Right now, many people are concerned about possibly losing their jobs. This is no surprise, since employment numbers from last month showed another 500,000 jobs lost. The economy is hemorrhaging jobs at a rather alarming rate. If you are concerned about being fired, now is the time to figure out what you are going to do. Having a Plan B (or even C) is especially important in this economy.
Before you are fired, consider the following, and begin planning for the worst:
- How is your savings account? Figure out where you are at in terms of liquid assets. Do you have something set aside to help cover the essentials? Also, make sure you bring your company’s retirement plan with you. Find out how to roll it over.
- Prioritize your spending. Look at the most important expenses in your budget. Order them according to what you would pay first — what you would let slide. (Hint: in an emergency, let the credit cards slide.)
- Update your resume. On top of updating your resume, check with your network. Now is the time to make sure you have good contacts. You can also consider freelancing or consulting on the side to start building up an alternative client base.
- What is your partner doing? If you have a life partner, check into your options there. Having another income will ease things a bit while you look for another jobs. Additionally, it might be worth looking into health insurance options.
- Understand what you get from your employer when you are fired. Check with HR policies and the terms of your employment. Make sure you are getting proper compensation for severance, unused vacation and vested stock options.
There is a reason that the savings rate has increased and consumer spending is down. It is time to prepare for the future.