You’ve Been Laid Off now what?
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By Bromwich+Smith staff | Reading time: 5 minutes | 1115 words | Date: 2023/08/10
Losing a job is never easy no matter how you phrase it. Laid off, restructuring, fired… they all have the same emotional impact. While it can be challenging and stressful experience, and it is important to take the time to acknowledge these feelings, and the impact it will have on your immediate day to day living. In Canada there are resources and strategies available to help navigate the aftermath of a layoff.
The first step in navigating a layoff is to understand your rights and entitlements as an employee in Canada. Familiarize yourself with the relevant labor laws, employment contracts, and any severance packages or benefits that may be applicable to your situation. Find out what benefits you can qualify for and apply for them. Do not let pride get in the way, we understand that you may not be feeling on a place to discuss your situation however some of these benefits take up to 6 weeks to enforce and the longer you hold off applying the longer it will be before you see financial relief. While you may have received some form of severance, you want to set yourself up properly and not be in a position where you are struggling to pay your bills.
Evaluate your financial situation and create a budget to manage your expenses during the transition period. This may be a time where you need to review wants vs needs more extremely. You may consider looking into deferring some of your payments- however there are costs associated with that. Be proactive and speak to your creditors. By letting them know you may be missing a payment or unable to pay the full amount due to job loss will give them the ability to create a payment plan with you. If you hide from creditor calls they don’t know what is happening and will be less willing to work with you on payment terms.
Job loss can take a toll on mental health. We want you to prioritize self-care during this period. Take this time to focus on yourself so that when you have a new job offer in hand, you are in a good mind frame to accept the new role- and its challenges! When you are ready to talk, reach out to your support network, including friends, family, and professional contacts, to discuss your feelings and seek guidance. Not only will they help you navigate your feelings they may be able to help connect you with potential employers. If they don’t know you are looking they may not share possible jobs with you.
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Spend time exploring new career options, update your resume, and enhance your skills. Engage in networking activities such as attending industry events, joining professional associations, and leveraging online platforms like LinkedIn to connect with potential employers. You may need to take some time to enhance your skills through online courses, workshops or upskilling. You may find this as the perfect time to reconsider your career path and take it in a whole new direction.
Speaking of a new direction, maybe you want to start your own business. This could be the time to focus on bringing your side hustle front facing as your primary income. Evaluate your skills, interests, and the market demand for your potential products or services. Ask for advice from experienced entrepreneurs or organizations that support startups.
Experiencing a layoff can be a challenging phase in life, but by being proactive and positive you can create a new career path. Remember to seek support from your network, access available resources, and invest in personal growth. Embrace this change, and with perseverance, you will find your next career move- wherever that may be.
If you are struggling post layoff with overwhelming debt, call our Debt Relief Specialist team at 1.855.884.9243 . You can also request a call back at our contact us page. We’re working with you to rebuild your worth.
FAQs
1: What should be my first step after experiencing a job loss in Canada?
Understand your rights and entitlements as an employee by familiarizing yourself with labor laws, contracts, severance packages, and benefits. Apply for benefits you qualify for without delay to ensure timely financial relief.
2: How can I manage my finances during the transition period after a layoff?
Evaluate your financial situation, create a budget, and consider speaking to your creditors about potential payment plans. Prioritize essential expenses and explore options to defer payments if necessary.
3: How can I prioritize my mental well-being after losing my job?
Focus on self-care, seek support from your network of friends, family, and professional contacts. Reach out to discuss your feelings and seek guidance. Taking care of your mental health will prepare you for new job opportunities.
4: What steps can I take to enhance my career prospects after a layoff?
Engage in networking activities, update your resume, and enhance your skills through online courses or workshops. Consider exploring new career options and consider starting your own business if it aligns with your skills and interests.
5: How can I deal with overwhelming debt following a job loss?
If struggling with post-layoff debt, contact the Debt Relief Specialist team at 1.855.884.9243 or request a call back via the "contact us" page. Seek professional help to rebuild your financial worth and address your debt situation.
6: What should I do if I'm considering starting my own business after a layoff?
Evaluate your skills, interests, and the market demand for your potential products or services. Seek advice from experienced entrepreneurs or startup support organizations. Create a solid business plan and take calculated steps towards making your side hustle your primary income.
7: How can I make the most of my time while searching for a new job?
Use this time to explore new career paths, update your resume, and enhance your skills through online courses or workshops. Attend industry events, join professional associations, and leverage platforms like LinkedIn to connect with potential employers.
8: What if I'm feeling overwhelmed by the emotional impact of job loss?
Prioritize self-care by focusing on activities that bring you joy and relaxation. Reach out to your support network for guidance and understanding. Remember that seeking professional counseling or therapy is a healthy way to cope with the emotional challenges of job loss.
9: How can I ensure I'm financially stable after receiving a severance package?
While a severance package may provide temporary relief, it's crucial to assess your financial situation, create a budget, and explore opportunities to cut unnecessary expenses. Proactively manage your finances to ensure long-term stability.
10: How can I maximize my chances of finding a new job quickly?
Actively search for job opportunities, tailor your resume to match each application, and engage in interview preparation. Networking is key—reach out to your contacts and attend job fairs or industry events. Stay persistent and open-minded to different job possibilities.