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Layoff Advice

JAZZGASM said:
Apply for unemployment immediately to begin after you are officially terminated. It will pay up to $450 a week. Not a lot, but it helps. See if you can qualify for food stamps, etc. I don't know what your career path is in, but talk to recruiters, check out simplyhired, indeed, etc. And if you are Mormon, tell your bishop you need help.

I got laid off in early 2013. Had to sell my house and move to South freakin' Dakota. Luckily I recently found a good job in Portland.

Outside of all of that, the one thing I can recommend to you (as hard as it may be) is take advantage of the time you have off from work. Work hard to find another job, but have fun too. Take a vacation (something that obviously doesn't cost a lot like backpacking, whatever). Eventually, you will land on your feet.

What percentage of employees were laid off? If it was 20% or more of your workforce it could cause you to become 100% vested in any retirement plan you have (google partial termination to see the requirements). There is a 10% early withdrawal penalty, but if you have retirement savings they can float you for a while.

PM me if you want to discuss anything. Having gone through it (and the added stress of having a wife and daughter to support) I know what it is like. Good luck on your search.

Edit: One other thing. Having seen others go through this, one important point: even if you are super desperate to find another job, realize you are fine. If you are desperate it will show through in interviews. A friend of mine (#1 in our graduating class) got laid off earlier this year. She got tons of interviews, but it took her forever to get an offer. I guarantee it was her desperation. Only have love for your former company. Tell prospective employers how disappointed you are that you can't continue working for them, but they have had an economic downturn and your entire department was laid off etc. Be positive.
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There's 26,000 employees that work for my previous company. lol
 
E.J. Wells said:
Agreed with what people are saying here. F your pride in the A and apply for some assistance -- that's what it's for, and you've been paying into it your entire working career.
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Very much this. Things like this are why you are taxed. You paid for this.
 
Hedda Gambler said:
As a Norwegian, I obviously have no advice. But, I am curious as to what your alternatives are? Here in communist Norway - as you Americans would call it - we get 12 months of 100% salary - when we`re laid off. Do you just stop getting your salary in July?
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Commie ********! We tried to build it for 45 years, and all we got to (still) be Russia's bitches. I hate you because I want to be a Norwegian but I am not. :) (just like all your Scandinavian neighbors)....

* EDIT: I guess I shouldn't say "we", but the place I grew up in
 
Unemployment insurance is a must, and you don't pay taxes on it (IIRC). Keep in mind that it kicks in after your severance expires. If your financial situation is tight, look for any opportunity that will allow you to survive the job search. You can always keep looking and quit when you find a better match
 
Apply at dannon if ya want
Work with gameface and me
 
dodo said:
Unemployment insurance is a must, and you don't pay taxes on it (IIRC). Keep in mind that it kicks in after your severance expires. If your financial situation is tight, look for any opportunity that will allow you to survive the job search. You can always keep looking and quit when you find a better match
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Most states do not tax unemployment compensation (not sure about Utah), but the federal government DOES tax unemployment income. You will have the option to withhold when you fill out the paperwork. Generally you should be able to get unemployment while receiving severance. I received a month as a lump-sump severance and I still received unemployment for that month. As long as you are on the payroll you cannot collect unemployment.

I never actually checked on food stamps to see if I qualified, and luckily it only took me a few months to find work, but do what you can to stay afloat.
 
Apply for unemployment (as others have said). As an employer I had to lay of people when the housing market collapsed, only some of them applied for unemployment and it baffled me. A few got jobs right away but most took a while because of the market at the time. And still did not apply.
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Cut down on any bills that you can. Some things that seem essential can be lived without in a pinch.
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Don't wait until your completely screwed to find ways to save money and cut down on bills. Do it now while you may still have some money coming or set aside.
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Sorry about your situation. I hope you recover quickly.
 
Archie Moses said:
There's 26,000 employees that work for my previous company. lol
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How long were you there? Your employer retirement plan contributions should be partially vested. And of course any contributions you made(if any) would be fully vested.
 
List your credentials, yo! One thing I've learned if anything is that most have no clue what they're qualified for. It's the biggest shortcoming of our schooling system IMO. Ya got skillz and need to match up with who wants them.
 
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