Coping With A Job Loss

Federal Law Cobra Health Insurance

Parade magazine had a really great article about coping with a job loss. Here is a quick summary

Should you take buyout – In most cases you are are better off declining a buyout and continuing to work. It is unlikely you will be able make up the income from those last few years. But if you think your employer is about to go out of business, then take the buyout because some money is better than none.

If you face a layoff - Work on getting the information you will need to get your next job. Grab your Rolodex or download your e-mail address book at home so that you’ll still be able to reach important industry contacts. Do not take anything that is company property including customer lists because you could lose any severance that is due to you.

Don’t try to negotiate your way back into your job. Instead focus on extending any benefits you are provided, such as outplacement services. Your company should offer to continue your health insurance for at least a month, but try to negotiate more if you are in good standing. Another option COBRA. If you can afford to pay the full premium, plus administrative costs, this federal law allows you to extend your existing coverage for as long as 18 months. If you can use a spouse’s coverage, opt for that –it’ll be cheaper.

Focus on your next job – It’s true that unemployment is on the rise, but that doesn’t mean nobody is hiring. The Bureau of Labor statistics reports that by 2016, the U.S. will need more teachers, more auditors, accountants, and other financial professionals. Health care is expected to create some 3 million new jobs over the next eight years. HR directors do say they often can’t find the right person for an open job. So look to industries that are still growing – your skills may transfer.

Want some great
Recession Job Search Tips visit us at Womanwork.net

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This entry was posted on March 16, 2010 at 4:09 am and is filed under Employment and Unemployment. You can follow any responses to this entry through the RSS 2.0 feed.