Bioscience Career ReviewTop Tips to Survive Job Loss
By John Chambers
As the lagging world economy continues to wear on the life sciences and other industries, this 10-step plan could help you weather unemployment:
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1. Take a step back.
You took a hit. Even if you knew losing your job was inevitable, give yourself an opportunity to collect your thoughts, emotions and career ambitions.
“The important thing to keep in mind is that your feelings are normal and that you need to give yourself the proper time to work through them,” according to online resource Employment Spot. “Take the next week off. Sleep in, have lunch with friends, or work out.”
2. File for unemployment.
It’s good for you.
“Would you turn down medical benefits you had coming your way? Probably not. In like manner, don’t turn down this form of help when you really need it,” MSNBC.com says. “Also, be sure to make the most of any and all severance benefits you can possibly receive.”
3. Dig deeper.
“If you've already been laid-off and haven't been informed about benefits, call the Human Resources department at your former employer or your manager to request information on the status of your benefits,” About.com says.
“Severance packages may be negotiable. You have nothing to lose by asking for more than what's offered,” the content Web site says. “Your employer, if the firm has over 20 employees, is mandated by law to offer health insurance coverage through COBRA to terminated employees for 18 months. However, it is worth asking if you will be covered for a certain period of time at no cost to you.”
In addition to any discussion about benefits, About.com also suggests initiating a conversation about outplacement resources and obtaining a reference letter from your former employer.
4. Spend wisely.
“You no longer have the luxury of not knowing where your money is going. Keep track of every cent, at least for now,” MSN Money says.
The news outlet recommends personal-finance software, Web sites that track your money or a regular notebook to help you stay on top of expenses.
5. Consider other options before dipping into retirement savings.
If you have some financial cushions, one news source suggests drawing from emergency cash or a home-equity line of credit before other nest eggs.
“Borrowing against or withdrawing from retirement plans, such as a 401(k) or individual retirement account, is the least desirable option … but it is money you can get your hands on if you were desperate. It would only be used if the emergency expense was so large, it exceeded your cash and home-equity line.
“Look into your own retirement plans, and find out how much you could get your hands on and how quickly.”
6. Network.
“Don’t isolate yourself. Seek out social support from your family, friends, and others. Spend time with those who offer genuine support and connection,” how-to site eHow says.
7. Make ready your résumé.
“Your single best marketing tool is your résumé. Be sure to spend a lot of time putting it together, and then have everyone you know and respect read it and provide honest feedback,” The Boston Globe suggests.
“You want to present yourself in the best way you can, and your résumé should clearly show your ability to deliver results.”
8. Try new things.
Think about exploring positions within other areas.
“If you’ve lost your job as a white-collar worker, you can harm your chances of finding employment if you’re only willing to seek out the exact same type of work or the exact same pay,” says MSNBC.com. “Consider working for smaller companies … after all, no job has to last forever.”
At the same time, don’t be desperate.
“If the bills keep rolling in and your paychecks have long since stopped, it can be easy to panic and take the first job that's offered,” says news source NewsBlaze. “It's important that you take your time, keep your cool, and ultimately make the right decision for you.”
9. Stick to a daily routine.
Keep moving.
“If your job is to find a job, you need to have an action plan for each day, and it's your responsibility to review and execute that plan,” The Boston Globe says.
10. Put everything in perspective.
You’re still in a favorable industry. States and regional Hotbeds continue to drive areas of bioscience growth.
“Right now, this might seem like the end of the world, but the good news is that if you can weather this storm, you'll only be better prepared for the next one,” The Huffington Post says. “Though we'd like to say this will never happen again, the truth is that life is a cycle of ups and downs, and preparation is the key to surviving it all.”
