How to Survive a Layoff

Survive Layoff

Experts estimate 96% of adults lose their jobs at least once between the ages of 17 and 45. Having established that, layoffs represent the cruelest way to lose your source of living yet there are tips on how to get back on your feet and back into another job!

  • 1. Take Some Time to Get Yourself Together

    Take a night off, maybe a day or two. When a shocking event such as getting laid off happens its only fair that one needs some time off to regroup your plans before even thinking of prospective jobs. Taking some time to analyze what career opportunities that could be available for you, what certifications you may need, will help you make a good choice in your next job.

  • 2. Be Sure to Negotiate a Severance Package

    Stories are awash the internet regarding companies and HR departments who have failed to keep up to the commitments they made before terminating an employee. Most people do not know they can negotiate a severance package; ensure you do so and also get a payout of every commission due.

  • 3. Review Your Budget

    One crucial step is cutting out unnecessary expenses. Most people’s first instinct in this phase is reducing the amount of times they dined out, or other mini-luxuries like going to the movies or sport games. Also review every active subscription you have (cable, HBO, Netflix, Spotify, Gym and Yoga memberships) as getting off all those payments could go a long way.

  • 4. File for Unemployment Compensation

    During the transition months from when you were laid off and when you find a new job, applying for unemployment compensation helps with bills and expenses. Fair enough filing may be tedious with lots of requirements but keep in mind you have paid for this while you had a job so it’s okay to take advantage of what it was specifically designed for.

  • 5. Job Hunt

    Job hunting in this case would incorporate searching the right job boards, updating your resume to reflect new job experiences, and preparing for an interview. Most importantly following up on your job application increases significantly your chances of getting a job sooner.

  • 6. Speak with a Credit Repair Expert

    One of the biggest impacts of getting laid off isn’t even that it forces an individual to tighten their purse strings, the worse is the impact it could have on your credit score as a result of failing to make payment on your various trade lines which could result in events like a repossession, consumer proposal or bankruptcy.


If you are worried about how getting laid off from your job could affect your finances or impact your credit, visit www.canadauto.ca or call 1-855-550-5565 to speak with a credit repair expert who would be happy to understand your situation and recommend ways in which you can improve your situation.