The U.S. unemployment rate is the highest its been in a quarter century. If your company has announced a soon-to-come layoff or youâ€™ve been escorted out of the door: Whatâ€™s next, you might ask? What should you do before updating your resume andÂ looking for a job?
Review your financial status, especially now that it is changing. Calculate how much money youâ€™ll need to meet your obligations and how many months youâ€™ll have before your personal financial situation moves from good to bearable to desperate.
Evaluate your severance package and consider your options, which may involve a lump-sum payment or salary continuation. (See New York Lifeâ€™s What Do I Need to Know About Severance Packages? and About.com's article on the Severance Package.)
Look at your benefits package: your life, health, and disability insurance coverage as well as your retirement plans. When will your benefits end? Do you need to replace your insurance coverage?
Analyze your 401(k) plan options and obligations. Do you have a loan associated with the 401(k) and will you need to pay that off immediately? Should you leave the 401(k) with your employerâ€™s administrator while you decide where to transfer the funds? Do you need to transfer the assets immediately upon your separation from the company?
Investigate a new career (if thatâ€™s what you want) and determine the time and resources it might take.
Check salary.com or payscale.com (or do your independent research) to see if your professional goals, personal desires, and financial needs are synchronized with your expected compensation. Decide whether youâ€™ll relocate, sell the house, stay in your industry, or take an interim job while you go back to school.
Why pause before makingÂ re-entering the job market? If you take a breath and do some financial assessments, youâ€™ll be more focused and more likely to get what you really want.About the Author:
And if you're unemployed and haven't already done so, by all means - file for unemployment.
John Chase works in the finance field, and writes about topics such as debt settlement & debt consolidation, home loan modification, credit repair and unemployment issues.
How an Online Job Board can Help you Best with Veterinary Job Search
When it comes to finding that first break in the industry, it is recommended that you register in an online job portal as it helps you conduct veterinary job search easily without any hassle and even land your dream job....
Chennai, the city with unrivaled job opportunities
Chennai offers abundant job opportunities to job seekers from throughout the world. Companies situated in Chennai offer good remuneration along with great career progression. As a result, people from throughout the world flock to the city to explore jobs in Chennai. Read on the article to know everything about the city-including available jobs, remuneration and education sector in Chennai....
Know about the availability of latest jobs in Mumbai
If you are looking for a job in Mumbai then read this article that may help you in knowing the types of job sectors that may produce abundant employment options in Mumbai. Apart from the jobs, the city lures students also as it houses top-notch education colleges in Mumbai. Keep reading the article to explore jobs and education in Mumbai....
Growing Tourism Industry in Gulf
Tourism is an industry, which has grown with time and has become the prime source of income for many countries. There are many sources, by which a country earns and feeds its citizens, but tourism industry is one of the most important fields, through which...
Ore crusher and portable crusher
Ore crusher is a stone crusher used widely in ore crushing industry and ore mining industry. Ore crusher can reach the crushing ratio of 4-6 and the shape of final product is even. Shenbang ore crusher features reasonable structure, high productivity, easy operation and maintenance...
10 Career Change Myths
10 Career Change Myths Career Myth#1: You can't make a living doing something you really, truly love.This is the grand-daddy of career myths, the belief that you can't have a "practical" career doing something that you were passionate about. It has to be one or...
Been Made Redundant- Top Tips for getting yourself a new job
Unfortunately in this economic climate redundancies have become more and more common. Every day people are turning up for work to be told that their job no longer exists leaving them desperately hunting for a new job. The job market at the moment is particularly...