When your company is going under, the looming uncertainty can feel overwhelming. Whether you’re part of the decision-making team or a hardworking employee caught in the crossfire, the end of the line often feels sudden and severe. However, this doesn’t mean you’re powerless. By adopting a proactive approach, you can minimize the damage and set yourself up for a smoother transition into your next chapter. Here’s how:
1. Tighten Your Budget – Every Penny Counts
In times like these, financial survival becomes your top priority. Start by reworking your budget. Analyze where your money is going and identify non-essential expenses you can cut. For instance, those daily coffee runs and takeout lunches can add up quickly.
A simple and cost-effective solution is to switch up your lunch routine. Opt for affordable, nutritious staples like tuna and saltines. Not only is this meal light on your wallet, but it’s also packed with protein to keep you going throughout the day. A can of tuna and a pack of saltines can cost less than $2 and provide multiple meals—an ideal option when every dollar counts.
2. Update Your Resume and LinkedIn Profile
Even if you haven’t been actively job hunting, it’s critical to have a polished resume and a current LinkedIn profile. Make sure both highlight your recent accomplishments, skills, and experience. This will make it easier to hit the ground running when applying for new opportunities. Networking is equally important—reconnect with former colleagues, attend industry events, and engage with professional groups online.
3. Start Building Your Emergency Fund
If you haven’t already, begin putting money aside to create a buffer for potential unemployment. Aim for at least three to six months’ worth of living expenses. This can seem daunting, especially on a tight budget, but small, consistent contributions can quickly add up. If you’re receiving severance or any other payouts, prioritize putting a portion into savings.
4. Develop New Skills
While you may be in survival mode, use this time as an opportunity to invest in yourself. Consider taking online courses or earning certifications that will make you more competitive in your field. Platforms like Coursera, LinkedIn Learning, and Udemy offer a range of affordable options. Additionally, many professional organizations offer free or discounted training programs to members.
5. Explore Side Gigs
If you have a skill or hobby that can be monetized, now might be the time to explore side gigs. Whether it’s freelance writing, graphic design, tutoring, or even dog walking, these side hustles can provide much-needed extra income. Plus, they can potentially evolve into full-time opportunities if the traditional job market doesn’t recover quickly.
6. Evaluate Your Benefits
Before you leave the company, make sure you fully understand your benefits. Are you entitled to severance pay? What happens to your health insurance, and can you extend it through COBRA or another option? You might also be eligible for unemployment benefits—don’t be afraid to apply. These benefits can provide essential support while you look for your next role.
7. Stay Positive and Keep Moving Forward
Finally, maintaining a positive mindset is crucial. The uncertainty of job loss can be draining, but it’s important to keep pushing forward. Surround yourself with supportive friends and family, and remember that this period is temporary. With the right strategies in place, you can navigate this challenging time and come out stronger on the other side.
By tightening your budget (yes, that means tuna and saltines), updating your professional presence, building your emergency fund, and preparing yourself mentally and professionally, you’ll be better positioned to handle what comes next. Remember: tough times don’t last, but tough people do.