What to Do After Losing Your Job in 2024: A Step-by-Step Guide
Losing your job is one of life’s most stressful experiences, but learning what to do after a layoff can help you turn this setback into a new opportunity. Remember: this is just one chapter in your story, not the end of it. By taking the right steps early on, you can regain control and set the foundation for future success. Whether you've just received the news or know a layoff is coming, here are several actions you can take to protect your rights and position yourself for a successful job search.
⭐ Know Your Rights
If you're offered a severance package, you might feel pressured to sign right away. Take a deep breath—you have time. In fact, you have the right to review the terms thoroughly, and your employer is legally required to give you a reasonable amount of time to do so.
If you’re over 40, the Older Workers Benefit Protection Act (OWBPA) requires that your employer gives you at least 21 days to review the package. Take advantage of it!
Remember, signing usually means releasing your right to take legal action. So before you put pen to paper, consider talking to an attorney or financial advisor to make sure you're comfortable with the terms.
⭐ Negotiate Your Severance Package
Think that your severance package is set in stone? Think again! Many people don't realize that severance terms are often negotiable. While the typical offer is 1-2 weeks of salary per year of employment, you might be able to sweeten the deal.
Consider asking for:
Better financial terms
Extended healthcare benefits
Employer-paid job search support (like outplacement services)
Remember, the worst they can say is no. You might not get everything you ask for, but even small improvements can provide much-needed stability during your transition and help you land your next position faster.
⭐ Negotiate Your Non-Compete
Non-compete clauses have been a hot topic lately. While the FTC’s attempt to ban them was blocked by a federal court, the landscape is changing. Several states have already banned or restricted their use, and more are likely to follow. (Click here for a full list of states with non-compete bans and restrictions in 2024, with details on what they cover.)
If you’re currently bound by a non-compete or other restrictive covenant, now’s the time to address it. As with severance packages, don’t assume they aren’t negotiable. Consider asking for a full release from restrictive clauses or push for changes that make it easier for you to find a job in your industry. You may have more leverage than you think!
⭐ Consider DIY Career Support
Some companies offer outplacement services as part of their severance packages—and that can be really helpful. But if you’re more of a DIY person, here’s a tip: ask for the cash equivalent of that support and invest it in hiring your own career coach or resume writer. This gives you the flexibility to select a coach who really gets you and your goals, and will tailor their services to address your personal needs. That personalized touch can be a game-changer!
⭐ Be Kind to Yourself (Your Deserve It)
Losing a job can be an emotional rollercoaster. And job hunting? That’s a whole other ride. Remember to be kind to yourself through this process. Here are a few tips:
Give yourself time to recover before diving into your job search. Take at least a few days (or longer, if possible) to recharge and clear your head.
During that time, avoid thinking about work or your job search. Use the time to do things that give you pleasure—volunteering, travel, diving into a hobby, spending time with friends or loved ones—anything that takes your mind off what just happened.
Don’t ignore feelings of loss or depression. It’s normal to feel that way after losing a job. Reach out to people who will support you—your spouse/partner, close friends, therapist, clergy, or anyone who will lend an empathetic ear.
⭐ Create Your New Normal
When you're ready to start job hunting, treat it like a job—but remember, balance is key. Here are a few tips for maintaining A balanced routine will help keep you motivated and energized throughout your search, so here are a few tips:
Avoid the temptation to chain yourself to your desk all day, every day.
Set up a daily routine that includes time for exercise, hobbies, and learning new skills.
Stay connected—set aside time for lunches, coffee or other get-togethers with former colleagues or friends. Remember, relationships are vital for mental health and networking is a vital part of your job search.
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Final Thoughts
A job loss may feel catastrophic, but it’s not the end of your story. It’s just the end of a chapter, and now you get to write the next one—one that could lead to even greater success and fulfillment than you thought possible.
Need a co-author for your career story? Want to know more about what you can do to protect your rights and set yourself up for success? I’m here to help! Click here to schedule a free consultation. Together, we'll turn this challenging time into an opportunity for growth and new beginnings.