Job loss: 18 steps on how to get back on track

Whatever your situation, losing a job is a difficult process. The following 18 steps will help you through this transition:

1. Put your feelings in perspective

When you receive news from your employer, you may experience a range of emotions. At first, you may feel sad or angry about the situation. In some cases, you may feel relieved that you have a new role or a new career path to find. Allow yourself to experience these emotions and seek help when you need it.

The period following a job loss is also a good time to reflect and try to understand why you are feeling this way. This will help you take the next step. For example, if you realize that the current uncertainty is making you feel anxious, this may be a reason to begin making plans to calm your anxiety.

2. Talk to others

The first thing to do is talk to your family and friends. Be honest about the situation and discuss next steps and possible changes during the adjustment period. You can also share the news with your friends to let them know about your situation. Friends can give you advice, help you find a job and support you in other useful ways.

3. Apply for unemployment benefits

If you lost your job through no fault of your own, such as a restructuring, you may be eligible for unemployment benefits. Go to your state's Department of Labor website and apply as soon as possible so you can begin receiving benefits right away. Also find out how much you are entitled to per week and if there are limits on your unemployment benefits.

4. Consider your health insurance options

Contact your company's human resources department to find out what health insurance options are available to you. Under the federal Consolidated Omnibus Budget Reconciliation Act (COBRA), you can continue your employer-provided health insurance for a certain period of time. However, you may have to pay the full monthly premium because your former employer will no longer subsidize you.

If possible, find out if you can get coverage under your spouse's plan. If not, you can explore options for health insurance plans not offered by your employer or ask friends for recommendations. Unemployment is usually a qualifying event for obtaining coverage outside of the enrollment period.

5. Decide what to do about retirement benefits

If your employer has a 401(k) retirement plan, find out what you can do after you're laid off. The options available depend on the employer and the plan. However, in most cases, you can choose one of the following options:

• Continue to invest in your employer's retirement plan: If you have at least 5,000 dollars in your account, you can usually keep your account, but you may have to pay maintenance fees and abide by certain restrictions.
• Transfer to a 401(k) account at a new employer: If you take a new job with a 401(k) plan, you can transfer funds from your current account to the new account without paying fees or penalties. Familiarize yourself with the transfer procedure to make sure you can do this without any problems.
• Transfer to an IRA: If your balance is less than 5,000 dollars and you don't already have a new employer, you can transfer it to an Individual Retirement Account (IRA). You pay taxes on these tax-advantaged accounts when you withdraw money for retirement.
• Withdrawing money from a 401(k): If the above methods aren't available, your employer can send you the account balance in the form of a check. However, withdrawing money from a 401(k) account is subject to a penalty and a 20% tax deduction.

6. Buying stocks

Even if you're receiving a pension or unemployment benefits, your income may not be what it used to be. Review your current budget and make the necessary changes. For example, begin by cutting back on expenses, such as minimizing trips to restaurants.

You can also give up things you know you can do without for now, such as a gym membership or streaming television. Some expenses are impossible to do without, so make sure you have enough money to cover them.

7. Make a calendar

Once you've determined what you need, your first priority should be finding a job. To stay on track, set your alarm for the morning, shower, get dressed and decide what time you want to start work.

A schedule will help you stay on track and keep you motivated. You will have more freedom during unemployment, so make time for yourself and your interests. Participating in activities outside of work will help you meet new people and expand your circle of friends. These hobbies and activities can also open up new professional and career opportunities for you.

8. Determine your desired career path

When you're ready to find a new job, think about what career path you want to pursue. If you weren't completely satisfied with your previous job, that's a reason to look for opportunities that better match your interests and skills.

Think about what you enjoy doing most and look for jobs that will provide you with those skills and responsibilities. This will give you an idea of what is right for you and whether you need to gain additional qualifications for the position.
If you decide to begin a new career path, you may need to be more flexible. If you have less experience than other candidates, you may have to work at a higher level. Alternatively, you may want to find temporary or contract work and try out a particular career to see if it's a good fit for you.

9. Evaluate your online presence

Potential employers can find your social media profiles when they search for you online or check your bio. You want these public pages to reflect your personality in a positive way, so make sure the content and photos you post are relevant to your job.

They can also be used to showcase your professional credentials and brand. If you work in a creative field, you can post photos of your work and links to your blog. Those who work in more technical fields can post links to articles and analysis on their topic. In this way, they can show that they are up to date with the latest news in their field.

10. Keep your resume updated on a regular basis

When applying for a new job, update your resume and customize it for each position. Employers are looking for candidates with skills, experience and qualifications that match their resume. Therefore, using keywords in your resume will help you catch the attention of recruiters and get ahead of the ATS.

11. Check references

When applying for a job, potential employers may ask you for references, so prepare a list of references. Depending on why you lost your job, you may still be in contact with a former employer.

Ask your former bosses or coworkers if they can serve as a reference for you during the interview process. You can also contact other former employers or coworkers who may speak favorably of your qualifications.

12. Reach out to your friends

Use social media, email, and text messaging to reach out to people you know personally and professionally and let them know you are looking for a new job. These people may be able to help you find new opportunities or provide recommendations. In addition to asking them to help you find a job, you can also ask them for advice on the job search process and their expertise in the field you are interested in.

13. Focus on your job search

While it's very tempting to send out as many resumes as possible, it's better to take a more focused approach. Only submit resumes to jobs that match your qualifications and skills. By submitting resumes for jobs that don't interest you or don't match your qualifications, you'll be wasting your time and the recruiter's time. Also, if you know you have the skills and experience you need, you will be more confident during the interview.

14. Utilize a variety of job search options

Online job search sites and platforms are a great way to find jobs in your field or industry, but don't rely on one method. If you're interested in a particular company, check their website and social media for job openings or contact them directly.

You can also contact recruitment agencies, but keep in mind that some positions are temporary or contract positions. Get to know people by attending job fairs and networking events. Be sure to bring an updated resume and business cards to hand to potential employers.

Attend industry-specific networking events to learn about new opportunities. When attending these events, remember to dress professionally and be prepared to speak about yourself and your qualifications.

15. Make time for professional development

Use your free time to develop skills that will help you in your career. When looking for jobs, pay attention to what skills and qualifications employers in your industry are looking for.

Look online and locally for resources and trainings that will help you develop and practice these skills. Include them on your resume or mention them in an interview to demonstrate your commitment to continuous professional development.

16. Practice your interview techniques

When preparing for a company interview, write down questions that are commonly asked in your industry or job category. Preparing and practicing your answers will help you feel more comfortable with the recruiter. Practice on your own or with a friend who can give you feedback. Also evaluate your speech and nonverbal cues. If you talk about your qualifications and accomplishments confidently and comfortably, you will make a good impression.

17. Be prepared to talk about unemployment

Interviewers often ask why you left your last job, so prepare a professional response. Answer briefly and turn the conversation to your hopes for new opportunities, because you need to focus on the future, not the past.

Avoid negative comments about your previous job to maintain a positive impression of you as an employee. If you lost your job as a result of a layoff, answer this question honestly and talk about what lessons you learned from the experience or how you have improved since then.

18. Don't give up

Losing a job and finding a new one can be difficult. Whatever the reason, the job wasn't a good fit for you or the potential of the new opportunity wasn't enough. You can still find many jobs that are a good fit for you. Keep a positive attitude and focus on your successes every day, whether they are job-related or not. When you feel happy, you will look forward to the future and will be motivated to continue your job search.