secure the present, and pave the way to a brighter future. Above all, remember you’ll be in shock at that first meeting, even if it’s not a complete surprise. Don’t sign anything immediately. And try to talk to an attorney who specializes in employment law before you do sign something.

 

Investopedia.com |  Updated Jul 6, 2019 | BY JAMES ANDERSON

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#CareerAdvice : #YourCareer – 4 Ways to Protect Yourself From a #Layoff …Great Two(2) Min REad!

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Whether because of mergers, downsizing, or organizational shifts, each year, countless workers inevitably find themselves losing their jobs through no fault of their own. It happens to the most seasoned and dedicated among us, and that’s perhaps the scariest thing about getting laid off — no one is immune.

That said, there are certain steps you can take to minimize your chances of getting laid off, and reduce your anxiety along the way.

1. Have a unique skill

Though soft skills — those that apply to virtually any position — are always a good thing to work on, at the end of the day, you’re probably not going to get to keep your job in a round of layoffs by virtue of your solid time-management ability alone. That’s why it pays to work on honing one particular skill you know your company absolutely needs. If you’re an IT professional, maybe it’s a complex software that’s needed to keep the workflow going. If you’re a designer, maybe it’s that cutting-edge graphics program that’s been giving your company its competitive edge. No matter what skill you’re best suited to focus on, if you set yourself apart as the one person who’s an expert in that arena, your company might hesitate to give you the boot.

How to Answer the Question ‘Why Do You Want to Leave Your Current Company?’

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2. Know the business inside and out

Maybe you’re the best copy director your company has ever seen. But if your knowledge base is limited to effective sales pitches, and you’re not well-versed in market research, finances, or analytics, then you might still find yourself out of a job if your company is forced to slash positions. On the other hand, if you make an effort to educate yourself on all aspects of the business, your company will have a much harder time letting you go.

How do you get there? Sit in on other teams’ meetings, and ask to collaborate with various groups on recurring projects. The more exposure you get to different areas of your company and how they work, the more your management team might end up fighting to keep you.

3. Keep up with your business associates

It’s no secret that networking has been proved to help countless searchers land jobs, but many people find themselves networking defensively — that is, they only start reconnecting with contacts once they’re out of a job and need help. But if you make a point to stay in solid touch with your associates regularly, you’ll protect yourself in the face of layoffs in two ways.

First, if you network extensively within your company, you’ll have more people around to speak highly of you, which might spare you from getting the ax. Second, if you have associates you contact regularly, you won’t come across as taking advantage by reaching out for help if you are indeed let go. Or to put it another way, it’s a lot easier to ask a favor of someone you’re in touch with regularly than to sneak up as a blast from the past wanting assistance.

What to Never Say When Networking

4. Boost your emergency savings

Having more money in the bank won’t do a thing to help you avoid losing your job. What it will do, however, is buy you some peace of mind that if you are let go, you won’t have to immediately resort to credit card debt just to keep up with your finances. Having that stress removed might, in turn, help you focus better at work, thus reducing your chances of landing on the chopping block. Plus, if you are laid off, you’ll be less pressured into taking the first job you find because you’re desperate for money.

Though layoffs are sometimes inevitable, there are things you can do to lower your odds when your company is going through them. If anything, working on the above suggestions will give you someplace to focus your energy so you’re not utterly fixated on the thought of losing your job.

 

GlassDoor.com | February 13, 2019 | Posted by