Lost Your Job? Here are 5 Tips for Surviving a Layoff

Losing the job is a difficult experience for any professional. Just a month from now, a number of Reliance Communication employees would be looking for another job.

The volatile market situation in India has resulted in 40,000 professionals losing their jobs in this year. The mass layoffs are more difficult as it becomes tough to find a suitable job. We have listed few tips to help you go through a layoff.

1. Take notes

While losing a job is an emotional experience, you should still write down all the details that you can remember. If you are being told by the boss or HR about the remaining compensation plan, make a note of it. Having written notes can help in checking if your managers are living up to their commitment.

2. Take few days off

The traumatic event can be quite stressful. You should consider taking few days for yourself before searching for a new job. This time can help in making a calculated decision about your future career.

3. Slash down monthly bills

One of the most difficult thing after the layoff is bringing the change in your overall lifestyle. Reducing your monthly bills can be difficult if you are used to a certain kind of life. But you should cut down on your expenses and not spend from savings.

4. Health insurance options

If your company supplied the health insurance, you should check the terms of the insurance. Many employers offer the health insurance which is valid as long as the individual is employed with the company.

5. Reschedule loan EMIs and insurance premiums

The most difficult financial obligation after losing a job is EMIs and premiums. The insurance premium cannot be avoided for the fear of policy lapsing but, you can alter the periodicity of payment. The reduction in the EMI amount is an easy fix by increasing the loan tenure.

Source: techgig.com